Afreximbank Selects George Elombi to Steer Next Decade of Growth

Arabian Post

2 days ago

Afreximbank has confirmed the appointment of Dr George Elombi, its Executive Vice‑President for Governance, Legal and Corporate Services, as the institution's fourth President and Chairman of the Board, effective September 2025. The decision was ratified during the 32nd Afreximbank Group Annual Meetings held in Abuja, Nigeria, from 25 to 28 June, culminating in formal shareholder approval on 28 June.
A Cameroonian national with nearly three decades of service at Afreximbank, Dr Elombi entered the Bank in 1996 as a legal officer and ascended through roles including Chief Legal Officer, Deputy Director and Executive Secretary, before assuming his current vice-presidential position in 2015. In his acceptance statement, he pledged to 'ensure Afreximbank remains a catalyst for industrialisation and dignity for the continent,' committing to delivering on the Bank's long‑term vision to expand its balance sheet to USD 250 billion within ten years, an objective originally set by his predecessor, Professor Benedict Oramah.
Under Professor Oramah, Africa's trade finance flagship expanded rapidly, disbursing around USD 20 billion in trade finance in 2024 and supporting the implementation of the AfCFTA via PAPSS infrastructure development. Dr Elombi inherits this momentum, but also an environment of complexity, as the institution recently endured a downgrade by Fitch Ratings to BBB‑ with a negative outlook, a move driven by rising non‑performing loan ratios—7.1% versus reported IFRS‑based 2.44%—and concerns over transparency in risk reporting.
ADVERTISEMENT
During the meetings, shareholders highlighted three core leadership priorities: upholding institutional credibility as rating pressures persist; doubling annual trade finance volumes; and steering strategic continuity through the PAPSS and AfCFTA integration agenda. In this context, Dr Elombi's appointment signals a commitment to both continuity and structural resilience. His leadership over legal, corporate governance and crisis management functions—particularly during Afreximbank's COVID‑19 vaccine financing, which mobilised over USD 2 billion for African and Caribbean nations—offers a foundation to tackle the ongoing challenges.
Dr Elombi also has responsibility for equity mobilisation, driving USD 3.6 billion in ordinary equity by April 2025. His credentials include a Master of Laws and a PhD in commercial arbitration from the London School of Economics, along with legal training at the University of Yaoundé and early-career teaching at the University of Hull.
The rigorous global selection process, launched in January 2025, involved international advertising and vetting by a leading executive search firm, culminating in the Bank's Board presenting Dr Elombi's candidature to shareholders. Under the charter, the President's term spans five years and may be renewed once.
Observers say the timing of this transition is significant. Afreximbank's total assets reached USD 40.1 billion at the close of 2024, with shareholder equity of USD 7.2 billion and solid ratings from Moody's, Fitch, JCR, GCR and CCXI. The Bank's strategic role in fostering African industrialisation and supporting intra‑continental trade is critical amid shifting global trade patterns, and the new leader must balance ambitious growth with prudent risk oversight.
Reflecting on the path ahead, Dr Elombi acknowledged the magnitude of the task. 'I have worked alongside remarkable colleagues…to shape this institution's vision, its mandate as well as its growth,' he said. 'As we look to the future, I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are. I will work to preserve this important asset,' he added.
With a strong track record in governance, equity mobilisation and crisis response, Dr Elombi assumes control at a pivotal moment. The next administration will need to restore confidence in risk management and ensure sustained support for intra-African trade, while pursuing the Bank's push towards its USD 250 billion ambition.
Against a backdrop of tightening global financial conditions and increased scrutiny on development finance institutions, his leadership may be instrumental in defining Afreximbank's role in the next chapter of Africa's economic integration and industrial transformation.