AFC appoints CBN governor Cardoso as board chairman

The Africa Finance Corporation (AFC) has named Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), as chairman of its board of directors.

By: Tunji Okunlola

The corporation announced the appointment in a statement on Wednesday. Cardoso succeeds Ireti Samuel-Ogbu, who has been chair and will stay on the board as a member.

AFC president and chief executive Samaila Zubairu said Cardoso’s leadership would strengthen the corporation’s drive to finance infrastructure and industrial development across Africa. “He shares our conviction that Africa’s lasting stability depends on its productive capacity,” he said.

Zubairu said Cardoso would help AFC advance its “The Africa We Build 2050” strategy, which aims to mobilise African capital for infrastructure and industries that create jobs and prosperity.

Cardoso said AFC has the credibility and record to raise capital for infrastructure and industrial projects across the continent. “A more productive Africa is a more stable Africa,” he said, adding that he looked forward to working with the board, management and member states on the 2050 strategy.

Cardoso’s background

According to AFC, Cardoso has overseen reforms to monetary policy and the foreign exchange market since becoming CBN governor in September 2023, along with measures aimed at strengthening the banking sector and improving confidence in Nigeria’s financial system.

Before joining the CBN, the statement said, he served as chairman of Citibank Nigeria for 12 years and as Lagos State commissioner for economic planning and budget. It added that he holds a degree from Aston University in the UK and a master’s in public administration from Harvard Kennedy School.

AFC’s recent deals

AFC said its recent milestones include financial close on the $753 million Lobito Corridor Railway Project in Angola. It also cited support for a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria.

The corporation said it has also committed $300 million, alongside Vision Invest, to WIOCC Group to expand digital infrastructure across Africa. It said the investments aim to connect markets, strengthen industrial value chains and mobilise capital for the continent’s economic transformation.