The African Export-Import Bank (Afreximbank) has marked the end of the tenure of its outgoing President and Chairman of the Board of Directors, Prof. Benedict Okey Oramah, with a legacy conference.
The farewell conference held in Cairo, Egypt, was attended by more than 2,000 guests, according to a statement on Sunday, October 26, by Afreximbank.
It attracted heads of state, former heads of state, other government leaders and representatives from across Africa and the Caribbean.
Others were top African business leaders, all former Afreximbank presidents, Afreximbank president designate, members of the bank’s board of directors, shareholders, serving and former staff members, friends and family of Oramah and Afreximbank as well as a host of other dignitaries.
At the conference, Oramah announced that he made the promotion of intra-African trade and investment the arrowhead of the bank’s strategy when he took office because of a conviction that it was the only viable path forward for Africa’s development and economic emancipation.
Philosophy that propelled us
In a farewell address, Oramah said, “Our philosophy was borne out of the conviction that the only viable path forward for Africa’s development and economic emancipation would aggressively reverse-engineer the colonial strategy of ‘divide-and-rule’ and ‘divide-and-conquer’ that had, for decades, pinned Africa and people of African descent down in the dustbin of despair and desperation.
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“Accordingly, our philosophy was that Africa’s development dynamo must be powered from within, as hundreds of years of history, had shown us that external interests had been mostly predatory and parasitic, unless engaged from a position of strength and purpose.”
He added that, because Afreximbank fought on all fronts, “we can point to tangible differences the Bank has made; we can now point to those things that now exist, those new institutional arrangements and interventions that have now joined as formidable forces in Africa’s armoury in its fight towards true self-determination – those things that we look up to today, many of which were mere hopes and aspirations, 10 years ago.”
Incoming president hails Oramah’s achievements
Earlier, President Designate of Afreximbank, George Elombi, described Oramah as “one of the few in the world, the 0.8 per cent, who combines vision and execution.”
He noted that under his leadership, Afreximbank and its willing partners built a solid foundation for enhancing intra-African trade and industrial development.
“Instruments were created to dismantle the obstacles that have hindered Africa’s progress for nearly seven decades since Africa’s independence. He confronted the challenges of Africa’s industrial underdevelopment head-on, building on the work of those who came before him,” Elombi said.
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He noted that Afreximbank was now one of the key multilateral financial institutions leading Africa’s development efforts, particularly in implementing the African Continental Free Trade Agreement (AfCFTA) and transforming the continent’s industrial landscape.
“Oramah has turned decades and centuries-old political wishes into tangible gains for all Africans,” he added.
Oramah’s 10-year visionary leadership
Oramah’s 10-year tenure, which began in September 2015, saw Afreximbank’s balance sheet and guarantees grow almost eightfold, from $6 billion when he took office to almost $44 billion as of September 2025.
His tenure also saw the introduction and implementation of far-reaching products, programmes and initiatives specifically designed to address the challenges facing Africa’s trade and economic growth, helping to cement Afreximbank’s place as Africa’s foremost trade finance institution.
During his time, Afreximbank’s support played a significant role in putting the implementation of the AfCFTA ahead of schedule.
The Pan-African Payment and Settlement System (PAPSS), which it has backed with a $3 billion clearing and settlement facility, has become operational in 20 countries and has made it possible for African countries to trade across borders in their own local currencies.
According to Afreximbank, the AfCFTA Adjustment Funds, which it supported with a $1 billion commitment and a partnership with the AfCFTA Secretariat, are enabling AFCFTA participating states to adjust in an orderly manner to the new trading regime.
It stated further that the biennial Intra-African Trade Fair, introduced by Afreximbank in 2018, is tackling the challenge of limited access to trade and investment information across Africa and has, in its four editions, attracted over $170 billion in trade and investment deals and 180,000 visitors.
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Moreover, the Bank’s digital platform, the Africa Trade Gateway, is using digital technology to break down information barriers, while the Afreximbank Africa Trade Centres, which have sprung up across the continent, are providing solid platforms for intra-African trade and investment information, it said.
In the area of standards, through the bank’s testing and certification centres, about 500 standards for pharmaceuticals and medical equipment, agriculture, automobiles, textiles, etc. have been harmonised, enabling smoother intra-African trade as the Bank continues to build more centres across Africa to ensure that there is infrastructure to implement the standards it has helped to harmonise.
It said working with the AFCFTA Secretariat and COMESA, Afreximbank launched the African Collaborative Transit Guarantee Scheme, supported by $1 billion in guarantee limits, which addresses the transit barriers to the movement of goods across borders.
“In addition, Afreximbank is supporting the development of industrial parks and special economic zones across Africa, creating exports where none existed, including the emergence of heavy industries, such as the Dangote Refinery and Petrochemical plant in Nigeria.
“Also, importantly, the Bank’s work has ignited socio-cultural and economic ties between Africa and the CARICOM and the broader African diaspora and its execution of African Medical Centre of Excellence projects has paved the way for quality healthcare to become accessible to many Africans,” Afreximbank stated.
It noted other significant accomplishments to include the bank’s COVID-19 intervention when it disbursed over $10 billion to enable Africa to fend for itself during the COVID-19 Pandemic.
The bank also put up $2 billion that enabled Africa and the Caribbean to procure COVID-19 vaccines.
It added that under President Oramah, Afreximbank recently launched the African Trade and Distribution Company (ATDC), an institution designed to tackle logistical hurdles in cross-border trade within the continent.
The legacy conference also featured tributes delivered by Afreximbank staff, members of the business community, political leaders, friends and other people from various walks of life who were impacted by the work of Oramah.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
