Professor Benedict Oramah Concludes Transformative Decade at Afreximbank
After an illustrious 32-year career dedicated to African economic development, Professor Benedict Oramah today, June 28, 2025, officially concluded his remarkable tenure as the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank). His departure marks the end of a decade of unparalleled growth and strategic vision that has reshaped the continent's financial landscape.
Professor Oramah's journey with Afreximbank began at its very inception in 1993. His deep understanding of Africa's unique challenges and boundless opportunities laid the groundwork for his eventual rise to the bank's highest office. Elected President in 2015 and re-elected in 2020, his leadership has been nothing short of transformative.
Under his stewardship, Afreximbank's assets soared from approximately $4 billion to over $40 billion, while annual revenues saw a dramatic increase, culminating in a net profit of $1 billion in 2024. Throughout his presidency, he orchestrated the mobilization of over $155 billion into Africa, with a keen focus on boosting intra-African trade financing. His ambitious goal to double this trade, aiming for it to constitute at least 40% of the bank's total assets, underscores his commitment to continental self-reliance.
Oramah's tenure also saw Afreximbank rise as a crucial pillar of support during times of crisis. The bank played a pivotal role in cushioning African economies against the ravages of the COVID-19 pandemic, commodity price shocks, and disrupted global supply chains. His leadership has seen Afreximbank evolve from a nascent institution into one of Africa's most consequential multilateral financial powerhouses, a testament to his unwavering belief in the continent's potential.
Key initiatives during his presidency include robust support for flagship projects across Africa, encompassing major infrastructure developments, vital healthcare initiatives like the African Medical Centre of Excellence, and significant industrialization efforts, notably the groundbreaking Dangote Refinery. He also championed strategic partnerships and advocated for an "African Best Practice" doctrine, emphasizing African-led solutions rooted in capital mastery, rapid execution, and continental solidarity, rather than solely relying on Western standards.
In a fitting tribute to his immense contributions, Nigerian President Bola Ahmed Tinubu yesterday, June 27, 2025, conferred the national honor of Grand Commander of the Order of the Niger (GCON) upon Professor Oramah. His final days as President coincided with the 32nd Annual Meetings of Afreximbank, held this week in Abuja, providing a platform to reflect on the bank's extraordinary journey and chart its future course.
As Professor Benedict Oramah steps down, he leaves behind an indelible legacy of transforming Afreximbank into a formidable force for African economic development and integration. While the search for his successor is underway, with Dr. George Elombi, Executive Vice President of Governance, Legal, and Corporate Services, seen as a likely candidate, the foundation laid by Oramah ensures continued growth and consolidation of his vision.
