CAMEROONIAN national George Elombi has been named the next President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank).
He succeeds Benedict Oramah, who led the continental financial institution for a decade.
Elombi becomes the fourth president to lead the bank since its establishment in 1993.
His appointment was one of the key decisions of the 32nd Afreximbank Annual Meetings and associated events held in Abuja, Nigeria, from 25 to 28 June 2025, with the formal Annual General Meeting of Shareholders taking place on Saturday, 28 June 2025.
Oramah, who has served as President and Chairman of the Board of Directors since 2015, will be stepping down in September 2025.
In his acceptance speech, Elombi expressed a deep commitment to the bank's mission and future, stating: "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 regaining the dignity of Africans wherever they are. I will work to preserve this important asset."
He told journalists at a press conference on Saturday that his first priority was to reform the export process for roads, modernise seaport terminals, upgrade power stations, and strengthen infrastructure, human resources and capital to boost mineral production.
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"Once these steps are taken, our continent will be transformed. The funding we receive is no magic solution - real progress depends on our own strategic actions," he said.
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; deputy director, legal services and executive eecretary; chief legal officer; and senior legal officer.
Prior to joining Afreximbank, he taught law at the University of Hull in the 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, the bank said in a statement on Saturday.
As Chair of the Emergency Response Committee, he led the bank's response to the COVID-19 crisis, mobilising over US$2 billion for vaccine acquisition and deployment across African and Caribbean nations.
Under his supervision of the Equity Mobilisation and Investor Relations department, the bank's total ordinary equity mobilised amounted to US$3,6 billion as of April 2025.
He accepted the shareholders' desire, as expressed by his predecessor, to make the institution a US$250 billion bank within ten years.
Elombi holds a Master of Laws from the London School of Economics, University of London, and a PhD in commercial arbitration from the same university. He obtained a Maîtrise-en-Droit from the University of Yaoundé in 1989.
His appointment followed a rigorous selection process initiated in January 2025, which included a global call for applications published in international media and on the Afreximbank website.
Shortlisted candidates were interviewed by an international human resources executive search firm. The top candidates were presented to the Board of Directors, which recommended Elombi to the General Meeting of Shareholders for final approval.
Under the Afreximbank Charter, a president is appointed by the General Meeting of Shareholders upon the recommendation of the Board of Directors for a term of five years, renewable once.
