The African Export‑Import Bank (Afreximbank) has officially ushered in a leadership transition as Dr George Elombi of Cameroon takes up the role of President & Chairman of the Board of Directors, making him the fourth head of the institution since its founding in 1993.
Dr Elombi succeeds Professor Benedict Okey Oramah of Nigeria, who completed a decade of service leading the Bank since 2015. At a high-profile investiture ceremony in Cairo, attended by finance ministers and senior shareholders, Oramah formally handed over the reins.
In his acceptance address, Dr Elombi reaffirmed the Bank’s strategic ambition to grow its balance sheet to at least US$250 billion within the next ten years, aligning with the vision set by his predecessor. He pledged to deepen Afreximbank’s support for intra-African trade, industrialisation and the value-chain development of the continent’s strategic goods.
The outgoing President, Prof Oramah, reflected on the institution’s transformation under his leadership, from a modest trade-finance bank to a pan-African development anchor with an expanded footprint across the continent and beyond. “Our mission has always been to help Africa build, to help Africa own its destiny,” he said in his farewell address.
Nigeria’s Finance Minister & Coordinating Minister of the Economy, Mr Wale Edun, described the transition as “a landmark moment in Africa’s economic evolution,” emphasising Nigeria’s continued relationship with Afreximbank and the importance of African-led financing for the continent’s future.
The new era begins amid macro-economic headwinds for the bank. Earlier this year, rating agencies downgraded Afreximbank’s credit rating citing elevated sovereign risk and shrinking funding diversity.
As a seasoned insider, Dr Elombi brings almost three decades of experience within Afreximbank, having served in multiple roles including Executive Vice-President for Governance, Legal and Corporate Services. His familiarity with the institution’s structures is expected to provide continuity precisely when stability is required.
Key priorities for his presidency include expanding support for manufacturing across Africa, accelerating the African Continental Free Trade Area (AfCFTA) agenda, and driving African capital mobilisation—especially through diaspora-linked investment. He also flagged plans for a new strategic minerals development programme that moves beyond raw-material exports into finished goods production.
For member states and private-sector partners across Africa, the leadership shift signals a moment of both continuity and renewal. With Dr Elombi at the helm, stakeholders will be watching closely whether Afreximbank can match its bold rhetoric with measurable delivery in infrastructure, trade financing and risk management.
