AFREXIMBANK : George Elombi Takes Over as Fourth President, Promises Deeper Impact for the Bank

(LVDE) – On October 27, 2025, in Cairo, Egypt, Dr. George Elombi was sworn in as the fourth President of Afreximbank and the Bank’s Board of Directors, succeeding Professor Benedict Oramah at the helm of the African multilateral financial institution.

Dr. Elombi’s assumption of office was formalized by an oath administered by Wale Edun, Chairman of the Bank’s Annual General Meeting of Shareholders and Nigeria’s Minister of Finance and Coordinating Minister for the Economy. The inauguration ceremony was attended by over 2,000 guests, including sitting Heads of State, former Heads of State, government leaders and representatives from across Africa and the Caribbean, African business leaders, all former Presidents of Afreximbank, members of the Bank’s Board of Directors, shareholders, current and former staff members, friends and family of Elombi, as well as many other distinguished personalities.

In his inaugural address following the oath, Dr. Elombi announced his unwavering commitment to perpetuating the Bank’s legacy, deepening its impact, strengthening partnerships, and pursuing the mission of building an Africa that trades with itself and prospers on its own terms.

He noted that the structure of global trade was unfavorable to Africa and therefore needed to change, given its heavy dependence on exporting raw commodities. Dr. Elombi added : « Our mission is therefore to transform the structure of this trade. To change the structure, we must transform. We must produce. If we do not produce, we cannot trade. »

President Elombi announced that over the next five to ten years, he would prioritize sectors that he believes will produce the most significant and sustainable impact on Africa’s trade and well-being, notably promoting and accelerating value addition and strategic mineral processing to curb the export of raw potential.

« Afreximbank will therefore create a new high-impact financing window specifically for projects that transform raw minerals into semi-finished or finished products, » he declared. « We will set up a strategic mineral development programme to finance the entire value chains, from extraction and refining to processing into finished components, with a view to capturing more value here and creating highly skilled jobs for our people. »

Dr. Elombi added that Afreximbank would prioritize deepening intra-African trade and regional integration, as the success of its value creation programme would ultimately depend on its ability to secure markets for the goods produced.
« We will intensify our efforts to dismantle trade barriers, strengthen cross-border infrastructure, and foster the seamless flow of goods, services, people, and capital across our continent, » he continued. « Afreximbank will therefore continue to play a catalytic role in implementing the African Continental Free Trade Area (AfCFTA) Agreement by promoting the key programmes and initiatives deployed over the last decade and introducing new targeted interventions, if necessary, to accelerate progress. »

Other priorities outlined by Dr. Elombi include : Catalysing and developing trade-enabling infrastructure ; Leveraging innovation and digital technologies, including exploring the creation of a pan-African digital currency, strengthening financial integration and innovation across the continent ; and Mobilizing African capital globally.

Furthermore, the Bank will prioritize its financial strength, bearing in mind that « only a strong and well-capitalized institution can lead the interventions necessary for trade transformation and development in Africa, » continued Dr. Elombi. He added that priority would also be given to developing strategic and innovative partnerships, as partnerships with relevant development institutions are central to the Bank’s mission of promoting Africa’s trade and economic transformation.
« We recognize that Africa’s progress depends not only on the strength of individual institutions but also on the importance of collaboration between them, » Dr. Elombi further remarked.

President Elombi recalled the increasingly hostile discourse targeting African-owned and controlled multilateral institutions « not because we are failing or considered another African failure, » but « because we are succeeding. » He added that, unlike other multilateral institutions, Afreximbank’s preferred creditor status was not granted by goodwill or benevolence of governments, but was enshrined in the Bank’s establishment treaty which is signed by all member states, Dr. Elombi further explained.

The inauguration was also marked by addresses from Hassan Abdalla, Governor of the Central Bank of Egypt ; Louis-Paul Motazé, Minister of Finance of Cameroon ; Alhaji Aliko Dangote, Founder of the Dangote Group ; Selma Malika Haddadi, Vice-Chairperson of the African Union Commission ; and the Honourable Dr. Terrance Drew, Prime Minister of Saint Kitts and Nevis.