The man who runs Nigeria’s central bank will now also lead the board of one of Africa’s biggest infrastructure lenders. The Africa Finance Corporation (AFC) has appointed Olayemi “Yemi” Cardoso, Governor of the Central Bank of Nigeria (CBN), as chairman of its board. AFC announced the news on October 14, 2026. Its chief executive, Samaila Zubairu, first disclosed it on the sidelines of the IMF meetings in Bangkok. Cardoso takes over from Ireti Samuel-Ogbu, who has chaired the board since April 2025 and stays on as a board member.
Why does this matter? AFC finances and develops infrastructure and industrial projects across Africa. Its focus is power, natural resources, heavy industry, transport and telecommunications. It was founded in 2007 and is based in Lagos. Its website says it has put $19 billion into projects in 36 African countries and has 48 member countries. The report we worked from says $20 billion and 49 members. We used AFC’s own numbers.
Cardoso has led the CBN since September 2023. AFC says his time there has included reform of the foreign exchange market, settlement of old foreign exchange debts, tighter monetary policy and a bank recapitalisation programme. Before the CBN, he spent 12 years as chairman of Citibank Nigeria. He also served as Lagos State Commissioner for Economic Planning and Budget. He studied at Aston University in the UK. He holds a master’s in public administration from Harvard Kennedy School.
In AFC’s statement, Cardoso said: “A more productive Africa is a more stable Africa.” He added that success must be measured by “the productive capacity we create, the industries we enable and the jobs we support.” Zubairu said Cardoso’s experience in financial sector reform, governance and capital markets will help AFC raise investment for infrastructure. Both pointed to AFC’s “The Africa We Build 2050” strategy.
The chair has long gone to Nigerians. Technext says every AFC board chair since 2007 has been Nigerian. Reports differ on the count. Nairametrics calls Cardoso the sixth Nigerian chair. Technext’s list includes former CBN deputy governor Kingsley Obiora, which would make him the seventh. Technext also says he is the second sitting CBN governor in the post, after Chukwuma Soludo. It adds that the CBN is an institutional shareholder in AFC. None of the reports we read gives a term length or start date. None explains how the chair is chosen. These are fair questions for any board appointment. They do not suggest wrongdoing.
For tech and startup readers, AFC matters more each year. In August 2026, it raised CHF 350 million, about $431 million. It was a five-year digital bond with a 1.4925% coupon. The bond is listed on the SIX Swiss Exchange and registered on its digital exchange. AFC says it is the first digital Swiss franc bond from an African institution and the largest digital issue on that market. Those are AFC’s claims. About 90% of buyers were Swiss investors. Separately, a report says AFC approved up to $100 million in May for Africa-focused technology fund managers. It also committed $300 million alongside Vision Invest in digital infrastructure firm WIOCC.
The real test is what the board does next. Techeconomy notes that the impact will depend on AFC’s investment choices, project delivery and ability to raise money across its member countries. Watch for funding of digital and energy projects, the next bond issues, and any AFC statement on his term.
Sources: Africa Finance Corporation; Nairametrics on the appointment; Techeconomy; Technext on AFC’s Nigerian board chairs; Financial Afrik on the digital bond.
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