The shareholders of the African Export-Import Bank (Afreximbank) have appointed George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution.

He becomes the fourth president to lead the bank since its establishment in 1993.

His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday.

He succeeds Benedict Oramah, a professor, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September.

A Cameroonian national, Mr Elombi has been with Afreximbank since 1996, as a Legal Officer.

He rose through the ranks to become Executive Vice President, Governance, Legal and Corporate Services.

Over his nearly three decades at the bank, he has served as director and executive secretary (2010–2015); deputy director, legal services / executive secretary (2008–2010); chief legal officer (2003–2008); and senior legal officer (2001–2003).

•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.

The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.

Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.

Adedeji said that the modalities will be put in place ahead of the implementation.

Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.

According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.

President Bola Tinubu said today that the four tax reforms bills he signed into law reflect his administration’s resolve to create a modern, transparent, and efficient tax system capable of supporting national development, promoting investment, and reducing the burden of multiple taxation on citizens.

President Tinubu explained that the laws would be unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.

He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all,” he said.

He added : ” These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.

Designed to overhaul Nigeria’s fiscal and revenue administration framework, the laws which have been described as a major leap in the nation’s economic reform drive.

“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.”