New president of Afreximbank named amid strategy for $250bn growth

From leading its Covid-19 response—mobilising over $2bn for vaccine acquisition across Africa and the Caribbean—to driving equity mobilisation efforts that raised $3.6bn by April 2025, his contributions have positioned him as a key architect of the institution’s growth and resilience.

It was therefore fitting that, at the 32nd Afreximbank Group Annual Meetings held in Abuja, Nigeria, shareholders unanimously appointed Elombi as the Bank’s next president and chairman of the Board of Directors. He becomes only the fourth individual to lead the institution since its establishment in 1993, succeeding Professor Benedict Oramah, who will step down in September 2025 after a decade at the helm.

In his acceptance speech, Elombi expressed a deep commitment to the Bank’s mission and future. “I have worked alongside remarkable colleagues and extraordinary leaders to help 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 re-gaining the dignity of Africans wherever they are. I will work to preserve this important asset.”

Decades of service

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.

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.

Rigorous selection process

Elombi's appointment as Afreximbank's new president 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 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.

Elombi accepted the shareholders’ ambition—articulated by his predecessor—to transform the institution into a $250bn bank within the next 10 years.

Issued on Bizcommunity | https://www.bizcommunity.com/article/new-president-of-afreximbank-named-amid-strategy-for-250bn-growth-693881a