AFC appoints Cardoso as board chairman

Africa Finance Corporation (AFC), the continent’s leading multilateral financial institution, has appointed Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), as the chairman of its board of directors.

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Mr Cardoso will succeed Ireti Samuel-Ogbu, who will remain a board member, according to a statement from the corporation on Wednesday.

Mr Cardoso’s appointment comes as the 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.

“Mr Cardoso shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen the 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,” Samaila Zubairu, president and CEO of the AFC, said.

Speaking on his appointment, Mr Cardoso expressed optimism about working with AFC, noting that the corporation’s measure of success must be the productive capacity it creates, the industries it enables and the jobs it supports.

“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,” Mr Cardoso said.

“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,” he added.

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Mr Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership.

Since assuming office as CBN governor in September 2023, he has led far-reaching monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

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Under his leadership, the CBN has implemented significant foreign exchange market reforms, addressed longstanding FX obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency.

CBN has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

Before he was appointed CBN Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as the chairman of Citibank Nigeria and service as the commissioner for economic planning and budget in Lagos State.

He holds a Bachelor of Science degree in Managerial and Administrative Studies from Aston University in the UK and a Master’s in Public Administration from Harvard Kennedy School, where he also served on the Alumni Board.

According to the AFC, Mr Cardoso’s experience in financial-sector reform, institutional governance and capital markets will provide valuable perspective on the corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.