Africa Finance Corporation Appoints Yemi Cardoso As Board Chairman

Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has appointed Yemi Cardoso as Chairman of its Board of Directors.

AFC President and Chief Executive Officer Samaila Zubairu announced Cardoso’s appointment on Wednesday on the sidelines of the IMF meetings in Bangkok, Thailand.

Cardoso, the Governor of the Central Bank of Nigeria (CBN), succeeds his compatriot Ireti Samuel-Ogbu, who has chaired the board since April 2025 and will continue to serve as a board member.

In an official statement, the AFC noted that the CBN chief brings “extensive experience spanning international banking, investment management, economic policy, and public sector leadership.”

“We are delighted to welcome Mr. Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity,” Zubairu said. “His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity, and dignity for our people. We also sincerely thank Mrs. Samuel-Ogbu for her dedication and contributions during her tenure.”

Reflecting on his new role during a period of heightened push for continental productivity, Cardoso remarked, “A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation.”

“I look forward to working with the board, management, and member states to advance The Africa We Build 2050,” Cardoso added. “Our measure of success must be the productive capacity we create, the industries we enable, and the jobs we support.”

Cardoso joins a distinguished group of Nigerians who have previously chaired the AFC board. Past chairpersons include former CBN Governor Chukwuma Soludo (2007); former CBN Deputy Governor (Economic Policy) Sarah Alade; former CBN Deputy Governor (Financial System Stability) Joseph Nnanna, who succeeded Alade in March 2017; and Emeka Emuwa, former Group Managing Director and CEO of Union Bank of Nigeria.

President Bola Tinubu nominated Cardoso as the CBN governor in September 2023 for an initial five-year term. Since his confirmation by the Senate, the apex bank under Cardoso’s leadership has rolled out key policies aimed at restoring macroeconomic stability, strengthening policy credibility, and rebuilding investor confidence.

Praising Cardoso’s achievements at the central bank, the AFC stated, “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.”

The Corporation added that the bank “has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.”

Before taking the helm at the CBN, Cardoso built a distinguished career in international banking and public service, which included a 12-year tenure as Chairman of Citibank Nigeria and a period as Commissioner for Economic Planning and Budget in Lagos State.

His appointment comes as the AFC ramps up efforts to finance and develop strategic assets, address the continent’s infrastructure gap, accelerate industrialisation, and strengthen regional integration. His expertise in financial sector reform, institutional governance, and capital markets is expected to provide valuable strategic direction as the AFC mobilises investment across Africa.

With 49 member countries, the AFC combines specialist industry expertise across power, natural resources, heavy industry, transport, logistics, and telecommunications. By offering financial and technical advisory, project structuring, project development, and risk capital, the Corporation has invested over $20 billion across 36 African countries since 2008.