CBN Gov Cardoso appointed Chairman of Africa Finance Corporation Board

Abdullateef Fowewe

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

In a statement released on 14 October 2026, the Lagos-based institution described AFC as “the continent’s leading infrastructure solutions provider” and confirmed that Cardoso “succeeds the immediate-past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.”

AFC President and Chief Executive Officer Samaila Zubairu disclosed the appointment on the sidelines of the International Monetary Fund meetings in Bangkok, Thailand.

In comments on the move, Zubairu said, “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.”

Cardoso, who has led the CBN since September 2023, brings extensive experience in banking, investment management and public policy.

Before becoming Nigeria’s central bank governor, he spent 12 years as Chairman of Citibank Nigeria and earlier 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.

Under his leadership at the CBN, the bank has pursued foreign-exchange reforms, banking-sector recapitalisation and measures aimed at restoring macroeconomic stability and rebuilding investor confidence.

The AFC, established in 2007 by African sovereign states, focuses on financing and developing infrastructure, natural resources and industrial assets across the continent.

It has invested more than $15–20 billion in projects spanning power, transport, telecommunications, natural resources and heavy industry in 36 African countries and counts nearly 50 member states.
Cardoso becomes the latest in a long line of Nigerian chairmen of the AFC board, reflecting Nigeria’s central role in the institution since its founding.

Previous Nigerian chairs include former CBN Governor Chukwuma Soludo and several former CBN deputy governors.