Africa Finance Corporation has appointed Central Bank of Nigeria Governor, Yemi Cardoso, as Chairman of its Board of Directors.

‎AFC announced the appointment on Tuesday in Lagos. Cardoso replaces Ireti Samuel-Ogbu, who served meritoriously and remains a board member.

‎Cardoso has led major reforms at CBN since September 2023, including foreign exchange market reforms, clearing FX backlogs, and bank recapitalization to restore stability and investor confidence.

Before CBN, he was Chairman of Citibank Nigeria for 12 years and served as Lagos Commissioner for Economic Planning and Budget. He holds a degree from Aston University, UK, and a master’s from Harvard Kennedy School.

‎AFC President Samaila Zubairu said Cardoso’s experience will strengthen AFC’s drive to mobilize capital and build infrastructure across Africa.

‎Cardoso said he looks forward to advancing AFC’s plan to build productive capacity and create jobs.

‎AFC has invested over 20 billion dollars in 36 African countries since 2007.