Nigeria’s central bank chief Cardoso heads AFC board — Premium Times Nigeria

The African Finance Corporation (AFC) has appointed Central Bank of Nigeria Governor Olayemi Cardoso as chair of its board of directors. He will replace Ireti Samuel-Ogbu, who will remain a board member, Premium Times Nigeria reports.

Change in board leadership

AFC said the appointment comes at a time when the corporation is expanding its work in financing and developing strategic infrastructure assets. The organization seeks to narrow Africa’s infrastructure gap, accelerate industrialization and strengthen regional integration.

AFC President and Chief Executive Officer Samaila Zubairu said Cardoso’s experience is expected to strengthen the corporation’s work under its The Africa We Build 2050 initiative. According to him, it envisages mobilizing African capital to create infrastructure and industries that will provide jobs.

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Experience of the new chair

Cardoso has led the Central Bank of Nigeria since September 2023. According to AFC, in this role he has overseen monetary, financial and institutional reforms aimed at macroeconomic stability, strengthening confidence in economic policy and restoring investor confidence.

Before being appointed central bank chief, he served as chairman of Citibank Nigeria for 12 years and also held the position of Lagos State Commissioner for Economic Planning and Budget. Cardoso earned a bachelor’s degree in management and administrative studies from Aston University in the United Kingdom and a Master of Public Administration degree from Harvard Kennedy School.