Latest news with #Elombi
Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
Veteran insider George Elombi appointed Afreximbank next president - Economy
Elombi's selection was finalized at the 32nd Afreximbank Group Annual Meetings and associated events, culminating in the formal annual General Meeting of Shareholders on Saturday, 28 June 2025, in Abuja, Nigeria. Elombi, a Cameroonian national in his early 60s, is set to assume the role in September 2025, bringing nearly three decades of experience to the position. He succeeds Professor Benedict Oramah, who has served as president since 2015. Elombi joined Afreximbank in 1996 as a legal officer and subsequently advanced through the ranks, most recently becoming the executive vice president (corporate governance and legal services). His previous roles also include director, executive secretary, deputy director, legal services executive secretary, chief legal officer, and senior legal officer. Before his tenure at Afreximbank, he taught law at the University of Hull in the United Kingdom. Afreximbank is a pan-African multilateral financial institution established in 1993 under the auspices of the African Development Bank. Headquartered in Cairo, Egypt, its core mandate is to finance and promote intra- and extra-African trade, thereby stimulating economic expansion and diversification across the continent. The bank plays a crucial role in addressing trade finance gaps, facilitating industrialization, and supporting the implementation of key initiatives such as the African Continental Free Trade Area (AfCFTA). Its diverse shareholders include African governments, central banks, regional and sub-regional institutions, as well as African and non-African public and private investors. As of December 2024, Afreximbank's total assets and contingencies stood at over $40.1 billion, with shareholder funds amounting to $7.2 billion. The appointment of a new president is a pivotal moment for Afreximbank, given its significant influence on Africa's economic development. Elombi's extensive tenure within the bank and his pivotal role in establishing its group structure and subsidiaries suggest a continuation of the institution's strategic direction. His leadership as chair of the Emergency Response Committee during the COVID-19 crisis, during which he mobilized over $2 billion for vaccine acquisition and deployment, highlights his capacity for impactful action in challenging times. Elombi has the ambitious target of growing Afreximbank into a $250 billion bank within the next decade, a goal articulated by his predecessor and accepted by the shareholders. Achieving this will further the bank's mission of transforming Africa's trade landscape, particularly as the continent navigates global economic shifts and seeks to bolster intra-African trade through initiatives like the AfCFTA. The institution's ability to provide trade, project financing, guarantees, and advisory services directly impacts the continent's capacity to industrialize, diversify its exports, and build resilience against external shocks. In his acceptance speech, Elombi underscored his commitment to the bank's mission. '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 industrializing Africa and for regaining the dignity of Africans wherever they are. I will work to preserve this important asset,' he said. Elombi holds a master's degree in Law and a PhD in Commercial Arbitration from the London School of Economics, University of London, as well as a master's degree in Law from the University of Yaoundé. His appointment followed a rigorous global search process initiated in January 2025, culminating in a recommendation from the board of directors to the General Meeting of Shareholders for final approval. Under the Afreximbank Charter, a president serves a five-year term, renewable once.
