Afreximbank Picks Elombi as Next President

Afreximbank has named Dr George Elombi as its incoming President and Chairman of the Board of Directors, following a high-level shareholder vote during its 32nd annual meetings in Abuja. The appointment, made on 28 June 2025, marks the bank’s fourth presidency since its founding in 1993.

Elombi, a Cameroonian national, is no newcomer. He’s been with the bank for nearly three decades, joining as a Legal Officer in 1996. Over time, he climbed the ranks, ultimately becoming Executive Vice President of Governance, Legal and Corporate Services. Now, as he steps into Afreximbank’s top role, he will be succeeding Professor Benedict Oramah, who has led the bank since 2015 and will officially exit in September 2025.

A Legacy of Crisis Response and Expansion

Elombi isn’t just a long-serving insider. He helped design the group structure and build strategic subsidiaries that have strengthened the bank’s operations. His work has included oversight of the Equity Mobilisation and Investor Relations department, which has raised over $3.6 billion in ordinary equity as of April 2025.

He also chaired the Emergency Response Committee during the COVID-19 pandemic, mobilising over $2 billion to secure vaccines across Africa and the Caribbean. That leadership gave shareholders a preview of how Elombi might handle broader regional challenges.

In his remarks, he pledged to drive the bank’s industrialisation ambitions forward. “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 said.

Elombi and the $250 Billion Challenge

Elombi’s selection followed a global recruitment drive launched in January 2025. The process included international media advertisements, a shortlist compiled by an executive search firm, and interviews by Afreximbank’s Board of Directors. The final pick was confirmed by a vote at the General Meeting of Shareholders.

Now, expectations are high. Elombi inherits a bold vision from his predecessor, who had set a target for the bank to grow into a $250 billion institution within ten years. Elombi has embraced that mission. “I accept the challenge to build on what we’ve started,” he said.

Under the Afreximbank charter, the President serves a five-year term, renewable once. Whether Elombi’s tenure will deliver the transformation needed remains to be seen, but many observers say his appointment signals continuity and deep experience.