The Africa Finance Corporation (AFC) has appointed Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors, bringing his experience in banking, economic policy and financial-sector reform to the leadership of one of Africa’s major infrastructure investment institutions.
Announced in Lagos on October 14, 2026, the appointment sees Cardoso succeed Ireti Samuel-Ogbu, who will continue serving as a member of the Board following her tenure as chair.
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Cardoso brings experience spanning international banking, investment management, public-sector leadership and economic policy. Since becoming CBN Governor in September 2023, he has overseen reforms intended to strengthen monetary policy, improve foreign exchange market operations, enhance institutional governance and restore confidence in Nigeria’s financial system.
Under his leadership, the central bank has pursued changes to the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and increased its emphasis on transparency and institutional accountability. The bank has also completed a recapitalisation programme for Nigeria’s banking sector, aimed at increasing financial institutions’ capacity and resilience.
Before his appointment as governor, Cardoso served as Chairman of Citibank Nigeria for 12 years and as Commissioner for Economic Planning and Budget in Lagos State, where he contributed to economic planning and fiscal management. He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
His appointment comes as the AFC seeks to expand its role in financing strategic infrastructure and productive industries across Africa. The corporation supports projects designed to address infrastructure constraints, improve connectivity, stimulate industrialisation and strengthen economic links between African markets.
Samaila Zubairu, President and Chief Executive Officer of AFC, said Cardoso’s experience and commitment to building productive capacity would support the corporation’s long-term strategy. He also thanked Samuel-Ogbu for her contribution during her tenure as Board Chair.
Cardoso said his priorities would include working with the Board, management and member states to advance AFC’s The Africa We Build 2050 agenda, which focuses on mobilising African capital to develop infrastructure, strengthen industries and create employment.
“A more productive Africa is a more stable Africa,” Cardoso said, emphasising the relationship between infrastructure development, industrial capacity and economic resilience. He added that the impact of the corporation’s work should be measured by the productive capacity it creates, the industries it enables and the jobs it supports.
AFC has recently advanced several major investments intended to strengthen transport, industrial and digital infrastructure across the continent.
Among them is the reported financial close of a US$753 million Lobito Corridor Railway Project in Angola. The project is intended to support the rehabilitation, upgrading and long-term operation of a 1,300-kilometre existing rail corridor, strengthening transport links and facilitating the movement of goods.
The corporation has also supported a US$600 million financing facility for the Dangote Group’s US$7 billion fertiliser expansion programme in Nigeria, which aims to increase production capacity. In the digital sector, AFC has committed to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the development of critical digital infrastructure.
These projects illustrate the corporation’s focus on infrastructure platforms that connect markets, support industrial value chains and improve the foundations for economic activity. Transport networks can facilitate trade, expanded fertiliser production can support agricultural supply chains, and digital infrastructure can improve connectivity for businesses and consumers.
Cardoso’s appointment therefore comes at a time when financing large-scale infrastructure remains central to Africa’s development ambitions. Across the continent, governments and businesses face the challenge of mobilising long-term capital for projects that can improve productivity, expand regional trade and support employment.
As the AFC advances its The Africa We Build 2050 agenda, Cardoso’s leadership will be closely associated with the institution’s efforts to connect investment with measurable economic outcomes. The broader challenge will be to ensure that infrastructure financing translates into stronger productive capacity, deeper regional integration and opportunities for African economies and communities.
