Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, on Saturday administered the oath of office to George Elombi, the Afreximbank new president, in a ceremony that underscored Africa’s growing drive for economic unity and self-reliance.
The event, held during the Afreximbank Legacy Conference and Investiture in Cairo, Egypt, marked a defining moment for the continent’s premier trade finance institution.
Edun described the transition as a symbol of “continuity and renewal,” celebrating the seamless handover from outgoing president Professor Benedict Oramah, who led the bank for nearly a decade.
Afreximbank New President to Build on Oramah’s Legacy
Speaking before African leaders, diplomats, and investors, Edun said Elombi’s appointment as the Afreximbank new president represented a renewed commitment to Africa’s prosperity.
“Elombi, you are no stranger to this institution,” he said.
“You now assume leadership at a defining moment—when Africa’s destiny is being rewritten through resilience and innovation.
This appointment is not merely a change in leadership; it is the dawn of a new era.”
The minister charged the new leader to sustain Afreximbank’s founding philosophy of promoting intra-African trade and financing industrialisation.
“You are called not just to lead a bank but to steward a vision—a vision of an integrated, self-reliant, and prosperous Africa,” Edun added.
A Vision of Prosperous and Integrated Africa
The Afreximbank new president, Elombi, was described as a continuity figure deeply rooted in the institution’s mission.
Having served in senior leadership roles, he is expected to advance Afreximbank’s commitment to deepening financial integration and fostering cross-border trade across Africa.
Edun, who represented President Bola Ahmed Tinubu at the ceremony, conveyed the Nigerian government’s congratulations to Elombi and the entire Afreximbank team.
“On behalf of President Tinubu and the people of Nigeria, I extend warm felicitations on this historic investiture. It is a proud moment for Africa’s financial community,” he said.
He recalled chairing the session during the 32nd Afreximbank Annual Meetings earlier in the year, where Elombi was unanimously selected as the fourth president and chairman of the Board of Directors.
According to Edun, that announcement symbolised the beginning of a new phase in the bank’s role in strengthening Africa’s financial sovereignty and trade ecosystem.
Oramah’s Decade of Transformation
Edun paid glowing tribute to Professor Benedict Oramah, who, he said, redefined trade financing in Africa.
“Over the past decade, under your visionary leadership, Afreximbank has not only financed trade across the continent; it has reshaped Africa’s trade architecture and repositioned the continent in the global economic arena,” he stated.
Among Oramah’s many achievements were the creation of the Pan-African Payment and Settlement System (PAPSS), intra-African trade initiatives, and the introduction of an $800 million facility for special economic zones.
These innovations, according to Edun, have been instrumental in advancing the African Continental Free Trade Area (AfCFTA) and enhancing cross-border commerce.
He praised Oramah for leading the bank through global shocks such as the COVID-19 pandemic, commodity price declines, and the Russia-Ukraine conflict.
“Through it all, you have led with courage and unwavering faith in Africa’s potential. You have been a blessing to Afreximbank, to Africa, and to Africans in the diaspora,” Edun said.
Global Endorsement for Africa’s Financial Future
The ceremony was attended by top dignitaries, including heads of state, central bank governors, and representatives from regional economic blocs.
Their presence, Edun said, reflected a shared vision for a more resilient and economically unified Africa.
“Your participation testifies to the coalition we have built—one grounded in our collective dream of Africa’s prosperity,” he noted.
As the Afreximbank new president, Elombi is expected to continue expanding partnerships with African governments, the African Union (AU), and private sector institutions to strengthen industrialisation, infrastructure development, and trade facilitation.
AU Commends Afreximbank’s Continental Role
In her remarks, Selma Malika Haddadi, Deputy Chairperson of the African Union Commission, commended the Bank’s longstanding collaboration with the AU in advancing industrialisation and continental integration.
She praised Professor Oramah’s leadership, describing his tenure as “marked by courage, humility, and the rare ability to turn vision into tangible results.”
According to her, Afreximbank has emerged as one of the AU’s most trusted partners in implementing key economic frameworks.
Haddadi also congratulated Elombi, expressing optimism about his leadership.
“Leadership is a relay; this afternoon, the torch is passed. You inherit not a vessel awaiting direction, but a strong, visionary, and respected institution. You are the best successor to the best predecessor,” she declared.
The Road Ahead for Afreximbank
As Africa faces new economic realities—ranging from debt challenges to regional trade reforms—the Afreximbank new president is expected to play a critical role in shaping policies that enhance trade competitiveness and financial resilience.
Edun concluded his remarks by formally inviting Elombi to take the oath of office.
“As I close, in accordance with the Charter of the Bank, I now administer the Oath of Office and invite George Elombi to lead Afreximbank into its next transformative era,” he said.
The ceremony closed with renewed optimism for Africa’s collective economic future, reaffirming Afreximbank’s role as the continent’s key engine of trade finance and sustainable growth.
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