…as assets surge to $40bn under Oramah
By Seun Ibiyemi
The African Export-Import Bank (Afreximbank) has transitioned leadership following a decade of transformative growth under outgoing President Professor Benedict Oramah, who has been credited with steering the Bank into a $40 billion continental powerhouse.
Speaking at a farewell conference for Prof. Oramah, Executive Vice-President Dr. George Elombi now the newly sworn-in President lauded the outgoing leader’s rare combination of vision and execution.
Under Oramah’s tenure, Afreximbank’s assets expanded nearly sevenfold, from approximately US$6 billion in 2015 to over US$40 billion in 2025, significantly strengthening its capacity to finance trade, infrastructure, and industrial projects across Africa.
Dr. Elombi highlighted that this exponential growth was achieved through a portfolio approach that birthed strategic subsidiaries and initiatives. These include the Fund for Export Development in Africa (FEDA), AfrexInsure, the African Medical Centre of Excellence (AMCE), and a project preparation fund.
“Brick by brick, Afreximbank built the financial architecture to support intra-African trade and reduce the continent’s dependence on external markets,” Elombi stated. “Professor Oramah’s leadership turned long-standing economic aspirations into measurable outcomes,” including instrumental support for operationalising the African Continental Free Trade Agreement (AfCFTA).
In his farewell address, Professor Oramah reflected on the philosophical conviction that guided the Bank’s transformation, “Our philosophy was borne out of the conviction that the only viable path forward for Africa’s development and economic emancipation was one that would aggressively reverse-engineer the colonial strategy of ‘divide-and-rule’… Africa’s development dynamo must be powered from within.”
He affirmed that the Bank’s broad, multi-front interventions delivered measurable results, creating new institutional arrangements and interventions that have joined as formidable forces in Africa’s armoury in its fight towards true self-determination.
Meanwhile, the Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, administered the oath of office to George Elombi, the fourth President and Chairman of the Board of Directors, at the investiture ceremony held in Cairo, Egypt.
Edun described the occasion as a historic moment for Africa, marking a seamless transition built on the foundation Oramah laid.
“Elombi, you now assume leadership at a defining moment, a time when Africa’s destiny is being rewritten through resilience and innovation,” Edun said, conveying felicitations from President Bola Ahmed Tinubu.
Charging the new president to sustain the Bank’s founding philosophy, Edun stressed that Elombi’s mandate extended beyond banking to stewarding a vision of a self-reliant, integrated, and prosperous Africa.
Edun also commended Oramah for landmark initiatives such as the Pan-African Payment and Settlement System (PAPSS) and the $800 million facility for special economic zones.
“Through turbulent years you have led with courage and vision. You have been a blessing to Afreximbank, to Africa, and to Africans in the diaspora.”
Selma Malika Haddadi, Deputy Chairperson of the African Union Commission, echoed this sentiment, describing Elombi’s appointment as a continuation of strong and visionary leadership.
Elombi officially took the oath of office, pledging to consolidate Afreximbank’s role as a catalyst for Africa’s economic transformation, trade integration, and financial independence.