– A strategic move for African energy trade
Cape Town, South Africa — The shareholders of multilateral financial institution the African Export-Import Bank (Afreximbank) have appointed Dr. George Elombi as President and Chairman of the Board of Directors. Dr. Elombi succeeds Professor Benedict Oramah to become the fourth president since the bank’s establishment in 1993. The move signals a strategic shift for the institution as it strives to become a $250 billion bank in the next 10 years.
As the voice of the African energy sector, the African Energy Chamber (AEC) congratulates Dr. Elombi on his appointment as President and Chair. In this capacity, Dr. Elombi is poised to play an instrumental part in leading the bank’s long-term objectives. At a time when Africa is seeking to alleviate energy poverty, enhance industrialization and accelerate low-term and sustainable development, institutions such as Afreximbank play a vital role in financing African energy projects and trade efforts. Under the leadership of Dr. Elombi, Afreximbank is well-positioned to play an even greater role in transforming Africa’s energy industry.
Over the years, Dr. Elombi has held various positions at Afreximbank, including Chair of the Emergency Response Committee – where he mobilized over $2 billion for vaccine acquisition and deployment across Africa and the Caribbean – and head of the Equity Mobilization and Investor Relations department. In this position, he supported the bank as it increased its total ordinary equity to $3.6 billion as of April 2025. Looking ahead, Dr. Elombi has committed to ensuring Afreximbank serves as a force for industrializing Africa and regaining the dignity of Africans wherever they are. He has vowed to not only preserving Afreximbank as a valuable and strategic asset in Africa, but to realize the shareholders’ goal of establishing the bank as a $250 billion financial institution within the next ten years. This will have a significant impact on Africa’s energy sector, offering a vital source of financing for a variety of impactful energy projects – from upstream oil and gas to downstream infrastructure to power, technology, trade and development.
“Afreximbank is embarking on a new chapter with the appointment of Dr. Elombi as President and Chairman of the Board of Directors. This chapter is expected to be marked by growth and transformation as Dr. Elombi works to realize the goals set out by the Afreximbank shareholders. Afreximbank has a critical role to play in Africa – from financing major projects to supporting regional trade initiatives to coordinating between global and African partners. The AEC commends Dr. Elombi on his appointment and looks forward to working with him to unlock the full potential of Africa’s energy resources,” states NJ Ayuk, Executive Chairman of the AEC.
Dr. Elombi will assume the position in September 2025, taking over from Professor Oramah who has held the role since 2015. Under Oramah’s leadership, Afreximbank strengthened its institutional and financial capacity through the introduction of innovative financing mechanisms and involvement in multi-faceted projects. Major milestones included the launch of the African Energy Bank in collaboration with the African Petroleum Producers Organization.
The bank uniquely mobilizes financing to support investments across Africa’s entire energy spectrum in line with the continent’s energy needs and environmental sustainability targets. The bank has an initial share capital of $5 billion and is on the precipice of being launched. The bank also increased its portfolio of project and trade financing in Africa, further strengthening its position as a major financier across the continent. By 2026, the bank is on track to double its intra-African trade financing from $20 billion in 2021 to $40 billion in 2026. The funding is expected to support infrastructure development under the broader African Continental Free Trade Agreement.
“Professor Oramah has played an instrumental role in Africa’s energy sector, with his relentless pursuit of development unlocking greater benefits for the energy and trade industries. Over the past 10 years, he has not only strengthened Afreximbank’s role as an African financier but laid a strong foundation for future growth and development. His legacy is one defined by innovation and vision,” adds Ayuk.
