Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has been appointed chairman of the board of the Africa Finance Corporation (AFC), placing him at the head of the pan-African institution responsible for financing infrastructure and industrial development across the continent.
Cardoso succeeds Ireti Samuel-Ogbu, who will remain on the corporation’s board as a member following the leadership change.
The appointment comes as the CBN maintains its position as AFC’s largest shareholder, with a 39.5 per cent stake in the institution. The corporation’s membership has also expanded to 48 African countries, reflecting its broad continental reach.
Brandspur Banking News Desk reports that Cardoso’s new role places Nigeria’s central bank governor in a key governance position at an institution focused on supporting Africa’s economic development through investment and infrastructure financing.
AFC works across strategic sectors that are important to economic growth, including infrastructure and industrial development. Its financing activities are aimed at addressing some of the continent’s long-standing investment needs.
Nigeria’s significant shareholding in the corporation gives the country a major stake in the institution’s governance. Cardoso’s appointment as board chairman therefore places the CBN governor in a position to participate in overseeing the corporation’s strategic direction alongside other board members.
However, the appointment does not change the CBN’s stated shareholding position or the corporation’s existing membership figures.
Samuel-Ogbu’s continued presence on the board also means she will retain a role in its deliberations, despite handing over the chairmanship to Cardoso.
