Continuity and Ambition Mark Leadership Change

Dr. George Elombi, a Cameroonian national and a long-serving executive at the African Export-Import Bank (Afreximbank), formally assumed the presidency on Friday, 24 October 2025, in a ceremony held in Egypt's New Administrative Capital. Dr. Elombi, who was appointed by shareholders on Saturday, 28 June 2025, during the bank's 32nd Annual Meetings in Abuja, Nigeria, becomes the fourth president in the institution's history. He succeeds Professor Benedict Oramah, who led the bank for a transformative decade since 2015.

In his inaugural remarks, Dr. Elombi pledged to build upon the significant legacy of his predecessor, aiming to continue the bank's mission to industrialise Africa and transform the continent's trade structure. He inherits an institution that saw its total assets surge from approximately $6 billion in 2015 to over $40 billion by October 2025 under Professor Oramah's leadership. Professor Oramah is widely credited with reshaping the bank into what he termed "Africa's development supermarket," a one-stop shop for trade finance and development solutions.

A Veteran Insider Takes Charge

Dr. Elombi is an institutional stalwart, having joined Afreximbank in 1996 as a Legal Officer. Over nearly three decades, he ascended through the ranks, most recently serving as the Executive Vice-President for Governance, Legal and Corporate Services. His deep institutional knowledge was pivotal in structuring the Afreximbank group, including the formation of key subsidiaries like the Fund for Export Development in Africa (FEDA) and AfrexInsure. Notably, he chaired the bank’s Emergency Response Committee during the COVID-19 pandemic, successfully mobilising over $2 billion for vaccine acquisition across Africa and the Caribbean.

His academic credentials include a Master of Laws (LL.M.) and a Ph.D. in commercial arbitration from the London School of Economics, University of London. Pledging continuity, Dr. Elombi has embraced the ambitious goal set by his predecessor to grow the institution into a $250 billion bank within the next decade.

Implications for Kenya and East Africa

Afreximbank's strategic direction under Dr. Elombi holds significant relevance for Kenya and the broader East Africa region. The bank is a key partner in financing regional development, a fact underscored by Kenya's recent injection of an additional $50 million into the institution, as announced by President William Ruto at the 24th COMESA Heads of State Summit. This move signals strong confidence in the bank's role as a homegrown financial solution for the continent's needs.

The bank is actively investing in critical Kenyan infrastructure projects, including feasibility studies for industrial parks in Dongo Kundu and Naivasha, which are expected to require over $1 billion in initial infrastructure investment for one park alone. Furthermore, Afreximbank is expanding its African Collaborative Transit Guarantee Scheme (AACTGS) to cover container deposits and customs bonds in East Africa, a move set to streamline regional trade logistics.

To further boost commerce, Afreximbank recently launched its Africa Trade Gateway (ATG) platform in Kenya. This digital ecosystem is designed to be a one-stop shop for SMEs, connecting them with trusted partners, facilitating cross-border payments in local currencies, and reducing the foreign exchange volatility that costs the continent an estimated $5 billion annually.

Navigating Future Challenges

The leadership transition comes as Afreximbank navigates a complex global economic environment. The bank faced recent credit rating downgrades from agencies like Fitch and Moody's, citing concerns over a higher ratio of non-performing loans linked to sovereign debt in countries like Ghana and Zambia. The new president will be tasked with sustaining the bank's rapid growth while reinforcing its risk management frameworks and transparency.

Dr. Elombi's immediate focus will be on executing the bank's current five-year strategic plan, "Impact 2026: Extending the Frontiers," which prioritises the implementation of the African Continental Free Trade Area (AfCFTA). Key to this is the continued rollout of the Pan-African Payment and Settlement System (PAPSS), an initiative championed by Professor Oramah to facilitate intra-African trade using local currencies. Dr. Elombi has affirmed his commitment to this vision, stating his mandate is to "change the structure of African trade so that we can face development head on."