Veteran insider George Elombi appointed Afreximbank next president - Economy

Al-Ahram Weekly

11 hours ago

Elombi's selection was finalized at the 32nd Afreximbank Group Annual Meetings and associated events, culminating in the formal annual General Meeting of Shareholders on Saturday, 28 June 2025, in Abuja, Nigeria.
Elombi, a Cameroonian national in his early 60s, is set to assume the role in September 2025, bringing nearly three decades of experience to the position.
He succeeds Professor Benedict Oramah, who has served as president since 2015.
Elombi joined Afreximbank in 1996 as a legal officer and subsequently advanced through the ranks, most recently becoming the executive vice president (corporate governance and legal services).
His previous roles also include director, executive secretary, deputy director, legal services executive secretary, chief legal officer, and senior legal officer.
Before his tenure at Afreximbank, he taught law at the University of Hull in the United Kingdom.
Afreximbank is a pan-African multilateral financial institution established in 1993 under the auspices of the African Development Bank.
Headquartered in Cairo, Egypt, its core mandate is to finance and promote intra- and extra-African trade, thereby stimulating economic expansion and diversification across the continent.
The bank plays a crucial role in addressing trade finance gaps, facilitating industrialization, and supporting the implementation of key initiatives such as the African Continental Free Trade Area (AfCFTA).
Its diverse shareholders include African governments, central banks, regional and sub-regional institutions, as well as African and non-African public and private investors.
As of December 2024, Afreximbank's total assets and contingencies stood at over $40.1 billion, with shareholder funds amounting to $7.2 billion.
The appointment of a new president is a pivotal moment for Afreximbank, given its significant influence on Africa's economic development.
Elombi's extensive tenure within the bank and his pivotal role in establishing its group structure and subsidiaries suggest a continuation of the institution's strategic direction.
His leadership as chair of the Emergency Response Committee during the COVID-19 crisis, during which he mobilized over $2 billion for vaccine acquisition and deployment, highlights his capacity for impactful action in challenging times.
Elombi has the ambitious target of growing Afreximbank into a $250 billion bank within the next decade, a goal articulated by his predecessor and accepted by the shareholders. Achieving this will further the bank's mission of transforming Africa's trade landscape, particularly as the continent navigates global economic shifts and seeks to bolster intra-African trade through initiatives like the AfCFTA.
The institution's ability to provide trade, project financing, guarantees, and advisory services directly impacts the continent's capacity to industrialize, diversify its exports, and build resilience against external shocks.
In his acceptance speech, Elombi underscored his commitment to the bank's mission.
'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 industrializing Africa and for regaining the dignity of Africans wherever they are. I will work to preserve this important asset,' he said.
Elombi holds a master's degree in Law and a PhD in Commercial Arbitration from the London School of Economics, University of London, as well as a master's degree in Law from the University of Yaoundé.
His appointment followed a rigorous global search process initiated in January 2025, culminating in a recommendation from the board of directors to the General Meeting of Shareholders for final approval.
Under the Afreximbank Charter, a president serves a five-year term, renewable once.