Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), placing him at the head of the institution responsible for financing major infrastructure and industrial projects across Africa.
The Lagos-based corporation announced the appointment in a statement released on October 14, 2026, saying Cardoso would succeed Ireti Samuel-Ogbu, who remains a member of the board after completing her tenure as chair.
AFC President and Chief Executive Officer, Samaila Zubairu, disclosed the appointment on the sidelines of the International Monetary Fund meetings in Bangkok, Thailand.
Zubairu said Cardoso shared the corporation’s belief that Africa’s long-term stability depends on expanding its productive capacity.
“We are delighted to welcome Mr Cardoso as our Board Chairman,” he said.
Cardoso’s appointment brings his experience in banking, investment management and public policy to the leadership of the infrastructure financier, which was established in 2007 by African sovereign states.
Before becoming CBN governor in September 2023, Cardoso spent 12 years as Chairman of Citibank Nigeria. He also 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.
At the CBN, Cardoso has overseen foreign exchange reforms, banking-sector recapitalisation and measures aimed at improving macroeconomic stability and restoring investor confidence.
His new role at AFC comes as African countries seek financing for infrastructure, industrial development and projects that can strengthen trade and economic growth across the continent.
AFC finances and develops projects in infrastructure, natural resources and industrial assets. Its investments span power, transport, telecommunications, natural resources and heavy industry.
The corporation operates across 36 African countries and has built a membership network of nearly 50 states. The source material places its cumulative investments in the range of $15 billion to $20 billion.
Cardoso’s appointment also continues Nigeria’s prominent representation in the corporation’s leadership. Previous Nigerian board chairmen include former CBN Governor Chukwuma Soludo and former deputy governors of the central bank.
Samuel-Ogbu will continue serving on the board, providing continuity as the corporation advances its infrastructure investment agenda.