…Assures Commitment To ‘The Africa We Build 2050’ Agenda
The Africa Finance Corporation (AFC), Sub-Saharan Africa’s (SSA’s) leading infrastructure solutions provider, has announced the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors.
With the appointment, the apex bank governor succeeds the immediate-past Chairperson, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and will continue to serve as its board member.
Cardoso is bringing into the new position extensive experience spanning international banking, investment management, economic policy and public sector leadership.
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Since assuming office as governor of the apex bank in September 2023, the renowned banker has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.
Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency. The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.
Prior to his appointment as the apex bank governor, Cardoso had built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State. In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies. 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.
Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration. His experience in financial sector reform, institutional governance and capital markets will provide valuable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.
Speaking on the CBN governor’s election as Board Chairman of the bank, President & CEO of AFC, Samaila Zubairu, 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.”
Commenting on his new appointment, Cardoso enthused: “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.”
The AFC, since it commenced operations in year 2007, has continued to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent.
These investments reflect the corporation’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.
