AFC Appoints CBN Governor Yemi Cardoso Board Chairman

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has been appointed as the Chairman of the board of the Africa Finance Corporation (AFC).

The chief executive of the lender, Mr Samaila Zubairu, announced the appointment on Wednesday on the sidelines of the International Monetary Fund (IMF) meetings in Bangkok, Thailand.

Mr Cardoso succeeds Mrs Ireti Samuel-Ogbu, who has chaired the AFC Board since April 2025.

Established in 2007, AFC is a pan-African multilateral development finance institution focused on mobilising investments for infrastructure and industrial development across the continent.

The corporation, which is headquartered in Lagos, provides financial and technical advisory services, project structuring and development support, as well as risk capital to address Africa’s infrastructure needs and promote sustainable economic growth.

Over the past 19 years, AFC has built a portfolio of infrastructure investments spanning energy, natural resources, heavy industry, transport and telecommunications.

The institution has 48 member countries and has invested more than $19 billion in 36 African countries since its establishment.

Cardoso’s appointment comes as Nigeria continues to pursue economic reforms aimed at strengthening macroeconomic stability, attracting investment and improving the country’s investment environment.

The central banker succeeded Mr Godwin Emefiele as Governor of the Nigerian apex bank in September 2023, following Mr Emefiele’s resignation. Mr Cardoso formally assumed office on September 22, 2023, in an acting capacity before his Senate confirmation on September 26, 2023.

Under his administration, the CBN has pursued a series of monetary and foreign exchange reforms aimed at stabilising the Naira, curbing inflation and strengthening Nigeria’s external reserves to the current $55 billion.