At a one-day farewell conference held in honour of Professor Benedict Oramah, the immediate past President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), tributes poured in from across the continent, celebrating a man whose transformative leadership has reshaped Africa’s economic and trade landscape.
Delivering the opening remarks, Dr. George Elombi, President of Afreximbank, described Oramah as a visionary leader whose combination of foresight and execution has left an indelible mark on the institution and the continent.
“These sessions will be about the vision and the actions of an individual who has contributed enormously to our continent,” Elombi stated. “In June this year, the Governor of the Central Bank of Nigeria, Yemi Cardoso, described Professor Oramah as one of the few in the world — the 0.8% — who combines vision with execution. According to him, some have vision but cannot execute.”
Reflecting on their shared journey, Elombi recalled joining Afreximbank in 1996 when Oramah was already a rising force within the institution. “His energy, courage, and tenacity were very evident. He did everything — a credit officer, legal officer, strategist, and adviser to the president. He was not cautious; he believed everything was possible,” he said, painting a picture of a relentless leader determined to break barriers.
His vision
By the time Oramah assumed the presidency of Afreximbank in 2015, his vision was both clear and ambitious. He sought to accelerate Africa’s trade, deepen its industrial capabilities, and expand its economic frontiers through what Elombi described as a “portfolio approach” — a model that addressed not just trade itself but also the infrastructure, institutions, and systems that sustain it.
“Building upon the foundations laid by his predecessors, he aimed to grow Africa’s trade in leaps and bounds by expanding interventions and executing ideas that many once considered overambitious. This approach tackled the interlinked challenges that have long constrained Africa’s trade and development,” Elombi noted.
Under Oramah’s leadership, Afreximbank evolved from a modest institution with assets of $6 billion in 2015 into a continental powerhouse boasting over $40 billion in assets. This exponential growth not only strengthened Africa’s trade finance architecture but also positioned the Bank as a key player in shaping the continent’s economic future.
The period also saw the creation of several strategic subsidiaries and initiatives, including:
- FEDA (Fund for Export Development in Africa) – to promote equity investments in key sectors;
- AfrexInsure – to de-risk African trade and investment;
- A project preparation fund – to bridge the financing gap in infrastructure development;
- A concessionary finance window – to support fragile and emerging economies; and
- The African Medical Centre of Excellence (AMCE) – a groundbreaking quaternary healthcare initiative aimed at reducing Africa’s dependence on medical tourism.
Through these initiatives, Oramah championed a holistic vision that linked trade, industrialization, and human development. His leadership ensured Afreximbank became not just a lender, but a catalyst for structural transformation, one that prioritizes African solutions to African challenges.
Continental achievements
Elombi emphasized that Oramah’s achievements were not just institutional but continental in scope. “Brick by brick, Afreximbank and its partners built a solid foundation for enhancing intra-African trade and industrial development. Instruments were created in quick succession to dismantle the obstacles that have hindered Africa’s progress for nearly seven decades,” he said.
As the curtains draw on Professor Oramah’s remarkable tenure, his legacy endures in the thriving frameworks of the African Continental Free Trade Area (AfCFTA) that Afreximbank has championed, in the Bank’s unprecedented financial growth, and in the enduring belief that Africa can trade its way to prosperity.
Oramah leaves behind a legacy not just of numbers and institutions, but of vision realized through action, proving that bold dreams for Africa can indeed be turned into enduring realities.