Arabian Post
a day ago
- Business
- Arabian Post
Afreximbank Selects George Elombi to Steer Next Decade of Growth
Afreximbank has confirmed the appointment of Dr George Elombi, its Executive Vice‑President for Governance, Legal and Corporate Services, as the institution's fourth President and Chairman of the Board, effective September 2025. The decision was ratified during the 32nd Afreximbank Group Annual Meetings held in Abuja, Nigeria, from 25 to 28 June, culminating in formal shareholder approval on 28 June. A Cameroonian national with nearly three decades of service at Afreximbank, Dr Elombi entered the Bank in 1996 as a legal officer and ascended through roles including Chief Legal Officer, Deputy Director and Executive Secretary, before assuming his current vice-presidential position in 2015. In his acceptance statement, he pledged to 'ensure Afreximbank remains a catalyst for industrialisation and dignity for the continent,' committing to delivering on the Bank's long‑term vision to expand its balance sheet to USD 250 billion within ten years, an objective originally set by his predecessor, Professor Benedict Oramah. Under Professor Oramah, Africa's trade finance flagship expanded rapidly, disbursing around USD 20 billion in trade finance in 2024 and supporting the implementation of the AfCFTA via PAPSS infrastructure development. Dr Elombi inherits this momentum, but also an environment of complexity, as the institution recently endured a downgrade by Fitch Ratings to BBB‑ with a negative outlook, a move driven by rising non‑performing loan ratios—7.1% versus reported IFRS‑based 2.44%—and concerns over transparency in risk reporting. ADVERTISEMENT During the meetings, shareholders highlighted three core leadership priorities: upholding institutional credibility as rating pressures persist; doubling annual trade finance volumes; and steering strategic continuity through the PAPSS and AfCFTA integration agenda. In this context, Dr Elombi's appointment signals a commitment to both continuity and structural resilience. His leadership over legal, corporate governance and crisis management functions—particularly during Afreximbank's COVID‑19 vaccine financing, which mobilised over USD 2 billion for African and Caribbean nations—offers a foundation to tackle the ongoing challenges. Dr Elombi also has responsibility for equity mobilisation, driving USD 3.6 billion in ordinary equity by April 2025. His credentials include a Master of Laws and a PhD in commercial arbitration from the London School of Economics, along with legal training at the University of Yaoundé and early-career teaching at the University of Hull. The rigorous global selection process, launched in January 2025, involved international advertising and vetting by a leading executive search firm, culminating in the Bank's Board presenting Dr Elombi's candidature to shareholders. Under the charter, the President's term spans five years and may be renewed once. Observers say the timing of this transition is significant. Afreximbank's total assets reached USD 40.1 billion at the close of 2024, with shareholder equity of USD 7.2 billion and solid ratings from Moody's, Fitch, JCR, GCR and CCXI. The Bank's strategic role in fostering African industrialisation and supporting intra‑continental trade is critical amid shifting global trade patterns, and the new leader must balance ambitious growth with prudent risk oversight. Reflecting on the path ahead, Dr Elombi acknowledged the magnitude of the task. 'I have worked alongside remarkable colleagues…to shape this institution's vision, its mandate as well as its growth,' he said. '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 added. With a strong track record in governance, equity mobilisation and crisis response, Dr Elombi assumes control at a pivotal moment. The next administration will need to restore confidence in risk management and ensure sustained support for intra-African trade, while pursuing the Bank's push towards its USD 250 billion ambition. Against a backdrop of tightening global financial conditions and increased scrutiny on development finance institutions, his leadership may be instrumental in defining Afreximbank's role in the next chapter of Africa's economic integration and industrial transformation.
TimesLIVE
2 days ago
- Business
- TimesLIVE
New Afreximbank president George Elombi vows to stick to script
Incoming president of the African Export-Import Bank (Afreximbank) George Elombi says he will dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development. Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday. After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn. 'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.' 'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on.
TimesLIVE
2 days ago
- Business
- TimesLIVE
New Afreximbank president vows to stick to the script
Incoming president of the African Export-Import Bank (Afreximbank), George Elombi said he would dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development. Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday. After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn. 'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.' 'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on. 'Those messages were repeatedly made clear throughout the week, from seminars to panels to side events, those were the two clear messages. The third thing was the resounding round of applause given to you Mr Oramah for the work that you have done in enhancing the work and the relevance of the institution.' Outgoing president Oramah said the 2025 Afreximbank annual meeting had fruitful engagements for business leaders, African government officials, and the remainder of the more than 7,000 delegates in attendance. 'We made very important decisions ... The first is that we had a very smooth process of appointing my successor, George Elombi. The vote went smoothly and he received unanimous support, getting 100% of the vote. They also elected two new board members to replace those who retired.' Oramah said Afreximbank was in a sound financial, governance and operational position after the AGM and had delivered on its fiduciary obligations as a multilateral development finance institution. 'We also approved the annual report and financial statements for 2024. We also approved the dividend declarations as prescribed by the shareholders.' Asked what he would do after stepping down as president of the multilateral development finance institution, Oramah simply said: 'The next job is to rest.' He said he would build stronger relationships and 'become a better family man'.
