The Bureau News | Abuja, Nigeria
At the 32nd Annual General Meeting of the African Export-Import Bank (Afreximbank) held in Abuja, Nigeria, shareholders approved landmark resolutions aimed at deepening the Bank’s development mandate, increasing financial resilience, and affirming legal protections for its operations across Africa.
The meeting, held from June 25–28, 2025, saw the appointment of Dr. George Elombi as the new President and Chairman of the Board, succeeding Prof. Benedict Oramah, whose decade-long leadership was widely commended.
“It has been a great honour to serve this remarkable institution,” Oramah said in his farewell speech. “The bold steps taken today—particularly the reaffirmation of Preferred Creditor Status and expansion of our concessional window—will help shape Africa’s future through inclusive trade and economic growth.”
Concessional Finance Window Expanded to $5 Billion
A major highlight of the meeting was the decision to expand Afreximbank’s Concessional Finance Window—also known as the Africa Trade Transformation Fund (ATTF)—from $1 billion to $5 billion. This includes a boost in direct shareholder contributions from $200 million to $700 million, aimed at meeting growing demand for accessible finance across Africa and the Caribbean.
The expansion is designed to support inclusive, trade-led, and sustainable development, especially for nations facing liquidity constraints or climate vulnerabilities.
Commitment to Preferred Creditor Status Reaffirmed
Shareholders also issued a strong, unified declaration reaffirming the Preferred Creditor Status (PCS) of Afreximbank, as outlined in the 1993 Establishment Treaty, which shields the Bank’s loans from sovereign debt restructuring processes.
Speaking on behalf of shareholders, Mr. Wale Edun, Nigeria’s Minister of Finance and newly elected Chairman of the General Meeting (2025/2026), emphasized the binding sovereign commitments made by African states under the treaty.
“This meeting confirms our full commitment to Afreximbank’s mission. We call on all stakeholders to uphold the legal and credit integrity of African Multilateral Financial Institutions (AMFIs),” Edun stated.
Governance and Board Resolutions
In addition to the presidential transition, shareholders approved the 2024 audited financial statements, reappointed external auditors, and elected/re-elected key Board members:
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Re-elected: Dr. Denny Kalyalya (Zambia), Dr. John Mangudya (Zimbabwe), Mr. Victor Nembelessini-Silué (Côte d’Ivoire)
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Re-elected Independent Directors: Mr. Anil Dua (UK), Mr. Ronald Sibongiseni Ntuli (South Africa)
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Newly elected: Mrs. Leila Mokaddem (Tunisia), nominee of the African Development Bank
Most Attended Annual Meeting in Afreximbank History
The 2025 meetings marked the highest attendance in Afreximbank’s 32-year history, with nearly 6,000 delegates, including 22 African and Caribbean Heads of State or their representatives, top policymakers, academics, and business leaders.
The collective message from the event was clear: Afreximbank remains a solid and trusted African financial institution, backed by strong legal protections, an expanding capital base, and an unshakable mandate to drive Africa’s prosperity through trade.
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