Afreximbank Appoints New President, Expands Finance Window at AGM in Abuja

The African Export-Import Bank (Afreximbank) concluded its historic 32nd Annual General Meeting (AGM) in Abuja with far-reaching resolutions that will shape the strategic future of the institution. Held from 25 to 28 June 2025, the event saw nearly 6,000 delegates in attendance—the largest turnout in the Bank’s history—including African and Caribbean heads of state, government ministers, business leaders, academics, and development partners.

Dr. George Elombi Named New President and Board Chair

One of the most momentous announcements at the AGM was the appointment of Dr. George Elombi as the fourth President and Chairman of the Board of Directors of Afreximbank, succeeding Professor Benedict Oramah, who will step down after nearly a decade of transformative leadership. Dr. Elombi, a long-serving executive within the institution, brings continuity and deep institutional knowledge to the role.

“It has been a great honour to serve Afreximbank and contribute to Africa’s trade transformation,” said outgoing President Oramah. “The bold decisions taken at this AGM—including expanding concessional financing and reaffirming the Bank’s Preferred Creditor Status—will significantly impact Africa’s prosperity.”

Oramah also extended his full support and best wishes to Dr. Elombi, expressing confidence in the incoming President’s ability to lead Afreximbank into a new era.

Concessional Finance Window Expanded Fivefold

In a landmark decision, shareholders approved the expansion of the Bank’s Concessional Finance Window (Africa Trade Transformation Fund - ATTF) from USD 1 billion to USD 5 billion, including a direct shareholder contribution increase from USD 200 million to USD 700 million. This expansion is designed to meet the rising demand for accessible development financing across Africa and the Caribbean.

The ATTF, initially launched at the Bank’s 30th Annual Meetings, is now poised to become a central instrument for supporting inclusive growth, trade infrastructure, and sustainable development projects across member states.

Legal Framework Strengthened: PCS Reaffirmed

The AGM also reinforced Afreximbank’s Preferred Creditor Status (PCS), which protects its loans from being subject to sovereign debt restructurings. Shareholders reaffirmed that the 1993 Establishment Agreement—ratified by all member states—provides binding legal protections that anchor the Bank’s financial resilience.

“Shareholders affirm their respect for the treaty establishing Afreximbank, which enshrines sovereign commitments and shields the Bank’s assets from debt restructuring processes,” said Mr. Wale Edun, Nigeria’s Minister of Finance and newly elected Chairman of the General Meeting for the 2025/2026 period.

Mr. Edun emphasized the need to uphold the integrity of African Multilateral Financial Institutions (AMFIs), warning against narratives and actions that undermine their legitimacy.

Governance Enhancements and Board Elections

In addition to executive appointments, the shareholders passed several governance resolutions:

• Adoption of the Bank’s audited financial statements for the year ending 31 December 2024.

• Appointment of auditors for the upcoming financial year.

• Re-election of three regional directors:

  • Dr. Denny Hamachila Kalyalya (Zambia)

  • Dr. John Panonesta Mangudya (Zimbabwe)

  • Mr. Victor Jérôme Nembelessini-Silué (Côte d’Ivoire)

• Re-election of Independent Directors:

  • Mr. Anil Dua (United Kingdom)

  • Mr. Ronald Sibongiseni Ntuli (South Africa)

• New appointment:

  • Mrs. Leila Mokaddem (Tunisia), nominated by the African Development Bank (AfDB)

These elections signal a continued focus on experienced leadership, regional balance, and institutional credibility.

Defending Multilateral Institutions Amid Challenges

Delegates at the AGM also addressed emerging threats to African financial institutions, including criticisms aimed at multilateral treaty frameworks. A unanimously adopted shareholder statement rejected these negative narratives and reasserted collective responsibility to safeguard Afreximbank and similar bodies.

This collective stand sends a powerful message to rating agencies, financial markets, and international stakeholders: Afreximbank remains a trusted institution, well-protected by legal guarantees and supported by the full political and financial commitment of its member states.

Looking Ahead: A New Chapter for Afreximbank

The 2025 AGM reaffirmed Afreximbank’s position as a central pillar of Africa’s trade-led development agenda, with renewed mandates, strengthened legal protections, expanded capital resources, and a seamless leadership transition.

As the institution enters a new chapter under Dr. George Elombi’s leadership, its mission to facilitate intra-African trade, drive industrialization, and support regional integration continues to resonate amid a global landscape marked by economic uncertainty and financial fragmentation.

With its financial resilience, legal stability, and pan-African mandate, Afreximbank remains uniquely positioned to help realize the African Union’s vision of Agenda 2063—a prosperous, integrated, and resilient continent.