Incoming president of the African Export-Import Bank (Afreximbank) George Elombi says he will dedicate efforts in his new role towards achieving the institution’s mandate of transforming Africa’s trade configuration to drive long-term economic development.
Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi’s term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday.
After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank’s value in assets surged from $4bn to $40bn.
“The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.”
“The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on.
“Those messages were repeatedly made clear throughout the week, from seminars to panels to side events, those were the two clear messages. The third thing was the resounding round of applause given to you Mr Oramah for the work that you have done in enhancing the work and the relevance of the institution.”
Outgoing president Oramah said the 2025 Afreximbank annual meeting had fruitful engagements for business leaders, African government officials, and the remainder of the more than 7,000 delegates in attendance.
“We made very important decisions ... The first is that we had a very smooth process of appointing my successor, George Elombi. The vote went smoothly and he received unanimous support, getting 100% of the vote. They also elected two new board members to replace those who retired.”
Oramah said Afreximbank was in a sound financial, governance and operational position after the AGM and had delivered on its fiduciary obligations as a multilateral development finance institution.
“We also approved the annual report and financial statements for 2024. We also approved the dividend declarations as prescribed by the shareholders.”
Asked what he would do after stepping down as president of the multilateral development finance institution, Oramah simply said: “The next job is to rest.” He said he would build stronger relationships and “become a better family man”.
• Magubane was invited to the AGM as a guest of Afreximbank.
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