In a landmark decision at its 32nd Annual General Meeting in Abuja, Nigeria, the African Export-Import Bank (Afreximbank) has appointed Dr George Elombi as its new President.
Dr Elombi will succeed Professor Benedict Oramah, whose tenure concludes in September 2025, becoming the fourth leader of the pan-African financial institution since its inception in 1993.
A Cameroonian national with nearly three decades of service at Afreximbank, Dr Elombi began his career there in 1996 as a Legal Officer and has since held key leadership roles including Executive Vice President overseeing Governance, Legal and Corporate Services.
Before joining the Bank, he taught law at the University of Hull in the UK.
During his tenure, Dr Elombi was instrumental in shaping Afreximbank’s structure and capabilities, including establishing subsidiaries critical to delivering on its mandate.
Notably, as Chairman of the Emergency Response Committee, he spearheaded the Bank’s mobilisation of over US$2 billion for vaccine acquisition and deployment amid the COVID-19 crisis across Africa and the Caribbean. Under his guidance, the Bank raised US$3.6 billion in ordinary equity capital by April 2025.
In his acceptance address, Dr Elombi reaffirmed his dedication to the Bank’s mission: “I have worked alongside remarkable colleagues and exceptional leaders to help shape the vision, mandate, and growth of this institution. As we look to the future, I envision Afreximbank as a force for both the industrialization of Africa and the restoration of dignity to Africans everywhere.
I will work to preserve this important asset.”
Dr Elombi embraces the goal set by his predecessor to build Afreximbank into a US$250 billion institution within the next decade.
Holding advanced degrees in law from the London School of Economics and the University of Yaoundé, Dr Elombi’s appointment followed a competitive international search process. The Bank’s Board of Directors endorsed him before shareholders gave final approval.
Afreximbank stands at the forefront of Africa’s economic development, financing trade and supporting initiatives like the African Continental Free Trade Area (AfCFTA).
The Bank launched the Pan-African Payment and Settlement System (PAPSS) to facilitate intra-African trade and established a US$10 billion Adjustment Fund to support member states’ integration.
As of December 2024, Afreximbank’s total assets and guarantees reached US$40.1 billion, with shareholders’ funds at US$7.2 billion. The Bank’s robust credit ratings reflect its growing influence as a catalyst for Africa’s industrialisation and economic integration.
With Dr Elombi at the helm, Afreximbank is poised to strengthen its role as a key driver of Africa’s transformative trade and industrial future.
About The Author
