The newly appointed President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Dr. George Elombi, has pledged to build on and surpass the legacy achievements recorded by his predecessor, Prof Benedict Oramah, who stepped down on Saturday after 31 years.
Speaking shortly after shareholders of the Bank unanimously voted to confirm his appointment during the 32nd annual meetings and associated events of the Bank in Abuja, Dr Elombi, a Camerounian by birth, said his priority would be to sustain building on the mandate of Afreximbank as spelt out in the establishment treaty.
“Our priority will be to change the structure of Africa’s trade so that the Bank can face development head on,” he said
He said the new Board under his leadership would relinquish the commitment to continue the bold initiatives by its predecessor over the last ten years, by focusing on the development of the export processing zones, seaport terminals, power stations, infrastructures Africa needs as well as the human resources and capital required to process its mineral resources.
“When that is done, Africa will be transformed. There is nothing else that is magical about what we will do in the coming years. That is where our focus will be,” he declared.
Apart from reaffirming confidence in the work Afreximbank has been doing over the last ten years, he said shareholders expressed satisfaction with the financial position of the Bank as well as its projects and interventions in key sectors of the economy.
While urging the new Board to carry on from where its predecessor stopped, Elombi said the shareholders reaffirmed their support for Afreximbank and their desire to continue to honour the obligations they entered into under the treaty that established it.
He said the best way to sustain the legacy of the Oramah era in the bank would be to seek to do a little more than they did.
Earlier, Prof Oramah said during the annual meetings, which recorded unprecedented attendance of over 7000 delegates, important decisions were taken, including the establishment of a smooth process of appointing the successor President of the Board of the Bank.
He said apart a unanimous vote of 100 percent given to his successor, the shareholders elected two new members to replace those who retired recently.
Also, he said the shareholders gave approval to the Bank’s financial statement and annual report for the year 2024 and the dividend payout of $250m to shareholders.
Out of the dividend payout, the immediate past President said the Board approved $50m for the donation made towards the establishment of a concession finance window approved in 2023.
He said an additional $700bn was approved for concession finance window payable over a couple of years tied to further utilisation of those funds from other productive arms and investors.
During the meeting, he said a proposal was made for two meetings for Class A shareholders, consisting of signatories to the establishment treaty, to enable them to reaffirm their absolute commitment to meeting the obligations they willingly assumed under the treaty establishing Afreximbank.
On his priority after exiting the service of the Bank, Prof Oramah said after working non-stop for 31 years, he would take time to rest and attempt to rebuild the relationships that may have been strained because of his commitment to the work of Afreximbank.
“It’s time to rest a bit; rebuild relationships; become a better family man and take the opportunity to do better in an unfettered way some of the things we did with the bank, not only of the work of the bank, but in support of the aspirations of every African everywhere. This is the only way one can feel fulfilled,” he said.
Dr. Elombi: A profile
The new President and Chairman of the Board of Directors of the Afreximbank continental becomes the fourth President to lead the Bank since its establishment in 1993.
His appointment was one of the key decisions of the meeting of the Board held in Abuja as part of the 32nd annual general meeting of shareholders, held from 25 to 28 June in Abuja.
He succeeds Professor Benedict Oramah, who served as President and Chairman of the Board of Directors since 2015, before stepping down in September 2025.
A Cameroonian national, Dr Elombi has worked with Afreximbank since 1996, after 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 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, Dr Elombi taught law at the University of Hull, United Kingdom.
He holds a Master of Laws (LL.M.) degree and a Ph.D. in Commercial Arbitration, both from the London School of Economics, University of London. He obtained a ‘Maitrise-en-Droit’ from the University of Yaoundé in 1989.
His appointment followed a rigorous selection process initiated in January 2025, 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 Dr. 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.
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, Elombi 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.
Shortly after the announcement of his appointment, Dr. Elombi, in his acceptance speech, expressed a deep commitment to the Bank’s mission and future.
He said: “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 accepted the shareholders’ desire as expressed by his predecessor to make the institution a $250 billion bank in ten years.
