As Benedict Oramah Bows Out, George Elombi Sworn In as 4th Afreximbank President

The African Export-Import Bank (Afreximbank) has marked a historic leadership transition as Prof. Benedict Okey Oramah officially concluded his remarkable decade-long tenure as the Bank’s President and Chairman of the Board of Directors, handing over to his successor, Dr. George Elombi.

The dual events — a Farewell Legacy Conference for Prof. Oramah on Friday and the Investiture Ceremony for Dr. Elombi on Saturday — convened in Cairo, Egypt, drew over 2,000 dignitaries, including heads of state, ministers, development partners, business leaders, and representatives from across Africa and the Caribbean.

The back-to-back high-profile gatherings celebrated a decade of transformative leadership while ushering in a new era for Africa’s foremost trade finance institution.

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A Decade of Transformation Under Oramah

In his farewell address, Prof. Oramah reflected on a decade of bold leadership marked by an unwavering focus on intra-African trade and economic integration.

“Our philosophy was borne out of the conviction that the only viable path forward for Africa’s development and economic emancipation would aggressively reverse-engineer the colonial strategy of divide-and-rule,” he said. “Africa’s development dynamo must be powered from within, as centuries of history have shown that external interests are mostly predatory and parasitic unless engaged from a position of strength and purpose.”

Under Oramah’s stewardship, Afreximbank’s balance sheet grew eightfold — from US$6 billion in 2015 to nearly US$44 billion in 2025. His tenure also saw the creation of groundbreaking initiatives that reshaped Africa’s trade landscape and positioned Afreximbank as the continent’s leading trade and development finance institution.

Oramah’s leadership has been widely hailed as anchored in economic emancipation, translating Pan-African ideals into tangible financial architecture for continental self-reliance.

Among his major accomplishments (2015–2025) were:

• Championing the implementation of African Continental Free Trade Area (AfCFTA): Driving Africa’s boldest step toward economic integration — a single market of 1.4 billion people and US$3.4 trillion GDP.
• Design and rollout of the Pan-African Payment and Settlement System (PAPSS): Backed by a US$3 billion facility, enabling trade across 20 countries in local currencies.
• Launching and hosting in Rwanda of the AfCFTA Adjustment Fund: With US$1 billion in initial capital to help State Parties and businesses transition smoothly into the new liberalized trade regime.
• Reinventing and relaunching the Intra-African Trade Fair (IATF): Since 2018, generating over US$170 billion in trade and investment deals and drawing 180,000+ visitors across four editions.
• Introducing the African Collaborative Transit Guarantee Scheme: With a US$1 billion guarantee limit to eliminate bottlenecks in cross-border trade.
• Harmonizing over 500 trade standards across key sectors, including pharmaceuticals, agriculture, automobiles, and textiles — complemented by the Africa Trade Gateway digital platform connecting businesses across the continent.
• Establishing the African Medical Center of Excellence (AMCE) in Abuja, Nigeria — a 500-bed specialty hospital offering world-class diagnostics and treatment in oncology, cardiovascular, and hematological care.
• Mobilizing Africa’s COVID-19 response: Disbursing US$10 billion in emergency financing and an additional US$2 billion for vaccine procurement.

In a moving tribute, Dr. George Elombi, the incoming President, hailed Oramah as “one of the few in the world, the 0.8 per cent, who combine vision and execution,”

“Prof. Oramah has turned centuries-old political wishes into measurable economic gains for Africans. Under his leadership, Afreximbank and its partners laid the foundation for a more industrial and self-reliant Africa,” he said.

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Elombi Eyes US$350 Billion Growth Target

The following day, Dr. George Elombi was sworn in as Afreximbank’s 4th President and Chairman of the Board, during a ceremony chaired by Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, and Chairman of the Bank’s Annual General Meeting of Shareholders.

Elombi announced that the Bank’s shareholders had earlier set a bold growth vision — to expand Afreximbank’s balance sheet to US$250 billion within ten years.

“Following consultations with African leaders — including H.E. the President of Egypt, a key shareholder and supporter — an even more ambitious goal was set: to reach US$350 billion in assets, ensuring Afreximbank has the financial muscle to drive Africa’s transformation agenda,” he stated.

In his inaugural address, Elombi pledged continuity with innovation, reaffirming Afreximbank’s mission to transform Africa’s trade structure. “Our mission is to transform the structure of Africa’s trade. To change that structure, we must process. We must produce. Unless we produce, we cannot trade.”

He subsequently unveiled a blueprint focused on industrial transformation, including a Strategic Minerals Development Programme to finance value chains from extraction to manufacturing, and a dedicated financing window for processing raw materials into finished goods — designed to create jobs, retain value, and enhance Africa’s competitiveness.

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Deepening Integration and Innovation

Elombi reaffirmed Afreximbank’s commitment to the AfCFTA, pledging to intensify efforts to dismantle trade barriers and promote seamless movement of goods, services, and capital.

Strategic priorities include:

• Catalyzing a Shared Integrated Infrastructure Ecosystem for Trade — leveraging existing infrastructure in high-capacity nations to serve neighbors lacking similar facilities.
• Harnessing innovation and digital technology, including exploring a Pan-African Digital Currency to deepen financial integration.
• Mobilizing global African capital, especially from the diaspora, to finance Africa’s transformation.
• Accelerating value addition for strategic minerals to end raw exports and build regional value chains for industrialization.

“The increasingly hostile narrative against African multilateral institutions is not because we fail, but because we succeed,” Elombi said. “Our preferred creditor status is not a gift — it is enshrined in our founding treaty, signed by all Member States.”

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Tributes and Reflections

Distinguished guests including Hassan Abdalla, Governor of the Central Bank of Egypt; Hon. Louis-Paul Motazé, Minister of Finance of Cameroon; Alhaji Aliko Dangote, Founder of the Dangote Group; Ms. Selma Malika Haddadi, Deputy Chairperson of the African Union Commission; and Hon. Dr. Terrance Drew, Prime Minister of Saint Kitts and Nevis, paid glowing tributes to both Oramah and Elombi.

They lauded Afreximbank’s enduring legacy of innovation, continental integration, and Afro-Caribbean cooperation.

As the institution turns a new chapter, stakeholders hailed the transition as a seamless handover between two visionary leaders — with Oramah’s decade of institution-building and Elombi’s bold strategic outlook symbolizing continuity, confidence, and a renewed era of African self-reliance.