The shareholders of the African Export-Import Bank (Afreximbank) have appointed Dr. 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. The formal annual general meeting of shareholders took place on Saturday, 28 June 2025.
Leadership Transition at Africa’s Premier Trade Finance Bank
Dr. Elombi succeeds Professor Benedict Oramah, who has served as President and Chairman of the Board of Directors since 2015. Professor Oramah will be stepping down in September 2025 after a decade of transformative leadership at the continental institution.
The leadership transition comes at a crucial time for African trade finance, as the continent seeks to strengthen intra-African trade under the African Continental Free Trade Area (AfCFTA) framework.
Dr. George Elombi: A Career Built at Afreximbank
A Cameroonian national, George Elombi has been with Afreximbank since 1996, joining as a Legal Officer. His nearly three-decade journey at the Bank demonstrates a remarkable rise through the ranks:
Current Position (2015-2025): Executive Vice President, Governance, Legal and Corporate Services
Previous Leadership Roles:
- Director and Executive Secretary (2010–2015)
- Deputy Director, Legal Services / Executive Secretary (2008–2010)
- Chief Legal Officer (2003–2008)
- Senior Legal Officer (2001–2003)
- Legal Officer (1996–2001)
Before joining Afreximbank, Dr. Elombi taught law at the University of Hull, United Kingdom, bringing academic expertise to his banking career.
Key Achievements and Institutional Impact
Throughout his tenure at Afreximbank, Dr. Elombi has played a pivotal role in several transformative initiatives:
Organizational Development: He was instrumental in establishing Afreximbank group’s structure, including the formation of key subsidiaries that have expanded the Bank’s capacity to deliver on its mandate.
COVID-19 Response Leadership: As Chair of the Emergency Response Committee, Dr. Elombi led the Bank’s response to the COVID-19 crisis, mobilizing over $2 billion for vaccine acquisition and deployment across African and Caribbean nations.
Capital Mobilization Success: Under his supervision of the Equity Mobilisation and Investor Relations department, the Bank’s total ordinary equity mobilized amounted to $3.6 billion as of April 2025.
Vision for Africa’s Industrial Transformation
In his acceptance speech, Dr. Elombi expressed a deep commitment to the Bank’s mission and future development:
“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.”
Ambitious Growth Target: $250 Billion Bank
Dr. Elombi has accepted the shareholders’ ambitious vision, as expressed by his predecessor, to transform Afreximbank into a $250 billion bank within ten years. This target reflects the institution’s commitment to significantly scaling its impact on African trade and development.
The goal aligns with Africa’s growing economic potential and the need for substantial trade finance to support the continent’s industrialization agenda.
Academic Credentials and Professional Qualifications
Dr. George Elombi brings impressive academic credentials to his new role:
Advanced Legal Education:
- Ph.D. in Commercial Arbitration from the London School of Economics, University of London
- Master of Laws (LL.M.) from the London School of Economics, University of London
- ‘Maitrise-en-Droit’ from the University of Yaoundé (1989)
His specialization in commercial arbitration provides valuable expertise for resolving complex international trade disputes, a critical capability for Africa’s leading trade finance institution.
Rigorous Selection Process Ensures Best Leadership
Dr. Elombi’s appointment followed a comprehensive and transparent selection process initiated in January 2025:
Global Recruitment: A worldwide call for applications was published in international media and on the Afreximbank website, ensuring broad candidate participation.
Professional Evaluation: Shortlisted candidates underwent interviews conducted by an international human resource executive search firm, maintaining professional standards and objectivity.
Board Recommendation: The top candidates were presented to the Board of Directors, which recommended Dr. Elombi to the General Meeting of Shareholders for final approval.
This thorough process demonstrates Afreximbank’s commitment to selecting the most qualified leadership for the institution’s continued growth and success.
Presidential Term and Governance Structure
Under the Afreximbank Charter, a president is appointed by the general meeting of shareholders upon the recommendation of the Board of Directors. The presidential term lasts five years and is renewable once, providing stability while ensuring accountability to shareholders.
This governance structure ensures that the Bank’s leadership remains aligned with shareholder interests while providing sufficient tenure for implementing long-term strategic initiatives.
Afreximbank’s Role in African Economic Development
Since its establishment in 1993, Afreximbank has grown to become Africa’s premier trade finance institution. The Bank plays a crucial role in:
Trade Finance: Providing financing solutions for intra-African and international trade transactions.
Infrastructure Development: Supporting critical infrastructure projects that facilitate trade and economic growth.
Industrial Development: Financing manufacturing and processing industries to add value to Africa’s raw materials.
Financial Market Development: Supporting the growth of African capital markets and financial institutions.
Looking Ahead: Challenges and Opportunities
Dr. Elombi assumes leadership at a pivotal moment for African trade and development. Key challenges and opportunities include:
AfCFTA Implementation: Supporting the operationalization of the African Continental Free Trade Area to boost intra-African trade.
Digital Transformation: Leveraging technology to improve trade finance delivery and financial inclusion across the continent.
Climate Finance: Addressing the growing need for sustainable financing solutions that support Africa’s green transition.
Post-Pandemic Recovery: Continuing to support African economies as they recover and build resilience from the COVID-19 pandemic.
Impact on African Trade Finance Sector
The appointment of Dr. Elombi signals continuity in Afreximbank’s strategic direction while bringing fresh perspectives from his extensive experience within the institution. His deep understanding of the Bank’s operations and the African trade finance landscape positions him well to lead the institution through its next phase of growth.
The transition also demonstrates the success of Afreximbank’s talent development programs, as Dr. Elombi’s appointment represents a promotion from within the organization.
Strategic Partnerships and Continental Integration
Under Dr. Elombi’s leadership, Afreximbank is expected to continue strengthening partnerships with:
African Development Bank: Collaborating on major infrastructure and development projects across the continent.
Regional Economic Communities: Supporting trade integration initiatives within regional blocs like ECOWAS, EAC, and SADC.
Private Sector: Enhancing public-private partnerships to mobilize additional resources for African development.
International Financial Institutions: Maintaining relationships with global partners while asserting African leadership in development finance.
