By Atlantic Reports

Africa Finance Corporation (AFC) has appointed Central Bank of Nigeria Governor Olayemi Cardoso as Chairman of its Board of Directors.

Cardoso succeeds Ireti Samuel-Ogbu, who will continue to serve as a board member, according to a statement issued by Yewande Thorpe of AFC’s Communications Department.

The appointment brings the Nigerian central bank governor into the leadership of an institution that finances and develops infrastructure across Africa, including power, transport, telecommunications, natural resources and heavy industry.

Banking and Public-Sector Experience

AFC cited Cardoso’s experience in international banking, investment management, economic policy and public administration as relevant to its strategic direction.

Before becoming CBN governor in 2023, he served for 12 years as Chairman of Citibank Nigeria and held the position of Commissioner for Economic Planning and Budget in Lagos State.

The corporation also highlighted reforms undertaken during his tenure at the CBN, including changes to the foreign exchange market, measures addressing outstanding foreign exchange obligations and a banking-sector recapitalisation programme.

AFC described those measures as efforts to strengthen financial stability, policy credibility and investor confidence. Those assessments formed part of the corporation’s explanation for his appointment.

Focus on Productive Capacity

AFC President and Chief Executive Officer Samaila Zubairu welcomed Cardoso, saying his leadership would support the corporation’s “The Africa We Build 2050” agenda.

“He shares our conviction that Africa’s lasting stability depends on its productive capacity,” Zubairu said.

He said AFC intended to mobilise African capital for infrastructure and industries that create employment and prosperity. He also thanked Samuel-Ogbu for her contribution during her tenure as chair.

Cardoso said he looked forward to working with the board, management and member states to advance the agenda.

“Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support,” he said.

Infrastructure Investment Across Africa

Established in 2007, AFC combines investment with financial and technical advice, project development and structuring to support infrastructure and industrial projects.

The corporation reports having 49 member countries and investing more than US$20 billion across 36 African countries since its inception.

The appointment announcement did not identify new financing commitments or projects linked to the leadership change. Its practical significance will emerge through the investment decisions, projects and development outcomes pursued under the board’s direction.

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