Nigeria presides over historic leadership handover at Afreximbank in Cairo

Abdullateef Fowewe

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday presided over a historic leadership handover ceremony at the African Export–Import Bank (Afreximbank) headquarters in Cairo, Egypt, marking a defining moment for Africa’s financial and trade landscape.

During the event, Dr George Elombi was officially invested as the new President and Chairman of the Board of Directors of Afreximbank, succeeding Professor Benedict Oramah, whose decade-long tenure transformed the institution into a leading force in Africa’s trade financing and economic integration.

According to a statement by the Federal Ministry of Finance, the transition “reaffirms Afreximbank’s central role in advancing Africa’s trade integration, industrialisation, and shared prosperity.”

Chairing the Afreximbank General Meeting, Edun praised Professor Oramah’s visionary leadership, noting that under his guidance, initiatives such as the Pan-African Payment and Settlement System (PAPSS) and the AfCFTA Adjustment Fund strengthened the Bank’s balance sheet and deepened the continent’s financial resilience.

“These initiatives have significantly expanded opportunities for Nigerian businesses, facilitating smoother regional trade, easier currency settlement, and greater access to growth capital,” Edun said.

He described the leadership transition as “a reaffirmation of Africa’s collective capacity to finance its development and chart its own economic destiny.”

The appointment of Dr Elombi, a seasoned executive within the Bank, “ensures continuity of Afreximbank’s mission to empower Africa’s private sector,” Edun added.

For Nigeria, the leadership change is expected to enhance access to continental financing mechanisms, support ongoing economic reforms, and unlock export opportunities for domestic enterprises across key sectors.