Dr. Elombi, a Cameroonian national and long-serving executive at the bank, is the fourth President since Afreximbank was founded in 1993. His appointment was confirmed at the bank’s 32nd annual general meetings, held from June 25 to 28 in Abuja. Shareholders gave their final approval on Saturday.

He will officially replace Professor Benedict Oramah, who has led the bank since 2015 and is set to step down in September 2025.

Dr. Elombi began his career at Afreximbank in 1996 as a Legal Officer. Over nearly 30 years, he rose through the ranks, taking on key roles such as Executive Vice President for Governance, Legal and Corporate Services, Director and Executive Secretary, and Chief Legal Officer. Before joining Afreximbank, he taught law at the University of Hull in the United Kingdom.

Dr. Elombi has played a central role in the bank’s growth. He helped establish several subsidiaries and expand the bank’s reach across Africa. During the COVID-19 pandemic, he chaired the Emergency Response Committee, leading efforts to mobilise over $2 billion for vaccine procurement and distribution across Africa and the Caribbean. Under his leadership, the Equity Mobilisation and Investor Relations department raised $3.6 billion in equity as of April 2025.

In his acceptance speech, Dr. Elombi expressed his commitment to the bank’s mission. “I have had the privilege of working with visionary leaders and colleagues to shape this institution’s mandate and growth,” he said. “Looking ahead, I see Afreximbank as a driver of Africa’s industrialisation and a symbol of dignity for Africans everywhere. I will work to preserve and grow this legacy.”

He also pledged to continue pursuing the bold target set by his predecessor: transforming Afreximbank into a $250 billion institution within the next decade.

Dr. Elombi holds a Master of Laws (LL.M.) and a Ph.D. in commercial arbitration from the London School of Economics, University of London. He also earned a Maitrise-en-Droit from the University of Yaoundé.

His appointment followed a rigorous global selection process that began in January 2025. The search included an open international call for applications, interviews by a top executive search firm, and a final recommendation from the Board of Directors to the shareholders.

Under the Afreximbank charter, the President is appointed by the general meeting of shareholders on the Board’s recommendation. The term is five years and may be renewed once.

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Describing Oramah as a visionary leader, President Tinubu lauded his efforts in expanding intra-African trade, streamlining payment systems, and driving critical development initiatives across the continent. “Today is your day, Prof. Oramah,” Tinubu declared. “I have the privilege of bestowing upon you one of Nigeria’s highest honours in recognition of your outstanding service the Grand Commander of the Order of the Niger.”

Under Professor Oramah’s leadership, Afreximbank’s assets grew exponentially from $5 billion to over $37 billion. His tenure saw the bank play a pivotal role in Africa’s pandemic response, providing financing for over 400 million COVID-19 vaccine doses, supporting industrialisation, and strengthening the creative economy. The president noted that Nigeria alone had benefited from more than $52 billion in support across vital sectors such as energy, infrastructure, agriculture, manufacturing, and healthcare.

Tinubu highlighted landmark projects including the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre, describing them as emblematic of Africa’s rising potential and Nigeria’s strategic importance. He further commended Nigeria’s adoption of the Pan-African Payment and Settlement System (PAPSS), a move aimed at enhancing cross-border trade and reducing dependency on foreign currencies.

Looking ahead, Tinubu announced the upcoming launch of the Africa Energy Bank, to be headquartered in Abuja with a $5 billion initial capital base, designed to finance Africa’s energy transition and support renewable energy development. Other ongoing collaborations include scaling Nigeria’s fertiliser production capacity to 7.5 million tonnes annually and advancing critical infrastructure such as the $3.5 billion Bakassi Deep Seaport.

President Tinubu underscored Afreximbank’s evolving role as more than a financier but as a strategic partner in building Africa’s economic architecture. Through initiatives like FEDA, AQAC, CANEX, and PAPSS, the bank supports African entrepreneurship, boosts quality standards, and empowers creative and export-driven industries.

Reflecting on Nigeria’s broader economic trajectory, Tinubu reiterated his administration’s commitment to difficult yet essential reforms aimed at stabilising the macroeconomy, promoting inclusive growth, and enhancing productivity. “Since May 2023, under our Renewed Hope Agenda, we have undertaken bold measures, including the removal of the fuel subsidy and unification of exchange rates, to secure a sustainable economic future for all Nigerians,” he stated.

In honoring Professor Oramah, President Tinubu not only celebrated individual excellence but also reaffirmed Nigeria’s resolve to lead in shaping Africa’s economic renaissance.

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