Afreximbank names Cameroonian new president

Abuja, Nigeria

The African Export-Import Bank (Afreximbank) has appointed a new president from within its senior ranks.

Dr George Elombi of Cameroon, a commercial arbitrator by training, will succeed Dr Benedict Oramah of Nigeria, who will complete his ten-year tenure in September this year. As president, Dr Elombi will serve as the bank's CEO and chair its board.

He has served as the Executive Vice President for Corporate Governance and Legal Services since 2015, as well as acting as the Executive Secretary of the pan-African trade financing institution.

Dr Elombi holds postgraduate law degrees (LLM and PhD) specialising in international commercial arbitration from the University of London. He worked as a lecturer at the University of Hull in the United Kingdom before joining the African Export-Import Bank as a legal officer in October 1996. He has risen through the ranks since then.

The bank announced the decision at the end of its annual general meeting in Abuja on Saturday.

This means that Dr Oramah will leave the bank after 10 years as president.

Dr Oramah joined the bank as an analyst shortly after its establishment in 1993 and has been its president since 2015, overseeing its growth in various areas of trade finance support across the continent.

Dr Oramah succeeded Jean-Louis Ekra as chief executive officer of the bank in 2015. Mr Ekra was preceded in the role by Christopher Edordu, the bank’s founding president.

The Afrexim change of guard coincided with that of the other African lender, the African Development Bank. Last month, Sidi Ould Tah of Mauritania was elected president of the African Development Bank (AfDB). He will replace Nigerian Akinwumi Adesina in September. Adesina has held the position since 2015. Sidi will be the ninth president of the AfDB.

In contrast to the AfDB, the Afreximbank President was appointed through a private outsourcing process.

The Afreximbank president position is typically advertised for several months prior to the appointment.

The exact duration varies, but the process generally involves recommendations from the Board of Directors and a final decision by the General Meeting of Shareholders.

The Afreximbank president serves a five-year term, with the opportunity to serve a second term through the same process.

Afreximbank is also currently seeking a president for its newly established Africa Energy Bank. This is a separate role within the broader Afreximbank structure.

The incoming Afreximbank president will likely be faced with a multifaceted list of tasks, including restoring confidence after a controversial Fitch downgrade, expanding trade finance and fostering intra-African trade.

The bank recently received a downgrade from Fitch due to concerns about risk management and solvency, particularly with regard to loans extended to countries that have defaulted. The new president will need to rebuild trust with investors and stakeholders by demonstrating robust governance and risk mitigation strategies.

Other key tasks will include addressing solvency risks, strengthening risk management and driving the implementation of the African Continental Free Trade Area.