… As Elombi Emerges Afreximbank President, Targets $250bn Assets
By Ladi Patrick
Nigeria and Rwanda have signed a Double Taxation Treaty on the sidelines of AfreximBank Annual Meetings.
The treaty will spur cross-border investment and economic according to the Federal Ministry of Finance in a tweet on X.
Both countries sealed the deal on Friday at the sidelines of the AfreximBank Annual Meeting in Abuja.
The agreement is dubbed, ‘Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income’.
Signatories to the agreement are the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Rwandan counterpart, Minister of Finance and Economic Planning, Yusuf Murangwa.
Edun said, “This agreement is a critical tool for promoting cross-border investment, ensuring tax certainty, and eliminating the risk of being taxed twice on the same income.
“It supports our broader objective of unlocking private sector capital, accelerating intra-African trade, and positioning Nigeria as a competitive destination for investment under the African Continental Free Trade Area ,AfCFTA”.
The treaty simplifies tax administration, improves transparency, and aligns Nigeria with global standards, ensuring that both governments can protect taxpayers, reduce loopholes, and combat fiscal abuse.
It is expected to bolster confidence among investors operating in both countries, particularly in sectors such as technology, finance, agriculture, and logistics.
Murangwa said, “This agreement is a testament to the strong partnership between Rwanda and Nigeria, and a critical step in creating a unified, investor-friendly Africa.
“We believe this will serve as a model for deeper regional integration and shared prosperity”.
Meanwhile, Shareholders of Afreximbank have approved the appointment of Dr. George Elombi as the bank’s next President and Chairman of the Board of Directors, effective September 2025.
A Cameroonian national and seasoned executive, Elombi has been with the bank since 1996, rising through the ranks to become Executive Vice President, Governance, Legal and Corporate Services. He succeeds Prof. Benedict Oramah, who has led the bank since 2015.
Elombi brings a deep understanding of the bank’s mission and structure, having played a central role in shaping Afreximbank Group’s structure, legal and institutional frameworks, expanding its capital base, and leading crisis response efforts across Africa and the Caribbean.
“I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are”, he said during his acceptance remarks.
His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from June 25-28, with the formal annual general meeting of shareholders taking place on Saturday, June 28, 2025.
Prior to joining Afreximbank, he lectured law at the University of Hull, United Kingdom.
Elombi played a pivotal role in establishing Afreximbank group’s structure, including the formation of key subsidiaries that have expanded the bank’s capacity to deliver on its mandate.
As Chair. of the Emergency Response Committee, he led the Bank’s response to the COVID-19 crisis, mobilising over $2bn for vaccine acquisition and deployment across African and Caribbean nations.
Under his supervision of the Equity Mobilisation and Investor Relations department, the Bank’s total ordinary equity mobilised amounted to $3.6bn as of April 2025.
In his acceptance speech, Elombi expressed a deep commitment to the Bank’s mission and future, stating.
He stated, “I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate as well as its growth.
“As we look to the future, I see Afreximbank as a force for industrialising Africa and for re-gaining the dignity of Africans wherever they are. “I will work to preserve this important asset”.
He accepted the shareholders’ desire as expressed by his predecessor to make the institution a $250bn bank in ten years.
The bank’s total assets and guarantees reached over $37.3bn, with shareholder funds at $6.1 billion at the end of 2023.
