CBN Governor Cardoso Named AFC Board Chairman
Lagos, Nigeria—October 14, 2026—The Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as Chairman of its Board of Directors.
The pan-African infrastructure financing institution announced the appointment on Wednesday, confirming that Cardoso succeeds Ireti Samuel-Ogbu, who will remain a member of the board after completing her tenure as chair.
Strengthening Africa’s Productive Capacity
AFC President and Chief Executive Officer Samaila Zubairu welcomed the appointment, saying Cardoso’s leadership would reinforce the corporation’s drive to finance critical infrastructure and industrial projects.
“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. His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people,” Zubairu said.
Experience and Reform Record
Cardoso brings extensive experience spanning international banking, investment management, economic policy and public-sector leadership.
He has served as CBN Governor since September 2023, overseeing monetary, foreign exchange, and financial-sector reforms aimed at restoring macroeconomic stability, strengthening policy credibility, and rebuilding investor confidence in Nigeria.
Before joining the central bank, he spent 12 years as Chairman of Citibank Nigeria and earlier served as Lagos State Commissioner for Economic Planning and Budget.
He holds a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School.
Continental Role
Established in 2007, the AFC is one of Africa’s leading multilateral institutions dedicated to financing and developing infrastructure and industrial projects.
It has invested more than $20 billion across 36 African countries in sectors including power, transport, telecommunications, natural resources, and heavy industry.
Cardoso becomes the latest Nigerian to chair the AFC board. Previous Nigerian chairpersons include former CBN Governor Chukwuma Soludo and several other senior Nigerian financial leaders.
In his response, Cardoso said a more productive Africa would be a more stable continent and that success would be measured by the productive capacity created, the industries enabled, and the jobs supported.
The appointment places one of Nigeria’s most prominent economic policymakers at the helm of a key continental development finance institution at a time when Africa continues to seek innovative ways to close its infrastructure gap and accelerate industrialization.
This report is based on the official announcement by the Africa Finance Corporation and related coverage on October 14, 2026.
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