The Challenge Ahead of Afreximbank’s New President 

Shareholders of the African Export-Import Bank (Afreximbank) have appointed Dr. George Elombi as the bank’s next President and Chairman of the Board of Directors, with the ambitious goal of making the bank a $250 billion financial institution and restoring confidence in the bank.

Elombi, a long-serving executive within the institution, will become the fourth person to lead Afreximbank since its establishment in 1993, succeeding Professor Benedict Oramah, who is set to step down in September.

His appointment was the highlight of the bank’s 32nd Annual General Meeting, marking a new chapter in the institution’s leadership and strategic direction.

Afreximbank Under Oramah

Under the leadership of Benedict Oramah, Afreximbank cemented its role as a cornerstone of Africa’s economic transformation and regional integration. The bank played a pivotal role in the creation of the blockchain marketplace, Pan-African Payments and Settlement System (PAPSS), a key enabler of the African Continental Free Trade Area (AfCFTA). It also extended critical financial support to sectors ranging from energy and infrastructure to manufacturing and the creative economy. In 2024 alone, Afreximbank disbursed $20 billion in trade finance to businesses across the continent, with plans to double that figure in 2025.

However, the final chapter of Oramah’s presidency was marred by a reputational blow. In a move that rattled investor confidence, global credit rating agency Fitch downgraded the bank’s rating from BBB to BBB- with a negative outlook, placing Afreximbank just one notch above junk status. The downgrade was driven by concerns over a higher-than-reported ratio of non-performing loans (NPLs), which Fitch estimated at 7.1%, far above the bank’s disclosed 2.44% under International Financial Reporting Standards (IFRS). The agency also questioned the bank’s risk management practices and the transparency of its financial reporting.

This downgrade, which the bank disputed, punctuates Oramah’s legacy and also complicates the landscape for his successor, who inherits an institution with a legacy of impact and steps into leadership at a time when the bank’s credibility is under scrutiny.

What’s The Task Ahead for Elombi?

The newly appointed President George Elombi pledged to steer the bank towards ambitious growth, committing to transform it into a $250 billion institution within the next decade.

In his acceptance speech, Elombi expressed a strong commitment to the bank’s mission and accepted the challenge set by his predecessor and shareholders to scale up operations significantly. “I will seek to do a little more than you did,” he said, promising to build on the achievements of the outgoing leadership.

As of Q1 2025, Afreximbank’s off-balance sheet assets stood at $42.7 billion, while its total assets at the end of 2024 were valued at $40.1 billion, with shareholders’ funds of $7.2 billion. Elombi said he would also prioritise funding infrastructure and supporting export processing zones to drive Africa’s economic growth.

Elombi joined Afreximbank in 1996 as a legal officer and rose through the ranks over nearly three decades. Before his appointment as  president, he served as the bank’s Executive Vice President for Governance, Legal, and Corporate Services. He previously held roles such as Director and Executive Secretary, helping shape the bank’s strategic and institutional evolution.

His appointment follows a rigorous selection process that began in January 2025, according to a statement by the bank. Elombi holds a law degree from the University of Yaoundé in Cameroon, a master’s degree in law from the London School of Economics, and a doctorate in commercial arbitration.

Despite the downgrade by Fitch, Afreximbank retains investment-grade ratings from several agencies, including GCR (A), Moody’s (Baa1), China Chengxin (AAA), Japan Credit Rating Agency (A-), and Fitch (BBB-).

Elombi’s presidency marks a critical juncture for the bank as it navigates global financial pressures, strengthens governance, and seeks to scale its impact on African trade and development.