Afreximbank under Oramah’s decade of leadership described as generational impact —President Tinubu

By: Goodluck E. Adubazi, Abuja.

President of Nigeria has conferred the nation’s second-highest national honour, the Grand Commander of the Order of the Niger (GCON), on Prof. Benedict Oramah, in recognition of his exceptional decade of leadership at Afreximbank, describing his accomplishments as a generational impact.

“Let me pay special homage to our father, Olusegun Obasanjo, all former Vice Presidents, distinguished ladies and gentlemen. Please pay attention — today is your day, Prof. Oramah. Listening to the eloquent report and account you presented, along with the conclusion and lessons for your friends and partners, it is a great honour to stand here and say, well done,” the President said.

Continuing, the President added: “Welcoming every one of you to Abuja for the 32nd Afreximbank Annual Meetings 2025, Nigeria is proud to host this gathering as Africa’s most populous nation and one of the continent’s strongest voices for unity.”

He noted that the event is more than just a routine meeting—it is a moment to reflect on Africa’s collective resilience and renew its commitment to shaping a bold and deliberate future.

Speaking on the theme of the meeting, “Building the Future on Decades of Resilience,” President Tinubu stated: “Under Prof. Benedict Oramah’s steadfast leadership, Afreximbank has grown its assets from \$5 billion to over \$37 billion across two terms. His decade of leadership championed Africa’s pandemic response, drove industrialization, supported the African Continental Free Trade Area, and empowered the continent’s creative economy. This legacy is truly generational. Thank you.”

He further remarked: “Thirty-two years ago, Afreximbank was born out of Africa’s resolve to own its development. With over \$250 billion mobilized from trade and development—\$150 billion in the last decade alone—the bank has become a pillar of Africa’s progress. Nigeria has proudly benefited from over \$250 billion in support directed to energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industry.”

The President also highlighted flagship projects like the Dangote and BUA Refineries, the African Medical Centre of Excellence (AMCE), and the African Quality Assurance Centre as testament to Afreximbank’s transformative impact.

This partnership, he said, extends beyond capital. “Nigeria, as the host of the first Pan-African Payment and Settlement System (PAPSS), is taking a significant step toward financial independence. Thank you, Oramah! PAPSS enables cross-border trade in local currency, reducing foreign exchange pressures and enhancing economic stability. I urge all African nations to embrace PAPSS,” President Tinubu emphasized.

Earlier, Prof. Benedict Oramah, President of Afreximbank, presented his stewardship report and was praised by policymakers and leaders for adopting the “African Best Practice.”

“Because of the African Best Practice, we were able to support African businesses such as Dangote Refinery and Petrochemical Industry with over \$4 billion. That complex is helping to reduce petroleum imports into Nigeria by \$10–12 billion annually,” Oramah said.

According to him, the African Best Practice reflects the understanding that African-owned and controlled capital is essential for unlocking development and should be deployed boldly, expertly, and in service to the people.

“Our approach at Afreximbank has been to pioneer an alternative best practice—an African Best Practice—because every great nation charts its own course,” Oramah stated.

He also noted the bank’s success in advancing the aspirations set out in 1963 by the founders of the Organization of African Unity (OAU), including establishing a continental free trade area, trade fairs, and an African Payment Union.

Afreximbank, he said, became a direct participant in the Cross-Border Interbank Payment System (CIPS), enabling support for RMB transactions expected to boost Africa’s exports, in line with China’s duty-free concessions to African nations.

Since the launch of Afreximbank Trade Payment Services (AfPay) in 2020, over \$68 billion in trade has been processed for banks and corporates across 61 African and Caribbean countries. Additionally, \$33 billion in local currency issuance confirmations were facilitated in over 30 countries.

The third day of the 32nd Afreximbank Annual Meetings 2025 featured a robust panel with African industry leaders, including Aliko Dangote, Founder and President of Dangote Group, and Tony Elumelu, Chairman of UBA Group. They praised Afreximbank’s role in advancing African-owned enterprises.

“Africa and Africans will thrive if our financial institutions support our homegrown enterprises,” Dangote said.

Dr. George Elombi, Executive Vice President, Governance, Legal & Corporate Services at Afreximbank, opened Day 3 under the theme: “The Role of Africa’s Financial Institutions in a Fractured World,” urging Africans to prioritize intra-continental trade.

In a high-level session moderated by H.E. Mahmoud Ali Youssouf of the African Union Commission and H.E. Dr. Carla Barnett, Secretary-General of CARICOM, Aliko Dangote declared: “Africa can rise in a fractured world. There is promise in this continent. AfCFTA has united 58 African countries into a single market.”

Policymakers and former heads of state reflected on Africa’s 1.4 billion-strong population and emphasized that unity, not talent or ideas, is Africa’s missing link to greatness.

For Africa to rise, Dangote and Elumelu emphasized the need for stable electricity and policy consistency.

“Afreximbank is the Maradona of Africa’s financial field. If we had 10 institutions like Afreximbank across Africa, we would be on top,” Dangote declared.

“Afreximbank’s \$600 million support transformed our energy company,” Elumelu added. “It is helping to capitalize the continent.”

Day 3 also witnessed the signing of several development deals, including a €200 million power sector fund with Gabon, a \$3.58 billion AfCFTA deal, and \$233 million agreements facilitated by Afreximbank.

A presidential session themed “Can Africa and the Caribbean Rise in a Fractured World? The Strategic Role of Afreximbank” featured insights from notable former African and Caribbean leaders including Chief Olusegun Obasanjo (Nigeria), H.E. Macky Sall (Senegal), H.E. Mahamadou Issoufou (Niger), H.E. Nana Addo Dankwa Akufo-Addo (Ghana), H.E. Hailemariam Desalegn (Ethiopia), and the Most Honourable P. J. Patterson (Jamaica).

The session, broadcast in English and French, concluded with a call to deepen the relevance of African multilateral finance institutions and commit to policy strategies that promote self-reliance and development across the continent.