AFC names Cardoso as new board chairman

Africa Finance Corporation (AFC), the top multilateral financial institution in Africa, has chosen Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), as its new board chairman.

Mr Cardoso takes over from Ireti Samuel-Ogbu, who will stay on as a board member, AFC announced on Wednesday.

His appointment comes as AFC works to grow its role in funding and developing important infrastructure projects that tackle Africa’s infrastructure issues, boost industrial growth, and enhance regional cooperation.

“Mr Cardoso believes that Africa’s long-term stability relies on its ability to produce. His leadership will make AFC stronger as we push forward with The Africa We Build 2050, gathering African funds to build the infrastructure and industries that create jobs, prosperity, and dignity for our people,” said Samaila Zubairu, president and CEO of AFC.

In a statement about his new role, Mr Cardoso said he is excited to work with AFC. He pointed out that the corporation's success should be measured by how much productive capacity it creates, the industries it supports, and the jobs it helps to generate.

“A more productive Africa leads to a more stable Africa. AFC has the credibility and experience to gather funds and build the infrastructure and industries that can spark change,” Mr Cardoso mentioned.

“I am eager to collaborate with the Board, management, and member states to move forward with The Africa We Build 2050. Our success should be based on the productive capacity we create, the industries we enable, and the jobs we support,” he added.

Mr Cardoso has a wealth of experience in international banking, investment management, economic policy, and public service.

Since he became the CBN governor in September 2023, he has introduced major monetary and financial reforms. These changes aim to restore economic stability, boost policy credibility, and rebuild investor trust in Nigeria’s economy.

Under his leadership, the CBN has carried out important reforms in the foreign exchange market, tackled long-standing FX obligations, improved monetary policy communication, and increased governance and transparency.

The CBN has also completed a recapitalisation programme for banks to strengthen Nigeria’s financial system and support sustainable economic growth.

Before becoming CBN Governor, Mr Cardoso had a successful career in international banking and public service. He spent 12 years as chairman of Citibank Nigeria and served as Lagos State’s commissioner for economic planning and budget.

He holds a Bachelor of Science degree in Managerial and Administrative Studies from Aston University in the UK and a Master’s in Public Administration from Harvard Kennedy School, where he also served on the Alumni Board.

According to AFC, Mr Cardoso’s experience in financial sector reform, governance, and capital markets will offer important insights into the corporation’s strategies as it works to attract investments to unlock Africa’s economic potential.