(Business in Cameroon) – Dr. George Elombi, a Cameroonian lawyer and long-serving executive at the African Export-Import Bank (Afreximbank), has been appointed President and Chairman of the Board of the pan-African institution. His appointment followed the annual general meeting held on June 28, 2025, in Abuja. Elombi will assume office in September, succeeding Professor Benedict Oramah, who has held the position since 2015.
This appointment marks a significant milestone for Cameroon on the African financial stage. Afreximbank plays a central role in financing intra-African trade and supports policies on industrialization, economic diversification, and the continent’s economic sovereignty. A Cameroonian national now at the helm places the country in a sphere of strategic influence.
Cameroon holds a dual stake in Afreximbank. As a state, it is a direct shareholder. It is also represented through the National Social Insurance Fund (CNPS), a category B shareholder with a 700 million CFA franc investment. This status grants CNPS a seat on the bank’s board of directors, alongside other African financial investors. Afreximbank has also chosen Yaoundé as the site of its regional office for Central Africa, housed within the CNPS headquarters.
Twenty-Nine Years of Service at Afreximbank
Dr. George Elombi knows the inner workings of the bank he is set to lead. He joined in 1996 as a legal officer and went on to serve as head of the legal department, executive secretary, and then executive vice president in charge of governance, legal affairs, and corporate services. He was one of the architects of the group’s institutional development, notably through the structuring of its subsidiaries.
He also led the bank’s emergency response during the COVID-19 pandemic, mobilizing over $2 billion for vaccine procurement in Africa and the Caribbean. As head of the department responsible for equity fundraising, he oversaw capital raises totaling $3.6 billion as of April 2025, enhancing the bank’s ability to act across the continent.
In his first public statement after the appointment, George Elombi described the shareholders’ decision as a validation of the work accomplished over the years. “They are satisfied with the institution’s financial strength and the relevance of its projects. They want us to stay on this course. They also reaffirmed their commitment to the bank’s founding principles. The many expressions of support throughout the week show that these messages were well received,” he said.
A Force for Africa’s Industrialization
The new Afreximbank president also reaffirmed his commitment to the bank’s founding vision. In his view, the institution must remain a driver of economic transformation and a tool for African sovereignty. “Afreximbank must continue to be a force for the continent’s industrialization and the reclaiming of dignity for Africans around the world,” he said, before setting an ambitious target of reaching $250 billion in assets within 10 years.
Holding a PhD in commercial arbitration from the London School of Economics, following his initial legal studies at the University of Yaoundé, George Elombi exemplifies a distinguished career built within Afreximbank itself. His appointment not only crowns a remarkable personal journey but also sends a strong signal about Cameroon’s rising influence in African economic decision-making circles.
This article was written in French by Idriss Linge,
Edited in English by Mouka Mezoonlin
