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Africa Finance Corporation appoints CBN Governor Yemi Cardoso as Chairman of its Board of Directors.
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Cardoso succeeds Ireti Samuel-Ogbu, who remains a board member after her tenure as chair.
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His appointment comes amid AFC’s expansion of infrastructure investments across Africa, with more than $20bn invested in 36 countries.
October 14, (THEWILL) – The Africa Finance Corporation has appointed the Governor of the Central Bank of Nigeria, Olayemi Cardoso, as Chairman of its Board of Directors, placing the Nigerian monetary policy chief at the helm of the pan-African institution focused on infrastructure financing and industrial development.
The corporation announced the appointment in a statement issued in Lagos on Wednesday, October 14, 2026. Cardoso succeeds Ireti Samuel-Ogbu, who continues to serve as a member of the board after completing her tenure as chair.
AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s appointment would support the institution’s efforts to mobilise capital for infrastructure and industrial projects across the continent.
“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 added that Cardoso’s leadership would support the corporation’s The Africa We Build 2050 agenda, which seeks to mobilise African capital for infrastructure and industries capable of generating employment and economic growth.
Cardoso’s Banking And Policy Experience
![Governor of the Central Bank of Nigeria, Olayemi Cardoso. [Photo Credit: Getty Images]](https://thewillnews.com/wp-content/uploads/2026/07/IMG_6528.jpeg "Governor of the Central Bank of Nigeria, Olayemi Cardoso. [Photo Credit: Getty Images] - THEWILL NEWS MEDIA")
According to AFC, Cardoso brings experience spanning international banking, investment management, economic policy and public-sector leadership.
Since becoming CBN governor in September 2023, he has overseen reforms targeting foreign exchange market operations, monetary policy transmission, institutional governance and transparency.
The central bank has also addressed outstanding foreign exchange obligations and concluded a banking-sector recapitalisation programme intended to strengthen financial institutions’ capacity to support economic growth.
Before he was appointed governor, Cardoso served as chairman of Citibank Nigeria for 12 years and as Lagos State Commissioner for Economic Planning and Budget, where he was involved in economic planning and fiscal management.
He holds 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.
Cardoso said he looked forward to working with AFC’s board, management and member states to advance the corporation’s development agenda.
“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.
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AFC Expands Infrastructure Investments
Cardoso’s appointment comes as AFC continues to finance projects across transport, energy, industrial production and digital infrastructure.
The corporation said it had invested more than $20bn across 36 African countries since its establishment in 2007, with 49 member countries.
Among its recent projects is the $753m Lobito Corridor Railway Project in Angola, which reached financial close to support the rehabilitation, upgrading and long-term operation of a 1,300-kilometre railway corridor.
AFC also supported a $600m financing facility for Dangote Group’s $7bn fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
In digital infrastructure, the corporation committed to a combined $300m investment alongside Vision Invest in WIOCC Group to support the expansion of connectivity infrastructure across Africa.
These investments reflect AFC’s strategy of financing infrastructure platforms intended to connect markets, strengthen industrial value chains and support regional integration.
Board Leadership And Development Priorities
The corporation said Cardoso’s experience in financial-sector reform, institutional governance and capital markets would provide additional perspective as it pursues its investment strategy.
His appointment also brings the leadership of Nigeria’s central bank into closer institutional focus with a development finance organisation seeking to mobilise capital for long-term infrastructure projects.
AFC was established in 2007 to address Africa’s infrastructure financing gap through investment, financial and technical advisory services, project development and risk capital.
Under Cardoso’s chairmanship, the board will oversee the corporation’s strategic direction as it continues to pursue infrastructure and industrial investments intended to expand productive capacity, strengthen regional integration and support economic development across the continent.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
