The African Export-Import Bank chose to stick with continuity as it picked George Elombi, a seasoned insider, to lead the continental trade bank at a critical point in Africa's development.
The announcement of Elombi as the successor to Professor Benedict Oramah was the crowning event of the bank's 32nd annual general meeting. He will become the fourth president of the bank established in 1993 after Oramah steps down in September.
Under Oramah, Afreximbank emerged an engine of African economic transformation and integration, helping birth a new Pan-African Payments and Settlements System to boost the African Continental Free Trade Agreement AfCFTA and providing funding for projects covering a diverse range of sectors from energy to the creative industry. The lender disbursed 20 billion in trade finance in 2024 alone and is set to double the amount in one year.
Elombi, who joined the bank in 1996 as a legal officer, was part of its growth and evolution as he worked his way to the top. Prior to his appointment, he was the bank's vice president in charge of governance, legal and corporate services. He previously worked as a director and executive secretary of the bank after emerging from the legal department into the mainstream of management.
"I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution's vision, its mandate as well as its growth," Elombi said in his acceptance speech. "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."