Salamatu Ejembi, Lagos
The Africa Finance Corporation (AFC) has appointed Central Bank of Nigeria (CBN) Governor Olayemi Cardoso as Chairman of its Board of Directors.
Cardoso succeeds Ireti Samuel-Ogbu, who remains a member of the board after serving as chair.
AFC President and Chief Executive Officer, Samaila Zubairu, said the appointment aligns with the corporation’s long-term development agenda.
“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,” Zubairu said.
He noted that Cardoso’s leadership would strengthen the corporation’s efforts to advance its The Africa We Build 2050 agenda by mobilising African capital to develop infrastructure and industries that create jobs, prosperity and dignity.
Cardoso said his appointment aligned with the corporation’s mandate to mobilise capital and promote industrial growth across Africa.
“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,” he said.
Cardoso brings experience in international banking, investment management, economic policy and public sector leadership.
He has led the CBN since September 2023, overseeing monetary, financial sector and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence.
Under his leadership, the apex bank has overhauled Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission and enhanced governance and transparency.
The CBN has also completed its banking sector recapitalisation programme, which is designed to strengthen the resilience of the financial system.
Established in 2007, the AFC has 49 member countries and has invested more than US$20 billion across 36 African countries.
The corporation invests in power, natural resources, heavy industry, transport and telecommunications.
