Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, on Wednesday named Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman, succeeding Mrs. Ireti Samuel-Ogbu, who however continues as a board member.
Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.
He is expected to bring to bear his experience in financial sector reform, institutional governance and capital markets will provide valuable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.
A statement by the CBN said Cardoso who assumed office as Governor in September 2023, brings on board, extensive experience spanning international banking, investment management, economic policy and public sector leadership, and has since led a far-reaching programme of monetary, financial-sector, and institutional reforms 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,” the statement stressed.
The Nigerian banking system, guided by the CBN, it added, also “recently 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 his appointment as Governor, Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria, and served as Commissioner for Economic Planning and Budget in Lagos State, Nigeria’s commercial capital, where he contributed to economic planning and fiscal management.
Cardoso holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
Commenting on the appointment, Samaila Zubairu, President and CEO of AFC, expressed delight that the new chairman “shares our conviction that Africa’s lasting stability depends on its productive capacity. 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.”
He expressed the board’s gratitude to Mrs Samuel-Ogbu for her dedication and contribution to AFC during her tenure.
Also commenting, Cardoso was quoted as saying: “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. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”
