Keypoints:
- Afreximbank, AfDB, Standard Bank and Absa appoint new leaders
- New deals back mining, rail and clean energy
- Institutions reposition to fund Africa’s growth
AFRICA’S leading financial institutions are undergoing major leadership transitions in 2025 as they reposition to fuel the continent’s push for mineral industrialisation, infrastructure development, and long-term economic transformation.
Newly appointed leaders at multilateral and commercial banks are shifting strategies to better support value addition in mining, improve energy infrastructure, and unlock trade across critical corridors.
Afreximbank and AfDB usher in new leadership
In June, the African Export–Import Bank (Afreximbank) announced the appointment of Dr George Elombi as President and Chairman of the Board, succeeding Professor Benedict Oramah after nearly a decade of stewardship. Dr Elombi is expected to steer the bank towards an ambitious $250bn scale-up, positioning it as a central enabler of Africa’s mineral-led growth.
A month earlier, the African Development Bank (AfDB) elected Sidi Ould Tah to replace long-serving President Akinwumi Adesina. The bank has since expanded its capital base to $318bn and is pursuing a $25bn replenishment round. A diversified bond issuance strategy is also being rolled out to strengthen infrastructure and industrial finance across the continent.
Commercial banks pivot under new CEOs
Leadership transitions have also reached Africa’s largest commercial banks. In April, Standard Bank named Sim Tshabalala as interim Chief Executive Officer, while Absa Group appointed Kenny Fihla as CEO in March.
These appointments reflect broader strategic shifts as commercial lenders deepen their involvement in mining, renewable energy, and logistics finance — key sectors for Africa’s next phase of industrialisation.
Major deals underline new investment priorities
Recent financing deals underscore this new direction. In June, Afreximbank signed a $3.8bn agreement with the Government of Gabon to fund gold and manganese trade, energy infrastructure, and rail transport projects. The bank also extended a $25 million facility to Lilium Gold to support operations at the Boungou and Wahgnion gold mines in Burkina Faso.
The AfDB has approved $325 million in funding to Mauritania’s state-owned SNIM to modernise logistics infrastructure and equipment along its iron-ore corridor, supporting more efficient mineral exports.
Clean energy and rare earths gain traction
Commercial banks are also funnelling capital into critical energy and rare earths projects. In South Africa, Standard Bank is providing $300 million to Northam Platinum to develop a 140 MW wind power plant, ensuring long-term energy security for its mining operations.
The bank is additionally co-financing a $38.5million deal with Lotus Resources for the Kayelekera Uranium Project in Malawi, reflecting growing investor interest in Africa’s role in the nuclear energy value chain.
Absa Bank is backing Angola’s Longonjo Rare Earth Project, operated by Pensana, with an $80m facility. The mine is expected to supply up to 5 percent of the world’s magnet rare earth elements — vital inputs for electric vehicle production and green technologies.
Strategic realignment in African finance
This year’s leadership changes are more than a reshuffle — they mark a coordinated recalibration of finance in Africa. Multilateral and commercial banks alike are embracing a long-term vision anchored in industrialisation, energy security, and value-added resource development.
With stronger capital bases and new mandates, Africa’s financial giants are signalling that they are not just lenders, but strategic players in driving the continent’s mineral-powered future.
