Afreximbank appoints new President

The shareholders of the African Export-Import Bank (Afreximbank) have appointed George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution.

He becomes the fourth president to lead the bank since its establishment in 1993.

His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday.

He succeeds Benedict Oramah, a professor, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September.

A Cameroonian national, Mr Elombi has been with Afreximbank since 1996, joining as a Legal Officer.

He rose through the ranks to become Executive Vice President, Governance, Legal and Corporate Services.

Over his nearly three decades at the bank, he has served as director and executive secretary (2010–2015); deputy director, legal services / executive secretary (2008–2010); chief legal officer (2003–2008); and senior legal officer (2001–2003).

Prior to joining Afreximbank, he taught law at the University of Hull, United Kingdom.

Mr Elombi played a pivotal role in establishing Afreximbank group’s structure, including the formation of key subsidiaries that have expanded the bank’s capacity to deliver on its mandate.

As chair of the emergency response committee, he led the bank’s response to the COVID-19 crisis, mobilising over $2 billion for vaccine acquisition and deployment across African and Caribbean nations. Under his supervision of the Equity Mobilisation and Investor Relations department, the bank’s total ordinary equity mobilised amounted to $3.6 billion as at April 2025.

In his acceptance speech, Mr Elombi expressed a deep commitment to the Bank’s mission and future, stating:

“I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate as well as its growth. As we look to the future, I see Afreximbank as a force for industrialising Africa and for re-gaining the dignity of Africans wherever they are. I will work to preserve this important asset,” he said.

He accepted the shareholders’ desire as expressed by his predecessor to make the institution a $250 billion bank in ten years.

READ ALSO: Billionaire entrepreneur Aminu Dantata is dead

Profile

Mr Elombi holds a Master of Laws (LL.M.) from the London School of Economics, University of London, and a Ph.D. in commercial arbitration from the same university. He obtained a ‘Maitrise-en-Droit’ from the University of Yaoundé in 1989.

His appointment followed a rigorous selection process initiated in January, which included a global call for applications published in international media and on the Afreximbank website. Shortlisted candidates were interviewed by an international human resource executive search firm. The top candidates were presented to the Board of Directors, which recommended Mr Elombi to the General Meeting of Shareholders for final approval.

Under the Afreximbank Charter, a president is appointed by the general meeting of shareholders upon the recommendation of the Board of Directors for a term of five years, renewable once.