Africa Finance Corporation (AFC) has appointed Olayemi Cardoso, Governor of the Central Bank of Nigeria, as Chairman of its Board of Directors. The decision places one of Africa’s most prominent monetary policymakers at the helm of the continent’s largest dedicated infrastructure finance institution.
According to an official statement released by the corporation on Wednesday, Cardoso succeeds Ireti Samuel-Ogbu, who chaired the board since April 2025 and will remain a director. The Central Bank of Nigeria also announced the appointment.
Cardoso has led Nigeria’s central bank since September 2023. He previously served as chairman of Citibank Nigeria for 12 years and as Commissioner for Economic Planning and Budget in Lagos State. He holds degrees from Aston University in the United Kingdom and Harvard Kennedy School.
Under his leadership, Nigeria has reformed its foreign-exchange market, cleared verified dollar backlogs, and completed a major recapitalisation of its banking sector. The country’s gross external reserves recently rose above $55 billion, the highest level in 18 years, while net reserves reached approximately $46 billion.
Headline inflation has eased to around 15.4% after earlier peaks above 30%. In September, the central bank cut its benchmark interest rate by 350 basis points to 23% while maintaining a restrictive overall policy stance.
Africa Finance Corporation, established in 2007 and based in Lagos, has invested more than $20 billion across 36 African countries in power, transport, natural resources, heavy industry and telecommunications. It has nearly 50 member states and holds investment-grade credit ratings.
The institution’s assets approached $19.7 billion in the first half of 2026, with profit rising 24.5% to $325 million. Earlier this year it raised a record $2 billion syndicated loan from international banks.
Recent projects include the $753 million Lobito Corridor railway in Angola, financing for a major fertiliser expansion in Nigeria, and digital infrastructure investments across the continent. Nigeria’s central bank remains the corporation’s largest single shareholder.
Africa Finance Corporation President and CEO Samaila Zubairu said Cardoso’s appointment would strengthen the institution’s “Africa We Build 2050” strategy of mobilising African capital for infrastructure and industrial development. The announcement came as Cardoso participated in the 2026 IMF-World Bank Annual Meetings in Bangkok.
