Africa Finance Corporation appointed Central Bank of Nigeria governor Olayemi Cardoso as chairman of its board of directors. Cardoso succeeded Ireti Samuel-Ogbu, who remains a member of the board. The Lagos-based institution announced the change on 14 October without stating a separate effective date or term length.
Cardoso has led Nigeria’s central bank since September 2023. Before that appointment, he chaired Citibank Nigeria for 12 years and served as Lagos State commissioner for economic planning and budget. The central bank says his tenure has included changes to foreign-exchange operations, monetary-policy transmission and banking-sector capital.
LEADERSHIP FOR INFRASTRUCTURE FINANCE
AFC said the appointment would bring experience in banking, investment management and public policy to its strategic direction. Cardoso said his focus would be the productive capacity, industries and jobs supported by the corporation’s projects. Chief executive Samaila Zubairu linked the appointment to AFC’s plan to mobilise more African capital for infrastructure and industrial development.
The corporation was established in 2007 and combines project development, advisory work and investment capital. AFC said it has 49 member countries and has invested more than $20 billion in 36 African countries. Its portfolio spans power, transport, natural resources, heavy industry and telecommunications.
PROJECT PIPELINE SETS THE TEST
AFC identified several recent commitments as context for the leadership change. These include financial close on the $753 million Lobito Corridor railway project in Angola, support for a $600 million facility tied to Dangote Group’s fertiliser expansion, and a combined $300 million digital-infrastructure investment alongside Vision Invest in WIOCC Group.
Cardoso will chair the board while continuing to serve as Nigeria’s central-bank governor. The immediate test will be how AFC’s board translates its capital-mobilisation strategy into financing approvals and completed projects across its member markets. The corporation has not announced a fixed term for the chairmanship, leaving future governance disclosures as the next formal milestone.