The Africa Finance Corporation (AFC)—the continent’s premier infrastructure solutions provider—has officially announced the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as the new Chairman of its Board of Directors. He takes over from Ireti Samuel-Ogbu, who concluded a meritorious tenure and remains on the board.
A Wealth of Experience in Economic Leadership
Mr. Cardoso steps into the role bringing decades of expertise spanning international banking, investment management, economic policy, and public sector leadership. Since taking office as CBN Governor in September 2023, he has steered an ambitious reform agenda focused on:
Monetay & Financial Stabilization: Restoring macroeconomic stability, bolstering policy credibility, and restoring investor confidence in the Nigerian economy.
Foreign Exchange & Transparency: Reforming Nigeria’s foreign exchange market, clearing legacy FX obligations, and heightening institutional transparency.
Banking Sector Resilience: Concluding a vital banking sector recapitalization program designed to empower financial institutions to support sustainable economic growth.
Before leading the apex bank, Mr. Cardoso built a celebrated career as a 12-year Chairman of Citibank Nigeria and served as Lagos State’s Commissioner for Economic Planning and Budget. Academically, he holds a degree from Aston University (UK) and a master’s in public administration from the Harvard Kennedy School, where he previously served on the Alumni Board.
Strategic Vision for “The Africa We Build 2050”
Mr. Cardoso’s leadership arrives as the AFC accelerates its mandate to bridge Africa’s infrastructure deficit, spur industrialization, and drive regional integration.
Highlighting the vision ahead, Samaila Zubairu, President & CEO of AFC, noted:
“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.”
Echoing this sentiment, Mr. Cardoso remarked:
“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.”
Driving Transformational Impact Across the Continent
Celebrating 19 years of operations, the AFC has grown to encompass 49 member countries, deploying over US$20 billion across 36 nations. Recent high-impact milestones underscoring the Corporation’s strategic approach include:
The Lobito Corridor Railway Project: Achieving financial close on a US$753 million undertaking in Angola to upgrade and operate a 1,300-kilometer brownfield rail corridor.
Industrial & Agricultural Expansion: Supporting a US600 million facility dedicated to the Dangote Group’s US7 billion fertilizer expansion initiative in Nigeria.
Digital Connectivity: Committing to a joint US$300 million investment alongside Vision Invest in WIOCC Group to scale critical digital infrastructure region-wide.
Through strategic advisory, technical expertise, and risk capital deployment across power, natural resources, transport, heavy industry, and telecommunications, the AFC continues to serve as Africa’s partner of choice for sustainable economic transformation.
