BAB 13: 🏛️ AFREXIM: The Institution and The Man
Everything you need to know about your favorite bank’s favorite bank
🌍✨Hey Friends, It’s Another BAB Monday!
Africa’s Export-Import Bank (AFREXIM) has thrived for more than three decades! On this edition of Bold Africa Brief, we discuss how far the organisation has come and share the journey of the man who witnessed it all – Benedict Oramah.
Welcome to Bold Africa Brief your passport to the people, ideas, and systems reshaping and driving leadership from the ground up. For this week’s edition, think finance, industry veterans and billions in projects. Things we love to see! 😄
If you’re new here and want to read more, don’t be shy, click here or here.
Let’s get into it! 🤸🏿
💭There’s a Story, Gather Around…
Back in the early 1990s, our dear continent faced some tough economic trials. The Latin American debt crisis of the 1980s had left many developing economies weak and vulnerable, and well, our continent was no exception. Trade was slowing, the financing gap kept widening. What this means is that many African businesses struggled to export or even import essential goods. Nevertheless, as the popular saying goes - necessity is the mother of invention. This continent-wide tribulation revealed something that should have been clear all along to our past leaders: A continental bank! We, Africa needed its own financial muscle to champion its trade and development.
And so, in 1993, under the direction of the African Development Bank, Afreximbank was born! Officially launched in Abuja, Nigeria, with its headquarters in Cairo, Egypt. The mission was clear: to promote and finance both trade within Africa (intra-African trade) and trade with the rest of the world (extra-African trade). Think of it as Africa's "Exim Bank," designed to fill those nagging gaps and keep goods and services flowing.
🌟 Now, The Man
Enter the man, definitely not a myth and the economic legend: Professor Benedict Oramah. This brilliant mind, armed with a Ph.D. in Agricultural Economics, was once a newbie at Afreximbank. He was one of the early employees (now an elite employee), joining as a Chief Analyst way back in 1994! He climbed the ranks as fast as is corporately allowed, eventually becoming Executive Vice-President before taking the top job in 2015. So yeah, he knows this bank and he knows his job!
When Benedict Oramah took the wheel, Afreximbank's assets were around $6 billion. Today, that figure has been multiplied x7 (as of April 2025)! We're talking about growth that would make your finance analysts leap for joy, fueled by the strategic genius of Mr. Benedict.
“If we do not take our future in our own hands, we are not going to take advantage of the opportunities we have in Africa.” – Dr. Benedict Oramah
But recently in June, at the 32nd Afreximbank Annual General meeting, Professor Oramah delivered his final address as President. He officially stepped down on June 28, 2025, after a truly transformative tenure. But here's the exciting part – the bank is keeping the momentum going! Shareholders have already appointed his successor: Dr. George Elombi, a professional who has been with Afreximbank since 1996 and served as Executive Vice President, Governance, Legal and Corporate Services.
There’s always something cooking at Afreximbank and trust that we can’t wait to dive in. would you like to be included? Read till the end for how.
🏆 Oramah’s Bold Moves at Afreximbank
2015-2025: He led Afreximbank as President, growing total assets and guarantees from ~$6 billion to over $43.5 billion, a whooping x7 increase!
Pioneered PAPSS (Pan-African Payment and Settlement System): Transformed intra-African payments, significantly cutting costs and transaction times.
Championed AfCFTA: Provided critical financing and strategic support for the continent's largest free trade area.
Led COVID-19 Response: Established an $8 billion Pandemic Trade Impact Mitigation Facility (PATIMFA) and a $2 billion vaccine facility.
Launched CANEX and Africa Film Fund: His administration committed up to $1 billion to transform Africa's creative industries.
👋 Final Thoughts
Prof. Benedict’s legacy at Afreximbank is a testament to what can be achieved when strong, home-grown leadership meets a clear purpose – to build a prosperous and self-reliant Africa.
So, if you’re feeling like the challenges ahead are too difficult, or the journey too long, just take a page from Oramah’s story.
Thank you for reading Bold Africa Brief!
Is there anything you’d like to share with us? We’d love to hear from you – reply to this newsletter or find us on X (Twitter). Let’s keep the conversation going and celebrate Africa’s boldness, one story at a time!