ABUJA, Nigeria – Afreximbank shareholders appointed Dr. George Elombi as the Bank’s next President and Chairman of the Board of Directors on Saturday, effective September 2025.
The Cameroonian national and seasoned executive will succeed Prof. Benedict Oramah, who has led the pan-African institution since 2015.
The incoming president expressed his vision for the institution’s future role during his acceptance remarks. “I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are,” Dr. Elombi said.
Dr. Elombi brings nearly three decades of experience at the bank, having joined Afreximbank in 1996 and rising through the ranks to become Executive Vice President, Governance, Legal and Corporate Services.
His tenure encompasses pivotal moments in the institution’s growth from a regional trade financier to Africa’s largest multilateral development bank.
The appointment comes as Afreximbank delivered exceptional 2024 financial performance, posting a net income of US$973.5 million for FY 2024, a 29% increase from the previous year.
The Cairo-based institution has expanded its assets to over $40 billion while extending operations across 54 African countries and 12 Caribbean nations.
Continental Trade Transformation
Established in 1993 under the auspices of the African Development Bank, Afreximbank serves as Africa’s Export-Import Bank, dedicated to promoting and financing intra- and extra-African trade.
The multilateral financial institution has become instrumental in facilitating the African Continental Free Trade Agreement (AfCFTA), launching a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union as the payment and settlement platform to underpin the implementation of the AfCFTA.
The bank’s influence extends beyond traditional financing. In April 2025, Afreximbank commissioned its first African Trade Centre in Abuja, Nigeria, ushering in a transformative era for trade and investment in Africa.
This facility represents the bank’s commitment to creating physical infrastructure that supports continental trade integration.
Dr. Elombi has played a central role in shaping these developments throughout his career at the institution.
His expertise in governance and legal frameworks proved crucial as the bank expanded its capital base and led crisis response efforts across Africa and the Caribbean during global economic disruptions.
Caribbean Expansion Drive
The bank’s reach now extends across the Atlantic to the Caribbean region, where 12 of the 15 CARICOM countries have signed the Bank’s Participating Agreement, paving the way for Afreximbank to expand its operations into the region.
This expansion reflects the institution’s broader vision of connecting African and diaspora economies.
The bank hosts the AfriCaribbean Trade and Investment Forum, with the fourth edition scheduled for St. George’s, Grenada, from July 28-29, 2025. These initiatives support the institution’s goal of facilitating trade relationships between Africa and its diaspora communities.
Strategic Growth Trajectory
Under outgoing President Oramah’s leadership, the bank has transformed from a traditional trade financier into a comprehensive development institution.
Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA.
The institution’s subsidiary operations have also expanded significantly. The Fund for Export Development (FEDA), the equity investment subsidiary of the Bank, expanded its impact portfolio to over US$0.5 billion, targeting key sectors such as industrial platforms, financial services, agribusiness, and healthcare.
Dr. Elombi’s appointment reflects the board’s confidence in continuity and institutional knowledge as Afreximbank navigates an increasingly complex global economic environment.
His deep understanding of the bank’s mission and operational framework positions the institution to advance its mandate of transforming Africa’s trade landscape while maintaining strong financial performance.
