CBN Governor Cardoso emerges AFC board chairman

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been appointed as the Chairman of the Africa Finance Corporation (AFC) Board of Directors.

The AFC announced the appointment in a statement issued by its head of communications department, Yewande Thorpe, on Wednesday, October 14, 2026.

Cardoso succeeds the immediate past chairman Ireti Samuel-Ogbu, who will continue to serve as a board member.

Thorpe said Cardoso would bring extensive experience spanning international banking, investment management, economic policy and public sector leadership.

Thorpe stated: “Since assuming office as governor of the CBN in 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms.

“The reforms were to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

“Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency.”

She added that Cardoso’s appointment came as AFC continued to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.

She said Cardoso’s experience in financial sector reform, institutional governance, and capital markets would provide valuable perspective on the AFC’s strategic direction as it mobilised investment to unlock Africa’s economic potential.

Speaking on his appointment, Cardoso said a more productive Africa was a more stable Africa.

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The CBN boss said the AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation.

He said: “I look forward to working with the board, management and member states to advance The Africa We Build 2050.

“Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

The AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa.

Its approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Overtime, the corporation has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets.

It focuses on assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.

AFC has 49 member countries and has invested over $20 billion in 36 African countries since its inception.