The African Export-Import Bank (Afreximbank) has named Dr. George Elombi as its new President and Chairman of the Board of Directors, following a shareholders’ vote during the Bank’s 32nd Annual General Meetings held in Abuja, Nigeria, from 25th to 28th June 2025. Dr. Elombi, a Cameroonian national and veteran of the Bank, will succeed Professor Benedict Oramah in September 2025, becoming the institution’s fourth President since its establishment in 1993.
Dr. Elombi, who joined Afreximbank in 1996 and rose through its ranks to become Executive Vice President in charge of Governance, Legal, and Corporate Services, has played a central role in shaping the Bank’s institutional framework. He led key initiatives, including the establishment of its subsidiaries and the Bank’s emergency COVID-19 response, which mobilised over $2 billion for vaccine distribution across Africa and the Caribbean. He also oversaw the mobilisation of $3.6 billion in equity as of April 2025.
In his acceptance speech, Dr. Elombi reaffirmed his commitment to transforming Afreximbank into a $250 billion powerhouse over the next decade and deepening its mission of African industrialisation. “I will work to preserve and grow this important African asset,” he stated, promising to champion intra-African trade and strengthen Africa’s economic independence.
His appointment comes at a critical moment. Just days before the AGM, global ratings agency Fitch downgraded Afreximbank’s long-term credit rating from BBB- to BB+, citing concerns about rising exposures and concentration risks. The downgrade was met with swift backlash from the African Union, which described the decision as “unwarranted and deeply troubling,” arguing that it undermined a key Pan-African institution working to strengthen trade and development on the continent.
The AU’s protest reflects growing unease among African leaders that international financial assessments often fail to account for the continent’s developmental context and the strategic importance of institutions like Afreximbank, especially in the successful implementation of the African Continental Free Trade Area (AfCFTA). Afreximbank has been instrumental in launching the Pan-African Payment and Settlement System (PAPSS) and setting up a US$10 billion Adjustment Fund to support member states under the AfCFTA framework.
The recent downgrade adds pressure on Dr. Elombi and his incoming administration to reinforce investor confidence and expand the Bank’s capital base, even as Afreximbank’s assets and contingencies crossed $40.1 billion at the end of 2024, with $7.2 billion in shareholder funds.
Dr. Elombi holds a Ph.D. in commercial arbitration and an LL.M. from the London School of Economics, University of London, as well as a Maitrise-en-Droit from the University of Yaoundé. Prior to joining Afreximbank, he lectured in law at the University of Hull in the UK.
His appointment followed a rigorous global recruitment process conducted by an international search firm, with final approval by the Bank’s Board of Directors and General Meeting of Shareholders. Under the Afreximbank Charter, the president serves a renewable five-year term.
With his deep institutional knowledge and legal background, Dr. Elombi is expected to steer the Bank through this period of both opportunity and scrutiny, ensuring it continues to serve as a pillar of African trade and economic transformation.
