Business

AFC Appoints CBN Governor Yemi Cardoso as Board Chairman

Published

57 minutes ago

October 14, 2026

Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors.

He succeeds the immediate–past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.

Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership.

Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency.

The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

Prior to his appointment as Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State.

In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies.

He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.

Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.

His experience in financial sector reform, institutional governance and capital markets will providevaluable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.

Samaila Zubairu, President & CEO of AFC, 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. 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. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC‘s board during her tenure.”

Mr. Cardoso commented on his appointment, saying: “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. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.

About AFC

AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Nineteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 49 member countries and has invested over US$20 billion in 36 African countries since its inception.

The post AFC Appoints CBN Governor Yemi Cardoso as Board Chairman appeared first on Business Today NG.

Related Topics:AFC appoints board Cardoso CBN Chairman Governor Yemi

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IMF warns against blanket petrol subsidies, suggests targeted support for poor, vulnerable people

Published

9 hours ago

October 14, 2026

PlateauReports

The International Monetary Fund (IMF) on Wednesday warned against blanket subsidies, saying targeted support for vulnerable and poor people provides better results.

Rodrigo Valdés, Director of the IMF’s Fiscal Affairs Department, spoke during a press briefing on the fund’s fiscal monitor at the 2026 annual meetings of the IMF and World Bank in Bangkok, Thailand.

The fund said that, beyond being expensive, blanket petrol subsidies often benefit higher-income consumers disproportionately and could worsen fiscal pressures amid rising debt and borrowing costs.

“Protecting people is not the same as protecting the price of fuels,” Mr Valdés said.

“It’s first fiscally very costly, and second, if you look at the pattern of consumption, it’s easy to see that that subsidy is readily regressive in many places.”

Mr Valdes spoke in response to a question on how the IMF could recommend energy prices to reflect scarcity when higher fuel prices in Nigeria and some other countries have led to higher cost of living, increased transport costs, worsening inflation, and poverty.

The IMF official said fuel subsidies or measures preventing prices from adjusting fully to an energy shock had cost countries between 1 per cent and 1.5 per cent of gross domestic product (GDP) in 2026.

He called on governments across the world to instead use social safety nets and household data to identify people who need assistance.

“There are better tools to deal with this,” he said.

The fund’s intervention is in line with its long-standing position on subsidy, as recently canvassed in a recent report.

“Targeted and temporary transfers are the most effective and cost-efficient way to protect poorer households when prices for basics spike,” fund said in its report.

“This approach directly supports those who need it most, preserves scarce fiscal space, and allows high market prices to continue signalling scarcity, encouraging consumers to reduce consumption if they can.”

READ ALSO: Targeted support, not subsidies, can best protect people when inflation surges IMF

Local Debates

Debates over the propriety of fuel subsidy has been at the centre of discussions in Nigeria in recent weeks, ahead of a crucial election slated for January.

While the Nigerian government, led by President Bola Tinubu, has defended its economic policy of subsidy removal as critical to the nation’s fiscal survival, opposition politicians—such as Atiku Abubakar of the ADC and Peter Obi of the NDC—have canvassed for and promised a return to different subsidy arrangements if elected into power.

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Business

Lagos Police Arrest 4 Suspected Cultists in Lekki-Ajah, Recover Locally Made Gun

Published

17 hours ago

October 14, 2026

PlateauReports

BY SUNDAY SAMUEL—As part of the Command’s sustained efforts to combat cultism and other criminal activities across Lagos State, the Command has arrested four suspected cultists allegedly terrorizing the Lekki, Ajah, Elemoro axis and its environs, following credible and actionable intelligence received by operatives of the Command between 2nd and 9th October 2026.

The suspects, identified as Arisekola Ojo, ‘m’, 32 years; Oluwatobi Oyewole, ‘m’ 29 years; Oluwaseyi Odunewu, ‘m’ 32 years; and Olumagba Ifatope, ‘m’ 29 years; were arrested over their alleged involvement in conspiracy and membership of an unlawful society. During investigation, their confession led to the recovery of one locally made cut-to-size gun during a search conducted at the residence of Oluwaseyi.
The suspects have made useful statements, while investigation is ongoing to apprehend other individuals linked to the crimes and recover additional firearms.

The Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips, has reiterated the Command’s commitment to dismantling cult groups and other criminal networks across the State. He warned individuals involved in cultism and other criminal activities to desist or face the full wrath of the law. While urging residents to continue providing credible and timely information to the Police to enhance security in their communities.

The Command Emergency Lines are:
07061019374
08065154338
08063299264
08039344870
08080193432 (Marine)
09168630929

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