The African Export-Import Bank (Afreximbank) has appointed George Elombi, a veteran Cameroonian banker, as its next president and chairman, as the Cairo-based lender faces intensified scrutiny following a recent credit rating downgrade by Fitch Ratings.
Elombi, who has spent nearly 30 years at the institution, will take over leadership in September 2025 during a period of rapid expansion and growing pressure to reassure global investors.
Elombi’s appointment was confirmed on Saturday at Afreximbank’s 32nd Annual Meetings in Abuja, Nigeria, when shareholders approved his nomination to succeed Benedict Oramah.
Afreximbank under scrutiny
The Cairo-based bank is navigating a critical phase of rapid expansion alongside heightened scrutiny from credit rating agencies.
Last month, Fitch Ratings downgraded Afreximbank’s long-term foreign currency issuer default rating from “BBB” to “BBB-,” citing concerns about the bank’s loan classification and increasing credit risk from African sovereign exposures.
Afreximbank disputes Fitch’s ratings
In response, Afreximbank publicly disputed Fitch’s assessment, arguing the downgrade is “inconsistent with the bank’s financial fundamentals and regulatory compliance.”
The bank criticised Fitch’s methodology, claiming it misclassifies sovereign loans as non-performing and overlooks Afreximbank’s strong loan recovery and provisioning record, asserting it was “misaligned with International Financial Reporting Standards (IFRS)” and fails to take into account the bank’s strong loan recovery and provisioning history.
The statement from Afreximbank has highlighted the increasingly intricate relationships between foreign ratings agencies and African multilaterals.
However, some analysts caution that methods imposed from outside sources could skew the realities of doing business in African credit markets.
According to a senior African central bank official knowledgeable about the bank’s activities, “Elombi inherits an institution that is expanding fast — but also one that must increasingly defend the validity of its business model to global capital markets.”
Elombi’s career at Afreximbank
After beginning his career with Afreximbank in 1996 as a Legal Officer, Elombi has progressively advanced to the position of Executive Vice President, where he is in charge of corporate services, legal affairs, and governance.
He played a vital role in establishing the bank’s principal subsidiaries, AfrexInsure and the Fund for Export Development in Africa (FEDA), and in developing its organisational structure.
During the COVID-19 epidemic, he also served as the chair of the Emergency Response Committee, which helped raise more than US$2 billion for vaccine purchases throughout the Caribbean and Africa.
As the bank works towards its goal of becoming a US$250 billion organisation within the next ten years, he most recently oversaw equity mobilisation operations that garnered US$3.6 billion by April 2025. As of December 2024, Afreximbank had US$40.1 billion in total assets and US$7.2 billion in shareholder capital.
In his acceptance speech, Elombi said: “I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision. As we look to the future, I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are.”
His nomination came after a worldwide search that began in January 2025 and ended on June 28 with board approval and shareholder ultimate approval.
About Afreximbank
Afreximbank was established in 1993 and has since established itself as a key component of Africa’s commercial infrastructure. It is responsible for financing intra- and extra-African commerce.
With the Pan-African Payment and Settlement System (PAPSS) and a US$10 billion Adjustment Fund to assist nations in navigating tariff liberalisation, it has assumed the lead in promoting the African Continental Free Trade Area (AfCFTA).
Despite the Fitch downgrade, Afreximbank still has investment-grade ratings from Moody’s (Baa1), GCR (A), and China’s CCXI (AAA).
The discrepancy reflects the increasing discussion about evaluating multilateral development banks in emerging nations, especially those with quasi-sovereign mandates in credit-stressed areas.