On June 28, 2025, in Abuja, a new chapter was written in the story of Afreximbank. During the Bank’s 32nd Annual General Meetings, Dr. George Elombi was appointed President of Afreximbank, becoming the fourth leader of this strategic pan-African institution since its inception in 1993.
A builder from within, George Elombi joined Afreximbank in 1996 as a legal officer. Through patience, brilliance, and strategic foresight, he steadily rose through the ranks over nearly three decades. He has held key positions including Senior Legal Counsel, General Counsel, Executive Secretary, and most recently, Executive Vice President in charge of Governance, Legal, and Corporate Services.
Often described as a quiet architect, Elombi has been the man behind the institution’s major transformations—a discreet yet determined visionary who has turned ideas into institutions, and institutions into tangible instruments for Africa’s progress.
A rigorous selection for a defining appointment
The road to his appointment was as demanding as it was decisive. Launched in January 2025, the international call for candidates attracted top-tier profiles from across the globe in finance and governance. After months of rigorous assessments and interviews conducted by a global executive search firm, Elombi’s name emerged as the clear frontrunner. The Board of Directors endorsed his nomination, and the shareholders gave their final approval. His five-year renewable mandate will begin in September, following the departure of his predecessor, Nigerian economist Benedict Oramah.
One bank, cne continent, one ambition
Today more than ever, Afreximbank stands as the financial heartbeat of the pan-African dream. With $40.1 billion in assets and $7.2 billion in equity as of December 2024, the Bank plays a central role in advancing the African Continental Free Trade Area (AfCFTA). It has notably launched PAPSS, the Pan-African Payment and Settlement System, and established a $10 billion adjustment fund to support countries through the transition. It is this momentum that Dr. Elombi is now tasked with sustaining, amplifying, and turning into concrete results for the continent.
A transformative leader for a defining moment
Holding a PhD in International Commercial Arbitration, an LL.M. from the London School of Economics, and a Master’s in Law from the University of Yaoundé, George Elombi blends legal rigor with deep institutional insight. A strategic thinker and institutional builder, he left his mark on Afreximbank’s DNA well before stepping into the presidency.
As the principal architect of the Bank’s structural expansion, he led the creation of strategic subsidiaries designed to strengthen Afreximbank’s operational reach and agility. This expanded institutional architecture has allowed the Bank to operate with greater flexibility, efficiency, and scale.
When the COVID-19 pandemic hit, paralyzing health systems and supply chains across the continent, Elombi found himself at the helm of the Bank’s response. As Chair of the Emergency Intervention Committee, he spearheaded a bold initiative to mobilize over $2 billion for the procurement and distribution of vaccines across Africa and the Caribbean. It was a massive logistical and diplomatic undertaking—executed with precision, composure, and a profound sense of duty.
But his impact did not stop there. As head of the department for equity capital mobilization and investor relations, Elombi successfully rallied global investor confidence around Afreximbank’s pan-African mission. The result? As of April 2025, the Bank had raised $3.6 billion in ordinary equity capital, a landmark achievement that speaks volumes of his strategic leadership.
A vision and a vow
In his acceptance speech, the new President spoke with both emotion and resolve:“I have worked alongside remarkable colleagues and exceptional leaders to help shape the vision, mandate, and growth of this institution. As we look to the future, I see Afreximbank as a force for Africa’s industrialisation and the restoration of dignity for Africans wherever they may be. I will work to safeguard this vital asset.”
This vision perfectly aligns with the bold ambition shared by Afreximbank’s shareholders: to elevate the Bank to the ranks of the world’s leading financial institutions. Within the next decade, the goal is clear, ambitious, and emblematic, a valuation of $250 billion.
With George Elombi at the helm, Afreximbank is not merely changing presidents. It is entering a new era, one defined by excellence, continuity, and bold ambition.
