At the 32nd Annual General Meeting of Shareholders of the African Export-Import Bank (Afreximbank)
held as part of the Bank’s 2025 Annual Meetings in Abuja, Nigeria, from 25 to 28 June 2025, shareholders
approved a series of key resolutions aimed at strengthening the Bank’s
strategic direction, financial resilience, and governance.
Among the most significant outcomes was the appointment of Dr. George
Elombi as the fourth President and Chairman of the Board of Directors,
succeeding Professor Benedict Oramah, who will step down later this year
after nearly a decade of transformative leadership.
Shareholders also approved the expansion of the Bank’s Concessional
Finance Window, increasing its capital allocation from USD 1 billion to
USD 5 billion, and raising the direct shareholder contribution from USD
200 million to USD 700 million. This substantial expansion reflects the
growing demand for accessible development finance across Africa and the
Caribbean, and strengthens Afreximbank’s capacity to support inclusive
and sustainable economic growth.
In addition, shareholders reaffirmed the commitment of the Bank’s
Member States to Afreximbank’s Preferred Creditor Status (PCS), as
codified in the Bank’s Establishment Agreement, to which all Member
States are signatories. This reaffirmation underscores continued support
for the Afreximbank’s role as a trusted African Multilateral Financial
Institution.
In what marked his final Shareholders’ Meeting, Professor Oramah
welcomed the outcomes and expressed appreciation for the vision and
leadership shown:
“It has been a great honour to serve as President and Chairman of the
Board of Directors of Afreximbank for the past decade. I commend our
shareholders for the bold and strategic decisions taken, particularly
the unwavering reaffirmation of their commitment to respect their
obligations under the Afreximbank Establishment Agreement, through which
the Bank enjoys Preferred Creditor Status across its member states. We
also welcome their decision to increase the size of the Africa Trade
Transformation Fund (ATTF), the Concessional Finance initiative launched
at the 30th Annual Meetings of the Bank, from USD 1 billion to USD 5
billion. These decisions would collectively shape the future of this
great institution and advance Africa’s prosperity.
“I am confident that the Bank is well placed to continue making a
profound impact under the capable leadership of my able successor, Dr.
George Elombi, and I extend my very best wishes to him.”
The shareholders also elected Mr. Wale Edun, Nigeria’s Minister of
Finance and Coordinating Minister of the Economy as Chairman of the
General Meeting for the period 2025/2026 and passed other statutory
resolutions including adoption of the Bank’s audited financial
statements for the year ended 31 December 2024 and appointment of
auditors.
The shareholders in addition confirmed the re-election of Dr. Denny
Hamachila Kalyalya (Zambia), Dr. John Panonesta Mangudya (Zimbabwe) and
Mr. Victor Jérôme Nembelessini-Silué (Côte d’Ivoire) to the
Bank’s Board of Directors. Independent Directors Mr. Anil Dua (United
Kingdom) and Mr. Ronald Sibongiseni Ntuli (South Africa) were also
re-elected. Newly elected Directors include Mrs. Leila Mokaddem
(Tunisia), as a nominee of the African Development Bank.
The shareholders noted the challenges and negative reports disputing
African Multilateral Financial Institutions and undermining the
commitments that African states have made in the treaties establishing
these institutions, including Afreximbank.
In a statement unanimously endorsed and adopted by the General Meeting,
Mr. Wale Edun, Nigeria’s Minister of Finance and Chairman of the
General Meeting, affirmed the shareholders’ unwavering confidence in
the Bank’s financial resilience and mandate to drive Africa’s
trade-led growth.
Mr. Edun stated: “The shareholders affirm their respect for the 1993
treaty establishing Afreximbank, signed and ratified by African states,
noting that it enshrined binding sovereign commitments and underpinned
the preferred creditor status (PCS) of the Bank, shielding its loans
from sovereign debt restructurings.
“Additionally, shareholders reaffirm the commitment of the Bank’s
Member States to the Preferred Creditor Status (PCS) enshrined in the
Bank’s Establishment Agreement to which all Member States are
signatories and call for collective responsibility in safeguarding the
integrity of African Multilateral Financial Institutions (AMFIs).
“This meeting confirms shareholders’ full commitment to supporting
the Bank’s mission, and call upon all stakeholders to engage
constructively, reflecting the Bank’s robust legal protections and
credit fundamentals.”
This collective statement by Afreximbank’s shareholders sends a strong
signal to partners, rating agencies, and the broader financial
community: the Bank remains a trusted and protected institution anchored
by solid legal foundations and an unwavering mandate to drive Africa’s
economic transformation through trade.
Nearly 6,000 delegates attended the 32nd Afreximbank Annual Meetings,
making it the Bank’s most highly attended Annual Meeting in its
32-year history. Attendees included 22 current and former African and
Caribbean Heads of State or their representatives, as well as
policymakers, academics, business leaders and high-profile dignitaries.
