Afreximbank’s new president tipped for greater success
George Elombi will assume leadership of the African Export-Import Bank on Saturday, following outgoing President Benedict Oramah’s praise for his three decades of institutional experience. Oramah said the incoming fourth president possesses deep knowledge of operations and will inherit a strong management team capable of surpassing recent accomplishments. The Cairo-based lender expanded its capital reserves from $6 billion to $44 billion under Oramah’s tenure while advancing continental commerce initiatives.
The bank partnered with African Union entities to organize trade exhibitions that generated $170 billion in commercial agreements across four events. The Pan-African Payment and Settlement System operates across 20 nations and could reduce annual transaction costs by $5 billion. Shareholders endorsed Elombi’s appointment at the June meetings held in Abuja.
