African Export‑Import Bank : George Elombi, the new captain at the Helm
With the appointment of George Elombi as President of Afreximbank, the continent’s trade finance bank enters a new phase. Here is a look at the leader’s career, the current state of the institution, the challenges ahead, and the roadmap he intends to follow.
On June 28, 2025, Afreximbank’s shareholders approved the appointment of George Elombi, a Cameroonian national, as the 4th President and Chairman of the Board since the institution’s founding in 1993. He succeeds Benedict Oramah, who held the position since 2015. This transition not only marks a renewal but also sends a strong signal for the bank, as intra‑African trade, industrialization, and infrastructure financing are at the heart of the continent’s ambitions.
I see Afreximbank as a force for Africa’s industrialization and for restoring the dignity of Africans wherever they are
George Elombi joined Afreximbank in 1996 as a legal officer and rose through the ranks to hold key positions: Chief Legal Officer, Deputy Director of Legal Services, Executive Secretary, and then Executive Vice President of Governance, Legal, and Corporate Services. He holds a Master of Laws from the University of Yaoundé, as well as an LL.M. and a Ph.D. in Commercial Arbitration from the London School of Economics. In his acceptance speech, he stated: “I see Afreximbank as a force for Africa’s industrialization and for restoring the dignity of Africans wherever they are.”
Under Benedict Oramah’s leadership, the bank experienced significant growth
Under Benedict Oramah, the bank experienced significant growth. The 2023 annual report highlights a USD 3 billion country program signed in Kenya to support industrialization and exports. However, the institution faces several challenges. In June 2025, Fitch Ratings downgraded Afreximbank to BBB‑ with a negative outlook, citing a non‑performing loan ratio estimated at 7.1%, compared to the 2.44% reported by the bank. This discrepancy highlights transparency issues and underscores the need to strengthen risk management. The bank must also manage higher refinancing costs while being pressured to expand infrastructure and African trade financing.
I will work to preserve this important asset
George Elombi has been clear about his priorities. He is committed to leading Afreximbank to a value of USD 250 billion over the next ten years. He places Africa’s industrialization and intra‑African trade at the core of the bank’s mission, while focusing on financial innovation, integrated banking services, and SME financing. “I will work to preserve this important asset,” he emphasized.
A commitment to continuity
The choice of an internal leader signals a commitment to continuity: Elombi knows the institution and its workings, which reduces the risk of disruption and facilitates rapid execution. However, the external context demands transformation. African trade must increasingly rely on logistical corridors, regional value chains, and new financial technologies. The Fitch downgrade underscores the need to strengthen governance and control mechanisms. To succeed, Afreximbank will need to adopt a more operational and pragmatic profile in supporting industrial projects rather than limiting itself to financing allocations.
The bank must maintain access to international capital as competition and geopolitical risks intensify
Key challenges include improving asset quality, particularly reducing non‑performing loans, supporting infrastructure and industrialization financing on a continent with capital expenditure needs estimated in the hundreds of billions of dollars, and consolidating the impact of intra‑African trade under the African Continental Free Trade Area (AfCFTA). The bank must also maintain access to international capital as competition and geopolitical risks intensify.
We are entering a new chapter
With George Elombi at the helm, Afreximbank opens a new chapter. Balancing continuity and ambition will be crucial: the bank must both preserve its stability and accelerate the transformation of African trade and industry. “We are entering a new chapter,” the institution stated during the announcement. If successful, Afreximbank could become a major lever for African economic integration and the enhancement of intra‑continental trade.
