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After 10 years of meritorious and exceptional leadership as the President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), Prof Benedict Oramah recently bowed out of the multilateral finance institution. His exit came after his exceptional performance in transforming a modest trade bank to both a development and multilateral financial powerhouse.
At the valedictory ceremony laced with emotional tributes at the bank’s headquarters in Cairo, Egypt, Oramah was described as ‘Africa’s trade architect, a scholar, and visionary.’ There is no doubt that Oramah merited the accolades. His successor, Dr George Elombi, from Cameroon, had pledged to build on the legacy of Oramah, just as he unveiled his five-year strategic plan agenda anchored on innovation and unity of purpose in taking Afreximbank to greater heights. He made the pledge during his investiture administered by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
When Oramah assumed office in 2015 as Afreximbank President, it was a familiar turf, having joined the bank in 1994 as Chief Analyst.
He was promoted to the position of Senior Director, Planning and Business Development in 2007. Prior to joining Afreximbank, he was an Assistant Research Manager at the Nigerian Export-Import Bank from 1992-1994.
“When I joined Afreximbank, I knew I was not just entering another institution, I was joining a movement,” Oramah stated. Nevertheless, Oramah saw his elevation as a call for service. Instructively, he didn’t deviate from that focus in his 10 years at the bank. He expectedly turned the bank’s balance sheet from a modest US$6billion to US$44billion, almost eightfold as of September 2025.
During his tenure, the bank paid a total of $1.4billion in dividends to shareholders. This was due to the bank’s sharp focus on and commitment to institutional strength and financial solvency that consequently yielded huge revenues and net income, as well as overall growth in assets. Under his leadership, Afreximbank launched some breathtaking initiatives that attested to his bright ideas, foresightedness and commitment to shared objectives of the bank and shareholders. He also redefined the continent’s trade sovereignty, development, and economic emancipation. He strengthened the South-South, cooperation, especially between Africa and the Caribbean. To his credit, the bank is now one of the key multilateral institutions leading Africa’s development efforts, particularly in implementing the African Continental Free Trade Agreement (AfCfTA). Besides, the AfCfTA Adjustment Funds, supported by Afreximbank’s $1billion, is rapidly helping participating countries to adjust smoothly to the new trading regime.
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Under Oramah’s leadership, Afreximbank provided $10billion for COVID-19 containment and additional $2billion for the procurement of vaccines for Africa and the Caribbean. His leadership witnessed the introduction and implementation of products, programmes and initiatives designed to address the challenges facing Africa’s trade and economic growth. This helped to solidify the bank’s place as the continent’s foremost trade finance institution. One of such innovative products is the Pan-African Payment and Settlement System (PAPSS).
Supported with $3billion clearing and settlement facility, it has become operational in at least 20 African countries. PAPSS enables African nations to trade across borders in their local currencies. Many Nigerian banks have already started serving their customers with the product, using the naira account. Beyond these programmes and product development initiatives, the bank’s biennial intra-African Trade Fair, introduced in 2018 under the leadership of Oramah to address the challenge of limited access to trade and investment information across Africa, has attracted over $170billion in trade and investment deals, and over 180,000 visitors.
History will also remember him for initiating the African Medical Centre of Excellence in Abuja to address unique health challenges. Like Oramah, Elombi is not a stranger in Afreximbank, having joined the Bank in 1996 as a legal officer. He holds LLM and PhD degrees in Law (International Commercial Arbitration), with nearly three decades of service in the bank. He is the 4th President and Chairman of Afreximbank. The blueprint he unveiled at his investiture is anchored on a seven-point agenda designed to mark a new era for the bank and reshape Africa’s economic landscape and enhance value addition across industries.
His strategic plan revolves around four pillars: mineral processing, intra-Africa trade, trade-enabling infrastructure, and digital technology adoption. He also promised to stop export of raw commodities and promote processing within the continent that will build sustainable value chains. It will be financed by the bank. According to him, the bank “is no longer interested in financing the export of Africa’s raw materials.”
It is good to sustain this vision. Moreover, Afreximbank recent growth trajectory must be sustained, and even surpassed during Elombi’s tenure. Africa has the talents and capabilities to transform itself and institutions with little help from outside. It is heart-warming that Prof Benedict Oramah demonstrated exceptional leadership in managing the affairs of Afreximbank. Therefore, his exemplary leadership is commendable.
