The African Export–Import Bank (Afreximbank) has announced the appointment of Dr. George Elombi as its new President and Chairman of the Board of Directors. The decision was formally approved by shareholders during the Bank’s 32nd Annual General Meeting (AGM) held in Abuja, Nigeria, from 25 to 28 June 2025. Dr. Elombi will officially assume office in September 2025, becoming the fourth president of the Bank since its establishment in 1993.
Dr. Elombi brings a wealth of experience and a deep institutional memory, having served Afreximbank in various leadership capacities for nearly three decades. His journey with the Bank began in 1996 as a Legal Officer, and he rose through the ranks to become the Executive Vice President in charge of Governance, Legal and Corporate Services.
His academic credentials are equally impressive. A Cameroonian national, he holds a Maîtrise en Droit from the University of Yaoundé, as well as an LL.M. and Ph.D. in commercial arbitration from the London School of Economics. Prior to joining Afreximbank, he was a lecturer in law at the University of Hull in the United Kingdom.
In his acceptance speech, Dr. Elombi emphasized continuity and innovation. He stated:
“As we look to the future, I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are. I will work to preserve this important asset.”
This message reflects a clear commitment to the Bank’s mission to promote African trade and support economic development across the continent. His leadership comes at a pivotal time, as the Bank accelerates efforts to realize its strategic vision under the African Continental Free Trade Area (AfCFTA).
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Dr. Elombi succeeds Professor Benedict Oramah, who has served as President since 2015, following the tenures of Jean-Louis Ekra (2005–2015) and Christopher Edordu (1993–2005). This marks the fourth leadership transition in the Bank’s 32-year history, each marked by expansion in mandate, scope, and impact.
Under Prof. Oramah’s leadership, the Bank’s balance sheet grew significantly, and it played a central role in Africa’s economic resilience during the COVID-19 pandemic. Dr. Elombi played a key behind-the-scenes role in those achievements.
During his time at Afreximbank, Dr. Elombi held several key roles: Senior Legal Officer (2001–2003), Chief Legal Officer (2003–2008), Deputy Director, Legal Services & Executive Secretary (2008–2010), Director & Executive Secretary (2010–2015), and Executive Vice President (2015–2025). These positions gave him direct oversight of the Bank’s legal governance, shareholder relations, board processes, institutional restructuring, and compliance operations.
As Chair of the Bank’s Emergency Response Committee, Dr. Elombi led critical efforts during the COVID-19 crisis. He was instrumental in mobilizing more than US$2 billion to support African and Caribbean countries in acquiring vaccines and critical medical supplies. This initiative, in collaboration with the African Union and other multilateral institutions, bolstered Afreximbank’s reputation as an agile and responsive financial institution.
Dr. Elombi was a driving force behind the Bank’s equity mobilization strategy. As of April 2025, Afreximbank had raised US$3.6 billion in ordinary equity, an unprecedented figure in the institution’s history. This capital infusion positions the Bank to expand its operations and meet Africa’s growing financing needs.
During his remarks, Dr. Elombi reaffirmed the Bank’s ambition to become a $250 billion financial institution within the next 10 years. This strategic target was first laid out by Prof. Oramah and is expected to anchor the Bank’s medium-to-long-term development agenda. Such a scale would enable Afreximbank to better serve Africa’s development objectives, including infrastructure financing, intra-African trade, industrialisation, and integration under AfCFTA.
Dr. Elombi’s appointment followed an international search initiated in January 2025, conducted by a global executive search firm. The selection process involved thorough due diligence and evaluation by the Board of Directors before being ratified by shareholders on June 28, 2025. His term as President will last five years, with the possibility of renewal for one additional term, as stipulated in the Bank’s governance charter.
Dr. Elombi will inherit a growing institution with regional offices in Abidjan, Abuja, Kampala, and Yaoundé, along with strategic subsidiaries like the Fund for Export Development in Africa (FEDA) and AfrexInsure. His leadership will be crucial in consolidating these platforms and expanding the Bank’s continental footprint.
