The Africa Finance Corporation has appointed Central Bank of Nigeria Governor Olayemi Cardoso as chairman of its board of directors.
Cardoso succeeds Ireti Samuel-Ogbu, who remains a board member after completing her term as chair. The corporation thanked her for her service.
In announcing the appointment, AFC said Cardoso brings experience in international banking, investment management, economic policy and public service.
Since becoming CBN governor in September 2023, Cardoso has led reforms aimed at restoring economic stability and strengthening confidence in Nigeria’s economy. The measures include changes to the foreign exchange market, settling outstanding foreign exchange obligations, improving monetary policy and enhancing the bank’s governance and transparency.
Before taking the role, Cardoso spent 12 years as chairman of Citibank Nigeria and served as Lagos State Commissioner for Economic Planning and Budget. He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the alumni board.
AFC President and Chief Executive Samaila Zubairu said Cardoso’s leadership would support the corporation’s efforts to mobilise African capital and develop infrastructure and industries that create jobs and prosperity. He also praised Samuel-Ogbu for her contribution to the board.
Cardoso said a more productive Africa would be a more stable one. He added that AFC’s success should be measured by the productive capacity it builds, the industries it enables and the jobs it supports.
The appointment comes as AFC expands its work financing infrastructure projects intended to address the continent’s infrastructure gap, support industrialisation and deepen regional integration.
