Latest news with #GeorgeElombi
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.
Zawya
2 days ago
- Business
- Zawya
Afreximbank Appoints Dr. George Elombi as Next President
The shareholders of the African Export-Import Bank (Afreximbank) ( have appointed Dr. George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution. He becomes the fourth President to lead the Bank since its establishment in 1993. His appointment was one of the key decisions of the 32 nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday, 28 June 2025. He succeeds Professor Benedict Oramah, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September 2025. A Cameroonian national, George Elombi has been with Afreximbank since 1996, joining as a Legal Officer. He rose through the ranks to become Executive Vice President, Governance, Legal and Corporate Services. Over his nearly three decades at the Bank, he has served as Director and Executive Secretary (2010–2015); Deputy Director, Legal Services / Executive Secretary (2008–2010); Chief Legal Officer (2003–2008); and Senior Legal Officer (2001–2003). Prior to joining Afreximbank, he taught law at the University of Hull, United Kingdom. Dr. Elombi played a pivotal role in establishing Afreximbank group's structure, including the formation of key subsidiaries that have expanded the Bank's capacity to deliver on its mandate. As Chair of the Emergency Response Committee, he led the Bank's response to the COVID-19 crisis, mobilising over $2 billion for vaccine acquisition and deployment across African and Caribbean nations. Under his supervision of the Equity Mobilisation and Investor Relations department, the Bank's total ordinary equity mobilised amounted to USD 3.6 billion as at April 2025. In his acceptance speech, Dr. Elombi expressed a deep commitment to the Bank's mission and future, stating: '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 industrialising Africa and for re-gaining the dignity of Africans wherever they are. I will work to preserve this important asset.' He accepted the shareholders' desire as expressed by his predecessor to make the institution a US$250 billion bank in ten years. Dr. George Elombi holds a Master of Laws (LL.M.) from the London School of Economics, University of London, and a Ph.D. in commercial arbitration from the same university. He obtained a 'Maitrise-en-Droit' from the University of Yaoundé in 1989. His appointment followed a rigorous selection process initiated in January 2025, which included a global call for applications published in international media and on the Afreximbank website. Shortlisted candidates were interviewed by an international human resource executive search firm. The top candidates were presented to the Board of Directors, which recommended Dr. Elombi to the General Meeting of Shareholders for final approval. Under the Afreximbank Charter, a president is appointed by the general meeting of shareholders upon the recommendation of the Board of Directors for a term of five years, renewable once. Distributed by APO Group on behalf of Afreximbank. Follow us on: Twitter Facebook LinkedIn Instagram About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
