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Africa Finance Corporation (AFC) has appointed Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors. He succeeds Ireti Samuel-Ogbu, who remains a board member.
Cardoso has led the CBN since September 2023. During that time, the bank has reformed Nigeria’s foreign exchange market, settled long-standing foreign exchange obligations and tightened its monetary policy. It has also completed a recapitalisation programme for the banking sector.
“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. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support,” said Olayemi Cardoso, Chairman of the Board at AFC.
Before joining the CBN, Cardoso spent 12 years as Chairman of Citibank Nigeria. He also served as Commissioner for Economic Planning and Budget in Lagos State. He holds a degree from Aston University in the UK and a master’s in public administration from Harvard Kennedy School.
Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.
AFC said his experience in financial sector reform, governance and capital markets will help shape its strategy as it raises investment for infrastructure projects across Africa.
“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. 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. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure,” said Samaila Zubairu, President and CEO of AFC.
AFC was set up in 2007 to finance and develop infrastructure and industrial projects in Africa.
It offers financial and technical advisory services, project structuring, project development and risk capital. Its work covers power, natural resources, heavy industry, transport, and telecommunications.
In August, AFC raised $430 million through a five-year digital bond, making it the first African institution to issue a digital bond on a regulated digital exchange, and it’s the largest digital bond ever issued in Swiss Francs. The corporation has 49 member countries and has invested more than $20 billion in 36 African countries since it began.
