The outgoing President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has revealed that the bank’s total assets grew nearly eightfold, from $6 billion in 2015 to $44 billion in 2025, during his 10-year tenure.
Oramah made the disclosure at his farewell conference and the investiture ceremony of the bank’s new President, Dr. George Elombi, held over the weekend in Cairo, Egypt. Elombi, a Cameroonian and long-serving executive of the bank since 1996, was officially sworn in as Afreximbank’s fourth President and Board Chairman following his appointment by stakeholders on June 28, 2025.
In his valedictory address, Oramah highlighted major milestones achieved during his tenure, including a sharp rise in shareholder dividends totaling $1.4 billion, the successful implementation of the Pan-African Payment and Settlement System (PAPSS) across 20 countries, and the establishment of the AfCFTA Adjustment Fund to help member states adapt to the African Continental Free Trade Area regime.
“We kept a sharp focus on institutional strength and financial health,” Oramah said. “We grew the balance sheet and guarantees almost eightfold, increased revenues and net income, and paid out an aggregate of $1.4 billion to shareholders as dividends.”
He also noted that the Intra-African Trade Fair, initiated under his leadership, had attracted over 180,000 visitors and generated $170 billion in trade and investment deals across four editions.
Oramah further announced that 700 industrial standards spanning pharmaceuticals, agriculture, textiles, and automotive manufacturing have been harmonised across Africa, with testing and certification centers being developed to support implementation.
“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 now, African currencies are becoming legal tender across our borders.”
During his tenure, Afreximbank also deployed $10 billion to support COVID-19 containment efforts and an additional $2 billion for vaccine procurement in Africa and the Caribbean.
At the ceremony, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the Afreximbank General Meeting for 2025/2026, described the transition as a “defining moment for Africa.”
“This is not just about succession,” Edun said. “It’s about sustaining a legacy of excellence and driving Africa’s renaissance through trade and finance.”
He lauded Oramah for his visionary leadership, which he said “reshaped Africa’s trade architecture and repositioned the continent in the global economic arena.”
Africa’s richest man, Aliko Dangote, also paid tribute to both leaders, describing Elombi’s appointment as a strategic step for Africa’s economic transformation.
“Dr. Elombi’s leadership during the COVID-19 crisis showed Africa’s ability to craft global solutions from within,” Dangote said. “Under his stewardship, Afreximbank will deepen industrialisation, infrastructure financing, and regional integration.”
Dangote added that his company’s $100 billion 2030 growth target would be achieved even sooner with Afreximbank’s continued collaboration.
In his inaugural speech, Dr. George Elombi pledged to sustain the legacy of his predecessor and strengthen support for African industries.
“Africa’s growth will be achieved through our shared vision,” Elombi said. “I have spoken with Alhaji Dangote, and Afreximbank will look everywhere to raise the additional $5 million needed for the planned expansion of the Dangote Refinery.”
With Elombi now at the helm, Afreximbank is set to deepen its role in financing Africa’s industrial and trade transformation, building on the strong institutional foundation laid over the past decade.
