This article was produced with the support of Afreximbank
The African Export-Import Bank chose to stick with continuity as it picked George Elombi, a seasoned insider, to lead the continental trade bank at a critical point in Africa’s development.
The announcement of Elombi as the successor to Professor Benedict Oramah was the crowning event of the bank’s 32nd annual general meeting. He will become the fourth president of the bank established in 1993 after Oramah steps down in September.
Under Oramah, Afreximbank emerged an engine of African economic transformation and integration, helping birth a new Pan-African Payments and Settlements System to boost the African Continental Free Trade Agreement (AfCFTA) and providing funding for projects covering a diverse range of sectors from energy to the creative industry. The lender disbursed $20 billion in trade finance in 2024 alone and is set to double the amount in one year.
Elombi, who joined the bank in 1996 as a legal officer, was part of its growth and evolution as he worked his way to the top. Prior to his appointment, he was the bank’s vice president in charge of governance, legal and corporate services. He previously worked as a director and executive secretary of the bank after emerging from the legal department into the mainstream of management.
“I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate as well as its growth,” Elombi said in his acceptance speech. “I see Afreximbank as a force for industrializing Africa and for regaining the dignity of Africans wherever they are. I will work to preserve this important asset.”
Elombi emerged as the candidate to take over the helm just weeks after the global rating agency, Fitch, downgraded Afreximbank to BBB- with a negative outlook from BBB, leaving the lender just one notch against the junk grade. Fitch cited a higher ratio of non-performing loans of 7.1% due to loan exposures to Ghana, Zambia and South Sudan, challenging the lender’s estimate of 2.44% based on International Financial Reporting Standards. Fitch also raised questions about the bank’s risk management and reporting transparency.
The downgrade implies a higher cost of funds for Afreximbank, which in turn will raise borrowing costs for its onward borrowers, mostly Africa’s small and medium-sized businesses. In 2024 alone, Fitch expended some $20 billion in trade financing for African businesses and plans to double the figure this year. The challenge for Elombi will be how to maintain the current momentum against the emerging headwinds.
Among Elombi’s first expressed commitments was to work towards achieving the shareholders’ objective of raising the value of Afreximbank to $250 billion in the next decade. The banks total assets at the end of 2024 were worth $40.1 billion, with another $7.2 billion in shareholders’ funds. It has investment grade ratings from six international rating agencies including GCR at A, Moody’s at Baa1, China Chengxin International Credit Rating Co., Ltd. at AAA, Japan Credit Rating Agency at A- and Fitch at BBB-.
A 1989 graduate of the University of Yaounde in his homeland Cameroon, Elombi also has a master’s degree in law from the London School of Economics and a doctorate in commercial arbitration. “His appointment followed a rigorous selection process initiated in January 2025,” Afreximbank said in a statement.
