Afreximbank appoints new president as it seeks to become $250bn institution

Abuja, Nigeria. The African Export-Import Bank (Afreximbank) has announced the appointment of its next president and chairman of the board of directors, to spearhed its vision of becoming a $250 billion institution.

Dr George Elombi's appointment was confirmed during the 32nd Afreximbank Group Annual Meetings held in Abuja, Nigeria, culminating in the formal General Meeting of Shareholders on Saturday.

Dr Elombi, a Cameroonian national, becomes the fourth president of the continental financial institution since its establishment in 1993.

He will take over from Prof Benedict Oramah, who has led the bank since 2015 and is due to step down in September 2025.

Having joined Afreximbank in 1996 as a legal officer, Dr Elombi has steadily risen through the ranks over nearly three decades. He most recently served as executive vice president for governance, legal and corporate services, and has previously held roles including director and executive secretary, deputy director for legal services, and chief legal officer.

Dr Elombi played a key role in structuring the Afreximbank Group and establishing major subsidiaries that have expanded the Bank’s ability to fulfil its mandate.

He chaired the Emergency Response Committee during the Covid-19 pandemic, mobilising over $2 billion for vaccine acquisition and deployment across African and Caribbean nations.

Under his oversight of the Equity Mobilisation and Investor Relations department, the Bank had raised a total of $3.6 billion in ordinary equity as at April 2025.

In his acceptance speech, Dr Elombi pledged to uphold the bank’s mission and continue its growth trajectory.

"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 also endorsed the vision expressed by his predecessor to grow Afreximbank into a $250 billion institution within the next decade.

Dr Elombi holds a Master of Laws and a PhD in commercial arbitration from the London School of Economics, University of London. He earned a Maitrise-en-Droit from the University of Yaoundé in 1989. Before joining Afreximbank, he taught law at the University of Hull in the United Kingdom.

His appointment followed a rigorous global selection process initiated in January 2025, which involved an international call for applications and screening by a leading executive search firm.

The top candidates were presented to the bank’s board of directors, which recommended Dr Elombi to the general meeting of shareholders for final approval.

According to the Afreximbank Charter, the president is appointed by shareholders for a five-year term, renewable once.