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*Commits to grow assets to $250bn in 10 years from $42.7bn

James Emejo in Abuja

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

He becomes the fourth president to lead the bank since its establishment in 1993.

His appointment was formally announced after the Annual General Meeting (AGM) of the bank’s shareholders.

The announcement was one of the key decisions of the 32nd Afreximbank group’s annual meetings and associated events held in Abuja.
Elombi immediately accepted the shareholders’ challenge as expressed by his predecessor to make the institution a $250billion bank in 10 years.
Afreximbank’s total off-balance sheet assets stood at $42.7billion as at first quarter of 2025.

In his acceptance speech, Elombi expressed a deep commitment to the bank’s mission and future.

He also pledged to build on the achievements of his predecessor by “seeking to do a little more than you did”.
He committed to fund infrastructure and support export processing zones among others.

He said: “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.”

However, addressing journalists during the post-event briefing, Oramah said shareholders approved the $350 million dividend declarations as proposed by the board, of which $50 million would be a donation made towards the establishment of the concessional finance window they approved in 2023.

They also approved an additional donation of about $700million for the concessional finance window, payable over a couple of years.

According to him, the meeting provided an opportunity for the shareholders, particularly class-A shareholders, who are signatories to the agreement establishing the bank, to reaffirm absolute commitment to meeting the obligations they willingly assumed under the treaty establishing Afreximbank.

Meanwhile, Elombi, a Cameroonian, succeeds Prof. 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.

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).

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Prior to joining Afreximbank, he taught law at the University of Hull, United Kingdom.

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.

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.