The African Export-Import Bank (Afreximbank) has appointed George Elombi as its next president and chair, taking up the role in September.
Elombi has been with Afreximbank for nearly 30 years, having joined in 1996 as a legal officer. He later took on a series of legal roles and is currently the bank’s executive vice-president of corporate governance and legal services.
Elombi will replace current president Benedict Oramah, who has served two consecutive terms as president and has held the role since 2015. Afreximbank’s charter allows presidents to serve up to two five-year terms before being required to step down.
Elombi has played a “pivotal” role in Afreximbank’s growth, the bank says in a statement, including forming key subsidiaries that have expanded the bank’s capacity to deliver on its mandate. He also coordinated the bank’s Covid-19 response, mobilising over US$2bn for vaccine acquisition and distribution across Africa and the Caribbean.
“I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate, as well as its growth,” Elombi says.
“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.”
The incoming president has taken on the goal, set by his predecessor, to grow the bank to US$250bn in total assets and guarantees by 2035. In its most recent quarterly report, Afreximbank reported total assets and contingent liabilities at US$42.7bn.
The search for Oramah’s successor began in January with a global call for candidates.
Elombi’s appointment follows Afreximbank’s credit rating downgrade by Fitch in early June, leaving the bank only one notch above junk grade. The bank described the decision as “erroneous”.
