The shareholders of the African Export-Import Bank (Afreximbank) have appointed Dr. George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution. 

His appointment, announced during the 32nd Afreximbank Group Annual Meetings in Abuja on Saturday, marks a new chapter for the Bank as it prepares to transition from the leadership of Professor Benedict Oramah, who will step down in September 2025 after a decade at the helm.

Elombi, a Cameroonian, becomes the fourth President to lead Afreximbank since its founding in 1993.

 His association with the Bank spans nearly three decades, beginning in 1996 when he joined as a Legal Officer. 

Over the years, he advanced through key positions including Senior Legal Officer, Chief Legal Officer, Deputy Director of Legal Services and Executive Secretary, and Director and Executive Secretary. 

Most recently, he has served as Executive Vice President in charge of Governance, Legal and Corporate Services.

Before his career at Afreximbank, Dr. Elombi taught law at the University of Hull in the United Kingdom. His academic background includes a Master of Laws (LL.M.) and a Ph.D. in commercial arbitration from the London School of Economics, University of London, as well as a ‘Maitrise-en-Droit’ from the University of Yaoundé.

According to Afrexim bank, Dr. Elombi played a central role in shaping the bank’s structure and strategy, contributing to the establishment of key subsidiaries that broadened Afreximbank’s operational capacity. 

As Chair of the Emergency Response Committee, he led efforts during the COVID-19 pandemic to mobilise over $2 billion for vaccine procurement and distribution across African and Caribbean countries. His leadership of the Equity Mobilisation and Investor Relations department helped the Bank raise $3.6 billion in ordinary equity as of April 2025.

In his acceptance speech, Elombi expressed gratitude for the trust placed in him by the shareholders and pledged to build on the institution’s legacy. “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 re-gaining the dignity of Africans wherever they are. I will work to preserve this important asset,” he said. 

He also accepted the target set by his predecessor to transform Afreximbank into a US$250 billion bank within the next ten years.

The process leading to Elombi’s appointment began in January 2025 with a global search for candidates announced through international media and the Bank’s website. 

An international executive search firm conducted interviews with shortlisted applicants, and the Board of Directors ultimately recommended Dr. Elombi for final approval by the General Meeting of Shareholders.

Under Afreximbank’s Charter, the President is appointed for a five-year term, renewable once, by the General Meeting of Shareholders following the recommendation of the Board of Directors.

Elombi’s leadership will come at a time when Afreximbank is expanding its role in promoting intra-African trade, supporting industrialisation, and financing key sectors across the continent. His long tenure at the Bank and direct involvement in critical initiatives have positioned him to lead Afreximbank into its next phase of growth and impact.