Central Bank of Nigeria Governor Yemi Cardoso has been appointed as the new Chairman of the Africa Finance Corporation (AFC). The appointment was disclosed on Wednesday by AFC President and CEO Samaila Zubairu, on the sidelines of the International Monetary Fund (IMF) meeting in Bangkok, Thailand. Mr. Cardoso succeeds Ireti Samuel-Ogbu, who chaired the AFC Board since April 2025. The AFC confirmed the appointment in a statement.

Established in 2007 by African sovereign states, the AFC mobilizes private sector investment for infrastructure development and industrialization across the continent. Headquartered in Lagos, it provides debt and equity financing, project development support, and financial advisory services. The corporation focuses on five major sectors: power, natural resources, heavy industry, transport and logistics, and telecommunications. Nigeria plays a central role in the corporation.

Since its inception, the AFC has invested over $19 billion across 36 African countries, addressing the continent's infrastructure gap. Its membership expanded to 48 countries by 2025, underscoring its growing regional influence. Mr. Cardoso is the sixth Nigerian to chair the Board since the institution's 2007 founding. Past Nigerian chairmen include former CBN Governor Chukwuma Soludo and former Citi institutional leader Ireti Samuel-Ogbu.

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This leadership change comes as the AFC expands its role in financing strategic infrastructure assets and strengthening regional integration. AFC President Samaila Zubairu stated that Mr. Cardoso shares the conviction that Africa's lasting stability depends on its productive capacity. Mr. Cardoso affirmed that a more productive Africa is a more stable Africa, highlighting AFC's credibility in mobilizing capital for transformative infrastructure. His experience in financial sector reform and capital markets will provide valuable perspective on the corporation's strategic direction.

Mr. Cardoso brings a distinguished career spanning international banking, investment management, and public sector leadership to his new role. Since becoming CBN Governor in September 2023, he initiated monetary, financial-sector, and institutional reforms to restore macroeconomic stability and rebuild investor confidence. These reforms include foreign exchange market adjustments, addressing FX obligations, and concluding a banking sector recapitalization program. Before his CBN appointment, he served 12 years as chairman of Citibank Nigeria and as commissioner for economic planning and budget in Lagos State.

Key Takeaways

Olayemi Cardoso's appointment as Chairman of the Africa Finance Corporation (AFC) board carries significant weight, particularly given his recent impactful tenure as Central Bank of Nigeria Governor, a role he assumed in September 2023. Since then, he has spearheaded crucial monetary, financial-sector, and institutional reforms aimed at restoring macroeconomic stability and bolstering investor confidence in Nigeria's economy.

These efforts include implementing foreign exchange market adjustments, addressing longstanding FX obligations, strengthening monetary policy transmission, and enhancing institutional governance and transparency. Furthermore, the CBN under his leadership has concluded a recapitalization program for the banking sector, designed to fortify the resilience and capacity of Nigeria's financial system to support sustainable economic growth. His extensive experience, including a 12-year tenure as chairman of Citibank Nigeria and service as Lagos State's commissioner for economic planning and budget, aligns directly with AFC's mission to mobilize investment for Africa's economic potential.

This background in financial-sector reform, institutional governance, and capital markets positions him to contribute significantly to AFC's strategic direction, particularly as the corporation seeks to accelerate industrialization and strengthen regional integration by addressing Africa's infrastructure gap and advancing its "The Africa We Build 2050" agenda.