New Afreximbank President To Restructure African Trade

Newly elected president of the Board of African Export-Import Bank (Afreximbank), Dr. George Elombi, has hinted of plans to lead the bank to change the structure of African trade with a focus on developing the continent to favourably compete with other continents.

The president said his key priorities will be to “change the structure of our trade so that we can face development head on. We have to continue that effort.”

Elombi spoke yesterday shortly after he was unveiled as the new head of the bank in Abuja on Saturday.

“That’s going to be the priority. Deal with the export processing loads, deal with the seaport terminals, deal with the power stations, deal with the infrastructure we need and the human resources and the capital we need to process the minerals. When that is done, our continent will be transformed,” Elombi said. “There is nothing else much better for the market of the institution than that.”

His announcement culminated at the end of the 3-day long 32nd Afreximbank Annual Meetings that was largely attended in Abuja. He becomes the fourth President to lead the Bank since its establishment in 1993.

His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday, 28 June 2025.

He succeeds Professor Benedict Oramah, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September 2025.

A Cameroonian national, George Elombi has been with Afreximbank since 1996, 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 has 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, he taught law at the University of Hull, United Kingdom.

Dr. 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, he 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 USD 3.6 billion as at April 2025.

In his acceptance speech, Dr. Elombi expressed a deep commitment to the Bank’s mission and future, stating:

“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 regaining 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 US$250 billion bank in ten years.

Dr. George Elombi holds a Master of Laws (LL.M.) from the London School of Economics, University of London, and a Ph.D. in commercial arbitration from the same university. 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.