By SCM Business Desk I Wednesday, Oct.14, 2026
LAGOS — The Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as the Chairman of its Board of Directors.
Cardoso succeeds the immediate past Board Chair, Mrs. Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and will continue to serve as a member of the Board.
Track Record and Expertise
Mr. Cardoso brings extensive experience spanning international banking, investment management, economic policy, and public sector leadership.
Since assuming office as Governor of the Central Bank of Nigeria in September 2023, Cardoso has spearheaded a far-reaching programme of monetary, financial sector, and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility, and rebuilding investor confidence in Nigeria’s economy.
Under his leadership, the apex bank has implemented significant reforms in Nigeria’s foreign exchange market, cleared longstanding FX obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency.
The CBN also concluded a banking sector recapitalisation programme designed to bolster the resilience and capacity of Nigeria’s financial system to drive sustainable economic expansion.
Prior to his appointment as Central Bank Governor, Cardoso built a distinguished career across international finance and public administration.
His profile includes a 12-year tenure as Chairman of Citibank Nigeria and service as the Commissioner for Economic Planning and Budget in Lagos State, where he contributed to economic planning and fiscal management in one of Africa’s largest sub-national economies. He holds an undergraduate degree from Aston University in the United Kingdom and a Master’s Degree in Public Administration from the Harvard Kennedy School, where he also served on the Alumni Board.
Strengthening Regional Infrastructure
Cardoso’s appointment comes at a crucial period as AFC continues to scale up its financing and development of strategic infrastructure projects that tackle Africa’s infrastructure deficit, accelerate industrialisation, and deepen regional integration.
Commenting on the appointment, Samaila Zubairu, President and Chief Executive Officer of AFC, said:
“We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen AFC as we advance ‘The Africa We Build 2050’, mobilising African capital to build the infrastructure and industries that create jobs, prosperity, and dignity for our people. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure.”
In his response, Mr. Cardoso stated:
“A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation. I look forward to working with the Board, management, and member states to advance ‘The Africa We Build 2050’. Our measure of success must be the productive capacity we create, the industries we enable, and the jobs we support.”
Established in 2007, the Africa Finance Corporation was founded as a catalyst for pragmatic infrastructure and industrial investments across the continent. AFC’s execution model combines specialist industry expertise with project development, financial and technical advisory, project structuring, and risk capital deployment.
Over 19 years of operation, AFC has built a track record as a premier institution for delivering instrumental, high-quality assets in power, natural resources, heavy industry, transport, and telecommunications. Today, AFC boasts 49 member countries and has deployed over US$20 billion in investments across 36 African nations since inception.
Recent strategic milestones by the Corporation include:
Lobito Corridor Railway Project (Angola): Achieving financial close on the US$753 million project to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor.
Dangote Group Expansion: Supporting a US600 million facility for Dangote Group’s US7 billion fertiliser expansion programme aimed at scaling production in Nigeria.
Digital Infrastructure Expansion: Committing to a combined US$300 million joint investment alongside Vision Invest in WIOCC Group to accelerate digital connectivity across Africa.
