CBN governor Cardoso appointed AFC board chairman

The Africa Finance Corporation has appointed the Governor of the Central Bank of Nigeria, Olayemi Cardoso, as Chairman of its Board of Directors, as the institution seeks to strengthen infrastructure financing and industrial development across Africa.

Cardoso succeeds Ireti Samuel-Ogbu, who will remain on the corporation’s board following the

completion of her tenure as chairman.       

The appointment was announced in a statement issued by the AFC on Wednesday, which highlighted Cardoso’s experience in international banking, investment management, economic policy and public sector leadership.

Commenting on the appointment, the President and Chief Executive Officer of AFC, Samaila Zubairu, said, “We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity.”

Zubairu said Cardoso’s leadership would strengthen the corporation’s efforts to mobilise African capital for infrastructure and industrial investments under its long-term development strategy.“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 added.He also commended Samuel-Ogbu for her contributions to the corporation during her tenure.

Reacting to his appointment, Cardoso pledged to work with the board, management and member countries to expand productive investments across the continent.

“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,” he said.

The CBN governor added, “Our measure of success must be the productive capacity we create,

the industries we enable and the jobs we support.”

Cardoso assumed office as CBN governor in September 2023 and has overseen monetary and financial sector reforms, including changes to the foreign exchange market, settlement of outstanding foreign exchange obligations and efforts to strengthen banking sector resilience.

Before his appointment, he served as Chairman of Citibank Nigeria for 12 years and

Commissioner for Economic Planning and Budget in Lagos State.

According to the statement, Cardoso’s appointment comes as the AFC expands investments in infrastructure projects intended to improve regional connectivity, industrialisation and economic integration.

The corporation cited its involvement in the $753m Lobito Corridor Railway Project in Angola, covering the rehabilitation and operation of a 1,300-kilometre railway corridor.

It also highlighted its support for a $600m financing facility for Dangote Group’s $7bn fertiliser

expansion programme in Nigeria.

Other investments include a combined $300m commitment alongside Vision Invest in WIOCC Group to expand digital infrastructure across Africa.

Source:https://punchng.com/cbn-governor-cardoso-appointed-afc-board-chairman/