The African Export-Import Bank (Afreximbank), a pivotal institution in financing and promoting intra- and extra-African trade, is poised for a new chapter of leadership. Its shareholders have officially appointed Dr. George Elombi as the Bank’s next President and Chairman of the Board of Directors, with his tenure set to commence in September 2025.
This appointment is not just a change in leadership; it’s a powerful statement about continuity, institutional depth, and an unwavering commitment to Africa’s economic transformation.
Dr. Elombi, a Cameroonian national and a seasoned executive, is no stranger to Afreximbank’s intricate operations or its profound mission.
Having been with the Bank since 1996, he has steadily risen through the ranks, most recently serving as Executive Vice President, Governance, Legal and Corporate Services.
This extensive institutional memory and deep understanding of the Bank’s fabric make his appointment particularly significant.
He will succeed Prof. Benedict Oramah, who has steered the Bank with distinction since 2015, achieving significant milestones in expanding its reach and impact.
Dr. Elombi’s nearly three decades at Afreximbank have seen him play a central, instrumental role in shaping the very core of the institution. His contributions extend across critical areas:
Shaping Afreximbank Group’s Structure
He has been a key architect in developing the Bank’s organisational and operational framework, including its subsidiaries like the Fund for Export Development in Africa (FEDA) and AfrexInsure. This ensures the Bank’s agility and capacity to address diverse trade and investment needs across the continent.
Developing Legal and Institutional Frameworks
His expertise has been vital in establishing the robust legal and governance structures that underpin Afreximbank’s operations, ensuring compliance and investor confidence on a global scale.
Expanding Capital Base
Dr. Elombi has been at the forefront of efforts to mobilise capital, significantly expanding the Bank’s financial capacity to undertake larger and more impactful projects. He notably led the department responsible for equity fundraising, which saw the bank’s total ordinary equity increase to US$3.6 billion as of April 2025.
Leading Crisis Response Efforts
Crucially, he has played a pivotal role in the Bank’s rapid response to various crises across Africa and the Caribbean. This includes mobilising over US$2 billion for vaccine acquisition and deployment during the COVID-19 pandemic, demonstrating Afreximbank’s critical role as a shock absorber and a source of stability for its member states.
Industrialisation and Dignity
Upon his appointment, Dr. Elombi articulated a clear and powerful vision for Afreximbank’s future, echoing the Bank’s founding principles.
“I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are,” he remarked during his acceptance speech.
This statement summarises the core of Afreximbank’s mission. The Bank was established with the express purpose of stimulating the consistent expansion, diversification, and development of African trade. It aims to rapidly increase Africa’s share of global trade by:
Promoting Intra-African Trade
A cornerstone of its strategy, significantly bolstered by its support for the African Continental Free Trade Area (AfCFTA) and initiatives like the Pan-African Payment and Settlement System (PAPSS), which facilitates cross-border payments in local currencies. Afreximbank aims to double its intra-African trade financing to US$40 billion by 2026.
Dr. Elombi’s emphasis on “industrialising Africa” and “regaining the dignity of Africans” speaks directly to the Bank’s broader developmental objectives. This is because industrialisation is crucial for job creation, economic diversification, and building resilient economies.
Legacy of Growth and Future Ambition
Dr. Elombi’s appointment ensures that Afreximbank continues its trajectory of robust financial performance and impactful development initiatives.
Under Prof. Oramah’s leadership, the Bank significantly strengthened its financial capacity, achieving over US$40.1 billion in total assets and contingencies by December 2024.
Dr. Elombi now inherits this strong foundation, with an ambitious target of reaching US$250 billion in assets within the next ten years, further solidifying Afreximbank’s role as a systemic Pan-African financial institution.
His deep institutional knowledge, coupled with a commitment to industrialisation and African dignity, positions Dr. Elombi to lead Afreximbank into an exciting and transformative new era, driving sustainable growth and greater prosperity for the entire continent.