LAGOS, Nigeria — The Africa Finance Corporation has appointed Central Bank of Nigeria Governor Olayemi Cardoso as chairman of its board of directors.
Cardoso succeeds Ireti Samuel-Ogbu, who will remain on the board after stepping down as chairperson.
The corporation confirmed the appointment in an e-mailed statement to The Trent on Wednesday, October 14, 2026.
The appointment places Cardoso at the head of the board of an institution that finances major infrastructure and industrial projects across Africa.
AFC said his experience in banking, investment management, economic policy, and public administration would contribute to its efforts to attract investment for infrastructure development and regional economic integration.
AFC Expands Infrastructure Financing Across Africa
Cardoso assumes the position as AFC advances several large-scale investments in transportation, industrial production, and telecommunications.
Among its recent transactions is the $753 million Lobito Corridor Railway Project in Angola, which has reached financial close.
The project involves rehabilitating, upgrading, and operating approximately 1,300 kilometres of existing railway infrastructure.
AFC is also supporting a $600 million financing facility for Dangote Group’s $7 billion fertiliser expansion programme in Nigeria.
The expansion is intended to increase fertiliser production capacity and strengthen industrial operations.
In the telecommunications sector, AFC has committed to a combined $300 million investment alongside Vision Invest in WIOCC Group.
The investment is designed to support the development and expansion of digital infrastructure across African markets.
The corporation said these investments form part of its strategy to improve connections between African economies, support industrial production, and attract capital to major development projects.
Cardoso Pledges to Support Industrial Development
Speaking about his appointment, Cardoso said AFC had an important role in financing the infrastructure and industries necessary for economic growth.
“A more productive Africa is a more stable Africa,” he said.
He said he intended to work with the board, management, and member states to advance the corporation’s long-term development programme, The Africa We Build 2050.
Cardoso identified industrial development, infrastructure investment, and employment as important measures of the corporation’s performance.
He also emphasised the need for financial institutions to support productive economic activity across the continent.
Samaila Zubairu, AFC’s president and chief executive officer, welcomed the appointment.
“We are delighted to welcome Mr Cardoso as our Board Chairman,” Zubairu said.
He said Cardoso’s leadership would support the corporation’s efforts to mobilise African capital for infrastructure and industrial development.
Zubairu also thanked Samuel-Ogbu for her service as chairperson and her contributions to the board.
Cardoso’s Banking and Public Service Career
Cardoso has served as governor of the Central Bank of Nigeria since September 2023.
His tenure has included changes to the country’s foreign exchange market, monetary policy operations, and banking regulations.
According to AFC, the central bank has taken steps to address outstanding foreign exchange obligations, improve institutional governance, and strengthen transparency under his leadership.
The bank has also concluded a recapitalisation programme intended to increase the financial strength and lending capacity of Nigerian banks.
Before becoming CBN governor, Cardoso spent 12 years as chairman of Citibank Nigeria.
He also served as commissioner for economic planning and budget in Lagos State, where his responsibilities included economic planning and public finance management.
His experience spans international banking, investment management, and government administration.
Cardoso earned a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School in the United States.
He also served on the Harvard Kennedy School Alumni Board.
AFC said his background in financial regulation, capital markets, and institutional management would be relevant to the corporation’s investment and governance responsibilities.
Samuel-Ogbu Retains Board Position
Samuel-Ogbu will continue serving as a director of AFC following Cardoso’s appointment.
The corporation acknowledged her contributions during her tenure as chairperson but did not announce any additional changes to the board’s composition.
Her continued membership provides for her participation in the institution’s governance under the new chairman.
The corporation said its priorities would remain centred on financing infrastructure, expanding industrial capacity, and strengthening economic links between African countries.
Cardoso’s appointment comes as AFC pursues its The Africa We Build 2050 initiative, under which it seeks to mobilise investment for projects that increase production, expand infrastructure, and support employment across the continent.
