The African Export-Import Bank (Afreximbank) has appointed Dr. George Elombi as its new President and Chairman of the Board of Directors, marking a transition designed to maintain continuity in the bank’s strategic direction. The appointment was confirmed at the bank’s 32nd Annual General Meeting held in Nassau, The Bahamas, and will take effect in September 2025.
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Elombi, a Cameroonian national, will succeed Professor Benedict Oramah, who has served as President since 2015. With nearly three decades of experience at the bank, Elombi has held several executive roles, including Executive Vice President for Governance, Legal, and Corporate Services. His promotion to the bank’s top leadership position follows a competitive global search and formal approval by the Board of Directors and shareholders.
Afreximbank’s decision to appoint an internal candidate reflects an emphasis on preserving institutional momentum. Under Elombi’s tenure in the executive leadership, the bank has played a pivotal role in launching several strategic initiatives, including the Pan-African Payments and Settlement System (PAPSS), the Africa Trade Gateway, and the AfCFTA Adjustment Fund. His leadership also supported the bank’s pandemic response, mobilizing over US$2 billion in emergency financing to member states.
As of the end of 2024, Afreximbank’s total assets reached US$40.1 billion, supported by a shareholder base that contributed US$7.2 billion in equity. The bank also raised US$3.6 billion in ordinary shares by April 2025, reinforcing its capital base amid efforts to scale operations in line with continental priorities.
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Looking ahead, Afreximbank aims to expand its balance sheet to US$250 billion within the next decade. This target, endorsed under the bank’s current strategic framework, aligns with broader goals of deepening intra-African trade, enhancing industrial capacity, and accelerating implementation of the African Continental Free Trade Area (AfCFTA).
Elombi’s appointment comes at a time when the bank is facing increased scrutiny from credit agencies. In June 2025, Fitch Ratings downgraded Afreximbank’s credit rating to BBB- with a negative outlook, citing concerns over rising non-performing loans in several markets and gaps in asset transparency. The downgrade adds pressure on the incoming president to reinforce risk controls and restore investor confidence.
The leadership transition is expected to support ongoing reforms while positioning Afreximbank to navigate emerging challenges in the African financial landscape. Elombi will serve an initial five-year term, renewable once, in accordance with the bank’s governance charter. His priorities are likely to focus on financial sustainability, capital mobilization, and delivery of high-impact development finance across the continent.
