Afreximbank President George Elombi has revealed that Aliko Dangote plans to seek an additional $5 billion to expand his Lagos refinery.

Speaking at his investiture in Cairo, Elombi said Dangote personally disclosed the plan, adding that the bank would help source the funds.

“If it is done, it will double his production and cut prices by 50 per cent for Nigeria and West Africa,” Elombi said.

The $20 billion refinery, largely financed by Afreximbank, is Africa’s largest industrial project. Elombi said the expansion would reshape regional fuel supply and boost trade.

He pledged to build on his predecessor Benedict Oramah’s achievements, targeting a $250 billion balance sheet within a decade.

Dangote, in a goodwill message, congratulated Elombi and pledged the Dangote Group’s continued partnership with Afreximbank

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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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