The Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as Chairman of its Board of Directors.
The appointment was announced on Wednesday, October 14, 2026, with Cardoso succeeding Ireti Samuel-Ogbu, who will remain a member of the board after completing her tenure as chair.
AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s experience in financial-sector reform, institutional governance and capital markets would strengthen the corporation’s efforts to mobilise investment for infrastructure and industrial development across Africa.
Zubairu said Cardoso’s leadership would support the corporation’s long-term strategy, known as The Africa We Build 2050, which focuses on mobilising African capital to develop infrastructure and industries capable of creating jobs and supporting economic growth.
Responding to the appointment, Cardoso said AFC had the credibility and track record to mobilise capital for infrastructure and industrial development across the continent.
He said he looked forward to working with the board, management and member states to advance the corporation’s development agenda, adding that the impact of AFC’s investments should be measured by the productive capacity created, industries enabled and jobs supported.
Cardoso has served as CBN governor since September 2023, overseeing monetary, foreign exchange and financial-sector reforms. Before becoming governor, he served for 12 years as Chairman of Citibank Nigeria and was Commissioner for Economic Planning and Budget in Lagos State.
The AFC, established in 2007 and headquartered in Lagos, focuses on financing and developing infrastructure and industrial projects across Africa. The corporation said Cardoso’s appointment comes as it expands its role in addressing the continent’s infrastructure deficit, accelerating industrialisation and strengthening regional economic integration.
Among its recent projects, AFC cited the $753 million Lobito Corridor Railway Project in Angola, a $600 million facility supporting Dangote Group’s $7 billion fertiliser expansion in Nigeria, and a combined $300 million investment with Vision Invest in WIOCC Group to expand digital infrastructure across Africa.