The Africa Finance Corporation (AFC), a multilateral development finance institution focused on infrastructure and industrial development across Africa, has appointed Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors.
Cardoso succeeds Ireti Samuel-Ogbu, who will continue to serve on the board. The appointment comes as the CBN holds a 39.1% stake in AFC, making it the corporation’s largest shareholder. Together with other Nigerian financial institutions, the CBN accounts for more than 70% of AFC’s share capital.
Cardoso has served as CBN Governor since September 2023. His career spans international banking, investment management, economic policy and public-sector leadership. Before his appointment as governor, he served for 12 years as Chairman of Citibank Nigeria and previously held the position of Lagos State Commissioner for Economic Planning and Budget. He holds a degree from Aston University and a Master of Public Administration from Harvard Kennedy School.
Commenting on the appointment, AFC President and Chief Executive Officer Samaila Zubairu welcomed Cardoso to the board, noting that his leadership would strengthen the corporation’s work towards its The Africa We Build 2050 vision, which focuses on mobilising African capital to develop the continent’s infrastructure and industries. Zubairu also acknowledged Samuel-Ogbu’s contributions during her tenure as chairman.
Nigeria is a significant market for AFC’s investment activities. Among its recent commitments in the country, the corporation is supporting a US$600 million facility for the Dangote Group’s US$7 billion fertiliser expansion programme. The financing forms part of AFC’s broader infrastructure and industrial development activities across the continent.
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