. Edun hails ‘defining moment for Africa’ as Elombi assumes leadership

. Dangote lauds seamless transition, commends bank’s role in Africa’s transformation,

Festus Akanbi

The outgone President of the African Import and Export Bank (Afreximbank), Professor Benedict Oramah, has said the organisation’s financial position grew almost eightfold under his tenure from $6 billion in 2015 to $44 billion in 2025.

This is just as the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Africa’s foremost industrialist, Aliko Dangote, at the weekend led a chorus of continental optimism as they hailed the inauguration of Dr. George Elombi as the new President and Board Chairman of the Afreximbank.

Elombi was sworn in as the fourth president and board chairman of the financial institution at an investiture ceremony held in Cairo, Egypt.

He was officially appointed by Afreximbank stakeholders on June 28.

The newly inaugurated president, a Cameroonian, has been with Afreximbank since 1996, joining as a legal officer.

Giving his final presidential speech at the weekend during a farewell conference and investiture ceremony, Oramah said the bank also paid out $1.4 billion in dividends to shareholders during the same period.

“We kept a sharp focus on institutional strength and financial health and grew the balance sheet and guarantees almost eightfold from $6 billion in September 2015 to almost $44 billion in September 2025,” he said.

“We grew revenues and net income equally and paid out an aggregate of almost $1.4 billion to shareholders as dividends for the same period.”

Oramah, who ended a two-term leadership stint that started in 2015, further spoke of the bank’s achievements under his stewardship.

He said the intra-African trade fair, which has been held four times, attracted 180,000 visitors and generated $170 billion in trade and investments.

The outgoing president said the pro-African payment and settlement system, which is backed by Afreximbank’s $3 billion clearing and settlement facility, is operational in 20 countries and counting.

“After more than 60 years of political independence, we are finally on the verge of integrating the continent’s 42 payment systems into a single payment rail,” he said.

“And finally, we have made African currencies legal tenders across African borders.

“The AfCFTA Adjustment Fund, aimed at supporting AfCFTA participating states to adjust in an orderly manner to the new trading regime, is today a reality.

“Thanks to the partnership between the AfCFTA and the African Central Bank, as well as the bank’s $1 billion commitment to support a fund,” he added.

Oramah highlighted that the Africa trade gateway, the bank’s digital platform, uses digital technology to break down information barriers, while Afreximbank’s Africa trade centres offer a solid foundation for inter-African trade and investment information.

“About 700 standards for pharmaceuticals and medical equipment, agriculture, automobiles, textiles, and so on, have been harmonised, enabling smoother inter-African trade,” he said.

“We are building test and certification centres across Africa to ensure that there is infrastructure to implement the standards we have helped to harmonise.

“Working with the AfCFTA secretariat and commissioner, we have launched the Africa collaborative transit guarantee scheme, supported by $1 billion in guarantee payments from Afreximbank.

 “So, today, and one day, it will be possible for goods to move from Cape to Cairo with just one transit fund,” Oramah added.

Oramah said the bank has supported the emergence of heavy industries, such as the Dangote Refinery and Petrochemical facility, which is exporting within Africa and internationally.

He said the bank has supported industrial parks and special economic zones across Africa, creating manufactured exports and processing goods that were previously exported as commodities.

According to the outgoing president, Afreximbank provided $10 billion for COVID-19 containment and $2 billion for vaccine procurement for Africa and the Caribbean.

Speaking at the ceremony, Edun, who described the seamless transition as a “defining moment for Africa” also described Elombi’s assumption of office as“a moment when the universe aligns for Africa’s progress.”

 The minister, who also chairs the Afreximbank General Meeting for 2025/2026, said the appointment symbolised both continuity and renewal for the continental lender.

“Your appointment represents a seamless transition from the solid foundation laid by your predecessor sitting right beside you, and a bold leap towards the future we all envisage,” Edun said.

“You are not just called to lead a bank, but to steward a vision — a vision of a self-reliant, integrated, and prosperous Africa.

 “This is not just about succession, it’s about sustaining a legacy of excellence and driving Africa’s renaissance through trade and finance,” Edun added.

Edun commended outgoing president Oramah for his “visionary and transformational leadership,” noting that under his stewardship, Afreximbank not only financed trade but “reshaped Africa’s trade architecture and repositioned the continent in the global economic arena.”

Business mogul Aliko Dangote also paid glowing tribute to both leaders, describing Elombi’s appointment as a strategic move for Africa’s economic future.

“Dr. Elombi’s history, dedication, and passion for Africa’s transformation are well known,” Dangote said.

 “His leadership during the COVID-19 crisis, when Afreximbank coordinated the continent’s financial response, remains one of Africa’s proudest moments. It demonstrated that we can rise to global challenges with African solutions.”

Dangote added that under Elombi’s stewardship, Afreximbank would deepen partnerships that accelerate industrialisation, infrastructure financing, and regional integration.

 “Our own $100 billion 2030 growth target at Dangote Group will be met even sooner with the continued collaboration of Afreximbank under your leadership,” he affirmed.

Speaking after his inauguration, Elombi called for support, saying, “Africa’s growth would be achieved by our shared vision.”

Promising to continue with the programmes initiated by his predecessor, the new helmsman said he had had discussions with Alhaji Dangote and that he would do everything possible to support the planned expansion of the Dangote refineries.

 He said, “Dangote says he will come for an additional $5million to expand his refineries, and Afreximbank will look everywhere to get the funds.”

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