Afreximbank President Recognized for Transformative Leadership in Africa’s Energy Sector

Professor Oramah has also championed renewable energy projects, providing significant financing for solar and gas initiatives across the continent.

Professor Benedict Okey Oramah, President and Chairman of the Board of Directors at African Export-Import Bank (Afreximbank), was honored with the prestigious Mohammed S. Barkindo Lifetime Achievement Award at the African Energy Awards, held during the African Energy Week (AEW) 2024 conference in Cape Town from 4-8 November. This distinguished award is named in memory of Dr. Mohammed Barkindo, the late Secretary-General of OPEC, and acknowledges exceptional individuals whose contributions have significantly advanced Africa's oil, gas, and energy sectors.

A Visionary Leader in Africa’s Energy Sector

Professor Oramah has been a driving force in shaping the future of Africa’s energy industry for over 30 years. Since becoming the President of Afreximbank in 2015, he has spearheaded innovative financial strategies that have democratized energy access, promoted industrialization, and accelerated the growth of the continent’s energy sector. Under his leadership, Afreximbank has facilitated over USD 70 billion in financing, with key projects aimed at enhancing energy infrastructure and reducing Africa’s reliance on imported energy products.

In his acceptance speech, Prof. Oramah expressed his gratitude, acknowledging that the award reflects not only his personal efforts but also the hard work and dedication of his colleagues at Afreximbank and their partners. He highlighted Afreximbank’s role in driving Africa's energy transition and its ongoing commitment to reducing the continent’s energy deficit.

Key Contributions to Africa’s Energy Landscape

Afreximbank’s achievements under Prof. Oramah's leadership are numerous and impactful. Notably, the bank has facilitated more than USD 5 billion in funding for refining projects in Nigeria, Angola, and Senegal, aimed at enhancing Africa’s refined product independence and mitigating foreign exchange drains caused by energy imports. Furthermore, Afreximbank has provided crude sale advisory and settlement services to Nigerian refineries, which has saved the country USD 100 million annually in transaction costs.

One of Professor Oramah’s landmark achievements came in June 2024 with the historic signing of the Establishment Agreement and Charter of the Africa Energy Bank (AEB) in Egypt. This initiative, in partnership with the African Petroleum Producers Organization (APPO), seeks to mobilize funding for energy projects across the continent, aligning investments with Africa’s energy needs and sustainability goals.

Supporting Africa’s Energy Transition

Professor Oramah has also championed renewable energy projects, providing significant financing for solar and gas initiatives across the continent. These include the EUR 1.3 billion ECA import facility for rural electrification in Angola, the EUR 147 million Cameroon solar power project, and the USD 363 million Gasmeth Energy Rwanda gas extraction and processing project.

These projects, which have received multiple industry accolades, are part of Prof. Oramah’s broader commitment to advancing the energy transition in Africa while ensuring access to sustainable energy for all.

A Distinguished Career

Before his role at Afreximbank, Professor Oramah had an accomplished career in international trade finance and development, particularly at the Nigerian Export-Import Bank (NEXIM), where he was instrumental in shaping Nigeria’s export development strategies. He holds a Ph.D. in Agricultural Economics from Obafemi Awolowo University in Nigeria, and his expertise in financial development and Africa's energy landscape has been widely recognized.

Acknowledging the Award

Upon receiving the award, Prof. Oramah stated, “It is a great honor to be awarded the Mohammed S. Barkindo Lifetime Achievement Award. This award reflects the work and dedication of many others, including my colleagues at Afreximbank and our various partners. At Afreximbank, we remain deeply committed to reducing energy deficit on the continent and ensuring we are self-sufficient.”

The Mohammed S. Barkindo Lifetime Achievement Award serves as a reminder of the transformative impact of visionary leadership, and Professor Oramah’s recognition is a testament to his unparalleled contributions to the development of Africa's energy sector.