The new President and Chairman of the Board of Directors of the African Export-Import Bank, George Elombi, on Saturday disclosed that Africa’s richest man, Aliko Dangote, is seeking an additional $5bn to expand his refinery in Lagos.

Speaking during his inaugural address at Afreximbank’s investiture ceremony in Cairo, Elombi said Dangote personally informed him of the plan earlier in the day, adding that the bank would explore all possible avenues to raise the funds.

“Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery. We have agreed to look for the money wherever it is, in Afreximbank, in your individual accounts. We believe it has to be done.

“If it is done, it will double his production and cut prices by 50 per cent, maybe for Nigeria and for all the countries along this West African coast. This will be a significant change,” he told the gathering.

The $20bn Dangote Refinery was largely financed by Afreximbank and has been described as a game changer in Nigeria’s energy landscape.

Elombi said the expansion, if completed, would transform fuel supply in the sub-region and bring down costs in a way that would ripple across West African economies.

In his speech, Elombi also praised his predecessor, Professor Benedict Oramah, whose tenure saw the bank’s assets rise more than eightfold to $43.5bn in a decade, revenues climb to $3.24bn, and shareholders’ funds increase from $1bn to $7.5bn.

He pledged to build on these achievements and outlined his vision for the bank, including support for value addition in strategic minerals, deeper implementation of the African Continental Free Trade Area, investments in trade-enabling infrastructure, and the use of digital technology to strengthen integration.

Elombi warned, however, of growing external hostility to Africa’s multilateral financial institutions, which he described as coordinated attacks on African sovereignty.

According to him, Afreximbank’s mandate is to change the structure of Africa’s trade by financing production and processing, not to remain a narrow commodity financier.

“How can Africa trade unless it produces? And how can it produce without transforming the very structure of its trade? This structural transformation is not mission drift; it is mission delivery,” he said.

Elombi added that Afreximbank’s shareholders had set him the target of growing the bank’s balance sheet to $250bn within 10 years, while some African leaders had challenged him to aim for $350bn.

He said this ambition would be pursued with sound risk management, stressing that every dollar on the bank’s balance sheet must translate into real impact across the continent.

Speaking earlier, the President of the Dangote Group, Aliko Dangote, used the occasion to congratulate Elombi on his assumption of office as President of Afreximbank, praising his track record and pledging personal support for his leadership.

He commended Elombi for his role in Afreximbank’s transformation over the past decade, noting how the institution had grown from a $6bn operation to about $44bn in assets.

According to him, the incoming president’s steady hand during the bank’s COVID-19 crisis response, which covered Africa and the Caribbean, showed Africa’s ability to handle global shocks and should be a model for other institutions.

Dangote added that Elombi’s “drive, boldness, commitment, and steady disposition” were suited to steering a new chapter for the lender.

He stressed that the president’s focus on the protection of African trade and production was critical for the continent’s economic security, particularly in creating opportunities for its expanding youth population.

The industrialist also linked Afreximbank’s trajectory to broader continental ambitions, saying, “At the WTO, our Vision 2030 Strategic Plan projects that we will be a $100bn organisation in the next five years.

“However, having you now at the leadership of this great institution, I am sure our targets will be met much sooner based on our existing great partnership,” he said.

Dangote pledged the support of the Dangote Group to the bank under its new leadership, stating, “You have my personal support and assurances that, as Dangote Group, we shall be by your side as you lead this new success of our future plan.”

PUNCH Online in August 2025 reported that Afreximbank signed a $1.35bn financing facility in favour of Dangote Industries Limited.

In a statement from the Continental Bank, it was revealed that the facility is part of a larger $4bn syndicated financing arrangement for Dangote Industries Limited, in which Afreximbank acted as the Mandated Lead Arranger for the syndication.

This financing, one of the largest syndicated loans in recent African financial markets, would refinance capital expended on constructing the Dangote Petroleum Refinery and Petrochemicals Complex, the world’s largest single-train refinery with a capacity of 650,000 barrels per day.

The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.

Afreximbank contributed $1.35bn, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialisation, energy security, and intra-African trade.