AFC appoints CBN governor Cardoso as board chairman
The Africa Finance Corporation (AFC) has appointed Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), as chairman of its board of directors.
The corporation announced the appointment in a statement on Wednesday, October 14, saying Cardoso succeeds Ireti Samuel-Ogbu, who will remain a member of the board.
The appointment brings Cardoso’s experience in banking, economic policy and public sector leadership to the corporation as it advances infrastructure and industrial investments across Africa.
Samaila Zubairu, AFC’s president and chief executive officer, said Cardoso’s leadership would strengthen the corporation’s efforts to mobilise capital for projects that support productive capacity and job creation.
“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,” Zubairu said.
“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.”
Cardoso said he looked forward to working with the board, management and member states to advance the corporation’s development agenda.
“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,” he said.
“I look forward to working with the Board, management and member states to advance The Africa We Build 2050.”
According to AFC, Cardoso has overseen monetary, foreign exchange and financial-sector reforms since becoming CBN governor in September 2023. The corporation said the reforms were aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.
Before his appointment as CBN governor, Cardoso served as chairman of Citibank Nigeria for 12 years and as Lagos State commissioner for economic planning and budget.
He holds a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School.
His appointment comes as AFC expands its involvement in transport, industrial and digital infrastructure projects across the continent.
The corporation cited the financial close of the $753 million Lobito Corridor Railway Project in Angola among its recent milestones. The project supports the rehabilitation, upgrade and long-term operation of the railway corridor.
AFC is also providing a $600 million facility to support Dangote Group’s $7 billion fertiliser expansion programme, which includes increasing production capacity in Nigeria and developing a new manufacturing facility in Ethiopia.
In digital infrastructure, AFC and Vision Invest have committed to a combined $300 million investment in WIOCC Group to support its expansion across Africa.
The corporation said these investments were aimed at connecting markets, strengthening industrial value chains and mobilising capital for Africa’s economic transformation.
