Africa Finance Corporation (AFC) has appointed Central Bank of Nigeria (CBN) Governor Olayemi Cardoso as Chairman of its Board of Directors, placing Nigeria’s chief monetary policymaker at the head of the pan-African development finance institution as it expands investments in strategic infrastructure.
The corporation announced the appointment on Wednesday, October 14, 2026. Cardoso succeeds Ireti Samuel-Ogbu, who has stepped down as board chair but will continue to serve as a member of the board.
Cardoso brings experience in international banking, investment management, economic policy and public service. Since becoming CBN governor in September 2023, he has overseen monetary and financial-sector reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence.
Under his leadership, the CBN has introduced reforms to the foreign exchange market, addressed outstanding foreign exchange obligations and strengthened monetary policy transmission, governance and transparency. The bank has also completed a banking-sector recapitalisation programme intended to improve the resilience and capacity of financial institutions to support economic growth.
Before his appointment as CBN governor, Cardoso spent 12 years as chairman of Citibank Nigeria and served 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, where he also served on the Alumni Board.
AFC President and Chief Executive Officer Samaila Zubairu said Cardoso’s appointment would strengthen the corporation’s efforts to mobilise African capital for infrastructure and industrial development.
“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.
He added that Cardoso’s leadership would support AFC’s The Africa We Build 2050 agenda, which seeks to mobilise capital for infrastructure and industries that create jobs and support economic prosperity. Zubairu also thanked Samuel-Ogbu for her contributions to the corporation during her tenure as chair.
Cardoso said Africa’s economic stability depended on expanding its productive capacity, adding that he looked forward to working with AFC’s board, management and member states to advance the institution’s development agenda.
AFC cited several recent investments as evidence of its infrastructure development strategy. These 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 to a combined $300 million investment alongside Vision Invest in WIOCC Group to expand digital infrastructure across Africa.
Established in 2007, AFC provides financial and technical advisory services, project structuring, development and risk capital for infrastructure and industrial projects across the continent. The corporation says it has 49 member countries and has invested more than $20 billion in 36 African countries since its inception.
