Banking  and Financial Services

Cardoso had a brief spell with Howard Tilly & Co., Chartered Accountants in London before taking up a role with Citibank, arguably the largest financial services conglomerate in the world at the time.^[12] Cardoso went through the Citibank credit training program in Athens, Greece, and was subsequently mobilised to Citibank in Abidjan, Ivory Coast in 1982. He operated within the West Africa Regional Office/Non-Presence Country desk, which encompassed multiple countries in the sub-region where Citibank had exposure to sovereign debt but no physical presence. In 1982, Cardoso returned to Nigeria and joined Chase Merchant Bank, an affiliate of Chase Manhattan. Within the bank, he worked as a member of the credit and marketing team, focusing on trading, construction, and oil and gas relationships.

In 1984, he rejoined Citibank as a founding member of Nigeria International Bank Limited assuming the role of Head of the World Corporation Group, responsible for managing crucial global relationships for Citibank. He also became a member of the bank’s credit committee with responsibility for assessing and approving credit limits.

In 1988, Cardoso was charged with setting up Citibank’s first branch outside Lagos, in Kano, Nigeria. From Kano, he spearheaded the bank’s operations across the north of Nigeria, making contributions to its growth and success. Subsequently, Cardoso was appointed Vice President reflecting his continued success at delivering value for the bank.

In 1990, Olayemi, along with fellow Citibank colleagues, embarked on a new venture by founding Citizens Bank, Nigeria where he assumed leadership roles as the Head of Corporate Banking and Head of Treasury and Financial Institutions consecutively. In addition,  he served as an Executive Director of the bank for eight years helping drive business outcomes and significant growth for the group.

Lagos State Government

In 1999, with the transition to democratic rule in Nigeria,^[13] Cardoso was appointed a Commissioner in Lagos State, a state of significant economic importance within Nigeria and the broader African continent. He set up and oversaw the Ministry of Economic Planning & Budget,^[14] which functioned as the think-tank of the administration thus championing the reform process. That model has been replicated in most of the nation’s states. As Commissioner for Economic Planning & Budget, he spearheaded reforms and introduced innovative analytical and consultative mechanisms to enhance governance. He also raised awareness about the complexities of managing the world’s sixth-largest megacity.

He designed and developed a strategy document for the state (based on poverty alleviation and growth), and wrote the 10-point economic agenda that helped catalyse the ongoing reforms and transformations in the state. He monitored performance and compliance of all ministries, as well as managed the expenditure patterns of the state.

Cardoso also pioneered the Ehingbeti Lagos Economic Summit in the year 2000, as a platform that enabled business leaders and other multi-stakeholders, including international development partners and not for profit civil society groups, to contribute to solving the peculiar problems of a megacity in a non-partisan and result-oriented way. In recognition of his pioneering role and the success of his initiative, he was reappointed in 2022, on the 20th Anniversary of the summit, to co-chair the anniversary summit.

During his tenure within the Lagos State Government, Cardoso chaired various cabinet-level committees, including but not limited to:

• Cabinet Project Monitoring Committee
• Lagos Urban Transport Project Office (which later evolved into Lagos Metropolitan Area Transport Authority)
• Privatization Committee
• Lagos Water Corporation
• State Security Trust Fund Committee (which he pioneered), and
• State Pension Fund Committee

Board Membership of Citibank

In 2007, Cardoso was selected to chair the audit committee of the board of Citibank. He held this position until 2010, when he was appointed as  board member and subsequently Chairman of the Board.^[15] His tenure as Chairman of the Board of Citibank Nigeria Limited from 2010 to 2022 was marked by exemplary leadership and technical expertise, leading to significant improvements in both financial and non-financial aspects of the bank’s operations. During this period, Citibank experienced remarkable growth, with total assets increasing by an impressive 308.3%, total revenue surging by 235.6%, and shareholders’ equity showing an outstanding improvement of 231.2%.^[16]

As Chairman, Cardoso was a strong advocate for diversity and gender inclusion. His efforts resulted in a significant increase in the percentage of women on Citibank’s board, rising from 8% to a remarkable 50%. His ardent support for Citi’s annual diversity and Citi Women’s initiatives further emphasized his commitment to fostering an inclusive work environment irrespective of gender or position.^[17]

Under his visionary leadership, Citibank Nigeria Limited received prestigious awards and recognitions both locally and internationally. Some of the noteworthy accolades include being named Euromoney’s Best Investment Bank in Africa in 2015^[18] and 2017,^[19] receiving the Lifetime Achievement Award at the African Banker Awards in 2017, and achieving Global Finance’s Best Corporate/Institutional Digital Bank in Nigeria in 2017, 2018, and 2019.^[20]

Development Work

After his service with the government, Cardoso continued to work at the intersection of finance, governance and public policy, leading to a wide range of development and private sector activities. He provided consultancy services on development and financial matters, establishing strong partnerships with international companies like Standard & Poor’s (S&P), as well as prominent donors such as the World Bank, Department for International Development (DFID – now Foreign, Commonwealth & Development Office), the Ford Foundation, UN Habitat, Swedish International Development Cooperation Agency (SIDA), Clinton Climate Initiative amongst others. Notably, he played a pioneering role in the rating of sub-national governments in Nigeria in collaboration with Standard and Poor’s (S&P).^[21]

Cardoso also founded the Africa Institute for Leadership and Public Administration (AILPA), which focused on promoting private-public partnerships. AILPA partnered with Harvard and the Ford Foundation to advance innovation in Lagos through initiatives like the “Innovation for Economic Development” program, which outlined strategies aligning technological trends with development policy objectives. The program catered to high-level leaders, including cabinet members, as well as leaders in academia and civil society, ultimately setting the stage for legislation that fostered an innovation ecosystem in Lagos.^[22]

In July 2017, Cardoso joined the renowned Cities Alliance Think Tank, dedicated to shaping and influencing policy and decision-making regarding urban development in Africa. Cities Alliance, formed by the World Bank, United Nations, and other donors, stands as a gold standard global partnership in this field. Additionally, he served as chairman of the board Enhancing Financial Innovation and AccessEFinA, an organization devoted to financial inclusion.

Cardoso’s engagement extends to various advisory roles. He is a member of the Nigerian National Advisory Board on impact investing^[23] and serves on the advisory board of Lagos Business School.^[24] In 2018, he assumed the role of founding Chairman of the board for the Africa Venture Philanthropy Alliance (AVPA), an organization committed to unlocking new capital for social impact across the continent. With headquarters in Nairobi and smaller offices in Lagos and Johannesburg, AVPA provides continent-wide support to social investors by facilitating connections within broader networks.

Cardoso is also a member of the Board of Trustees for DRASA Health Trust, a public organization established in honour of the late Dr. Ameyo Adadevoh.^[25]