WorldStage– The Africa Finance Corporation (AFC), has appointed Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, as Chairman of its Board of Directors.
The appointment, announced on Wednesday, sees Cardoso succeed Ireti Samuel Ogbu, who remains a member of the board after completing her tenure as chairman.
Cardoso brings experience in international banking, investment management, economic policy and public sector leadership to the role.
Since assuming office as CBN governor in September 2023, he has led monetary and financial sector reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.
Under his leadership, the CBN has implemented foreign exchange market reforms, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and enhanced institutional governance and transparency.
The apex bank has also completed a banking sector recapitalisation programme designed to strengthen the resilience and capacity of Nigeria’s financial system to support economic growth.
Before his appointment as CBN governor, Cardoso served for 12 years as Chairman of Citibank Nigeria and as Lagos State Commissioner for Economic Planning and Budget.
He holds a degree from Aston University, United Kingdom, and a master’s degree in public administration from Harvard Kennedy School.
AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s leadership would strengthen the corporation’s efforts to mobilise African capital for infrastructure development and industrial growth under its The Africa We Build 2050 initiative.
Cardoso said he looked forward to working with the board, management and member states to develop infrastructure and industries capable of expanding Africa’s productive capacity and creating jobs.
He said the continent’s stability depended on stronger productive capacity, adding that infrastructure investment and industrial development were essential to Africa’s economic transformation.
AFC’s recent investments include achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, supporting a $600 million facility for Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, and committing $300 million alongside Vision Invest to WIOCC Group to expand digital infrastructure across Africa.
The corporation said the investments were designed to connect markets, strengthen industrial value chains and mobilise capital for the continent’s economic development.
