New Afreximbank president George Elombi vows to stick to script
Incoming president of the African Export-Import Bank (Afreximbank) George Elombi says he will dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development.
Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday.
After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn.
'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.'
'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on.
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TimesLIVE
18 hours ago
- TimesLIVE
New Afreximbank president George Elombi vows to stick to script
Incoming president of the African Export-Import Bank (Afreximbank) George Elombi says he will dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development. Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday. After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn. 'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.' 'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on.
TimesLIVE
18 hours ago
- TimesLIVE
New Afreximbank president vows to stick to the script
Incoming president of the African Export-Import Bank (Afreximbank), George Elombi said he would dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development. Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday. After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn. 'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.' 'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on. 'Those messages were repeatedly made clear throughout the week, from seminars to panels to side events, those were the two clear messages. The third thing was the resounding round of applause given to you Mr Oramah for the work that you have done in enhancing the work and the relevance of the institution.' Outgoing president Oramah said the 2025 Afreximbank annual meeting had fruitful engagements for business leaders, African government officials, and the remainder of the more than 7,000 delegates in attendance. 'We made very important decisions ... The first is that we had a very smooth process of appointing my successor, George Elombi. The vote went smoothly and he received unanimous support, getting 100% of the vote. They also elected two new board members to replace those who retired.' Oramah said Afreximbank was in a sound financial, governance and operational position after the AGM and had delivered on its fiduciary obligations as a multilateral development finance institution. 'We also approved the annual report and financial statements for 2024. We also approved the dividend declarations as prescribed by the shareholders.' Asked what he would do after stepping down as president of the multilateral development finance institution, Oramah simply said: 'The next job is to rest.' He said he would build stronger relationships and 'become a better family man'.
The Herald
2 days ago
- The Herald
US friendship 'could make Africa great again,' says Trump adviser
The African continent deserves balanced trade relations with the US and other economic regions, based on mutual respect and benefit. However, to achieve this Africa must be given the room to reform critical aspects of its economies. This is according to communications strategist and US President Donald Trump's adviser Jason Miller. He was addressing the African Export-Import Bank (Afreximbank) AGM in Abuja, Nigeria. Calling Africa 'the land of the future' and 'the land of limitless growth', Miller said that as the century passes by, the continent has an opportunity to redefine its trade relationship with the rest of the world and ensure that it is never exploited again. 'All of these changes have created a pivotal moment for Africa to seize its opportunities. But if these opportunities are not taken advantage of, Africa and its people risk falling further behind. And if Africa isn't strategic about how to take advantage of these opportunities and who Africa chooses as its closest allies, the continent itself risks being taken advantage of.' The Afreximbank AGM comes at a time when Trump announced major sets of tariffs, namely the section 232 tariffs aimed at protecting US industries and 'reciprocal tariffs', which were later suspended for three months. The announced tariffs had the effect of nullifying the trade benefits of the African Growth and Opportunity Act (Agoa), a piece of legislation that allows duty-free trade on specific items between the US and the continent. It is unclear if the US Congress will renew Agoa when it expires on September 30. Miller said that while Trump's second administration has been fast in seeking to redefine the global economy, the president was aware of the advantages that Africa had, including its minerals and its young population. 'As you know, the global economy is rapidly shifting. President Trump's leadership has restored America as the hottest country in the world to do business with. Technological advancements in the fields of AI, energy and so many other sectors are rapidly changing the future of our workforce. Calling China out by name, Miller said the US offered Africa 'something different' from 'sloppy' companies that polluted African ecosystems and shackled African sovereigns in unsustainable debt. He said the US and Africa could have a trade relationship characterised by 'mutual respect'. 'In the heightened demand for natural resources, critical minerals and rare earths to power the AI technological revolution [are] something Africa has and everybody wants. And, of course, Africa itself is growing rapidly. The sheer manpower available in Africa now and in the coming years, at a time when other areas in the world are facing population declines, creates a new dynamic that, too, will change the balance of power.' However, he said Africa's advantages heading into the rest of the 21st century include that it is projected to surpass Europe in economic size by 2050 to become the third-largest economic bloc in the world. 'For these reasons alone, Africa deserves more. Africa can, in fact, accomplish more. And working with the US, everything is possible. But it's Africa and Africa's leaders — you — that must make the choice. And, in fact, Africa must make several choices to realise this success.' He urged Africa to position itself for long-term success and refuse finance and investment arrangements that create endless debt for its economies. He said basics such as peace, food sustainability, energy, infrastructure and other needs should not be off the table as Africa negotiates investments with the world. 'The second point I want to raise — and I'm just going to be very blunt and take this head-on — is to attract these needed investments, African nations must continue making the needed reforms to improve the business climate. '[These are] ending corruption, enforcing contracts and the rule of law, [and] stabilising currencies. This isn't a wish list. This is exactly what is required to generate the critical investment Africa needs to realise its full potential.' He reminded delegates that the US was home to the No 1 pool of capital in the world, but said American capital was government and private capital, and this capital would 'demand results' and 'deliver accountability'. Repurposing his most famous client's election slogan, Miller said: 'Together we will make Africa powerful again. Together, we will make Africa wealthy again. Together, we will make Africa strong again. Together, we will make Africa proud again. Together, we will make Africa safe again. And together, ladies and gentlemen, we will make Africa great again.' He praised the Nigerian government for the 'gutsy' move of fixing the Nigerian currency, the naira, as this would stabilise the economy and allow US investments to flow in. He urged Africa to 'remember who its true friends are', pointing out the US's work in providing humanitarian aid, peacekeeping missions and Ebola relief on the continent. Magubane was invited to the AGM as a guest of Afreximbank TimesLIVE
