The outgoing President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has announced that the bank’s total assets and guarantees expanded nearly eightfold during his ten-year tenure, rising from $6 billion in 2015 to almost $44 billion in 2025.

Oramah described the milestone as a testament to the bank’s resilience and pivotal role in advancing Africa’s development agenda.

Speaking during a farewell conference in Cairo on Friday, he said, “We maintained a strong focus on institutional capacity and financial soundness, growing the balance sheet and guarantees from $6 billion in September 2015 to almost $44 billion in September 2025.”

He noted that Afreximbank also delivered impressive shareholder returns, distributing a cumulative $1.4 billion in dividends between 2015 and 2024.

According to him, the bank’s remarkable growth was anchored on a philosophy that Africa’s economic liberation must be internally driven, emphasizing intra-African trade and investment as the cornerstone of its strategy.

Oramah recalled that when he assumed office in 2015, the continent faced major challenges — from commodity price shocks to weak industrialization and limited trade integration. Despite initial skepticism, the bank pursued an ambitious, multifaceted agenda to spur progress.

“Centuries of history have shown us that external interests tend to be predatory unless Africa engages from a position of strength and purpose,” he said.

During his tenure, Afreximbank spearheaded several initiatives, including support for the African Continental Free Trade Agreement (AfCFTA), the launch of the Pan-African Payment and Settlement System backed by a $3 billion facility, and the recognition of African currencies as legal tenders across borders.

He added that the AfCFTA Adjustment Fund had secured $1 billion in commitments, while the Intra-African Trade Fair — held four times — attracted over $170 billion in trade and investment deals and drew 180,000 participants.

Other major achievements include the launch of the Africa Trade Gateway digital platform and the establishment of Afreximbank Trade Centres to improve access to trade and investment information.

The bank also harmonized about 500 standards across industries such as pharmaceuticals, agriculture, automobiles, and textiles, and created a collaborative transit guarantee scheme with $1 billion in guarantee limits.

Oramah highlighted the emergence of industrial parks and special economic zones across Africa, facilitating manufactured exports and industrial development. Afreximbank also financed major industrial projects, including the Dangote Refinery and Petrochemical Plant.

He said the bank had deepened socio-economic ties with the Caribbean and the wider African diaspora, while the African Medical Centre of Excellence projects were improving access to quality healthcare across the continent.

Reflecting on the COVID-19 pandemic, Oramah said the bank rose to the occasion by disbursing over $10 billion in intervention funds and providing $2 billion to help Africa and the Caribbean procure vaccines.

He emphasized that Afreximbank maintained strong institutional health by diversifying funding sources and forging partnerships with African governments, central banks, and corporations.

International partners such as Standard Chartered, HSBC, SMBC, MUFG, KfW, AFD, and export credit agencies from countries including Canada, China, India, Finland, and Germany also played vital roles, helping the bank mobilize and disburse more than $155 billion over the decade.

Looking back on his 31-year journey with Afreximbank — from joining as a pioneer staff in 1994 to becoming president in 2015 — Oramah expressed deep gratitude to his mentors, colleagues, and family.

He also acknowledged the contributions of partner banks, major corporations such as Dangote Group, NNPC, and Sonangol, as well as African governments and shareholders whose support sustained the bank through turbulent times.

Expressing confidence in his successor, Dr. George Elombi, Oramah said he was “well prepared” to build on the institution’s legacy after nearly 30 years of service.

In his remarks, Dr. George Elombi, the incoming president, hailed Oramah as a visionary leader who combined bold ideas with flawless execution.

Quoting the Central Bank of Nigeria governor, Elombi described Oramah as part of “the 0.8 percent who merge vision with execution,” noting that few leaders possess both qualities.

Elombi credited Oramah with transforming Afreximbank’s portfolio beyond trade into infrastructure, helping it expand from $6 billion in 2015 to over $40 billion in assets. This growth, he said, led to key initiatives such as FEDA, AfrexInsure, the Project Preparation Fund, the Concessional Finance Window, and the African Medical Centre of Excellence.

“He turned the bank into Africa’s development supermarket,” Elombi said.

He also highlighted national and international honors bestowed on Oramah, including Nigeria’s Grand Commander award and the Onitsha traditional title of Dikeora — meaning “Great Man of the People.”

“You have inspired us to embrace a can-do spirit and the courage to challenge the notion that nothing good can come out of Africa,” he added.

An emotional moment came when Oramah’s wife, Mrs. Chinelo Oramah, spoke about her husband’s personal journey, recalling a period of illness when the concern and care of the bank’s management and staff helped save his life.

She described the Afreximbank community as “more than a workplace — it is a family bound by love and humanity,” and expressed gratitude for the bank’s support for her children’s education.

The farewell ceremony in Cairo was attended by several African leaders, business executives, and diplomats, all paying glowing tribute to Prof. Benedict Oramah — celebrated as Africa’s “trade architect,” a visionary scholar, and a patriot whose leadership transformed Afreximbank into a continental powerhouse.

Dignitaries at the event included business mogul Aliko Dangote, former Afreximbank presidents Jean-Louis Ekra and Christopher Edordu, Ogun State Governor Dapo Abiodun, and AfCFTA Secretary-General Wamkele Mene, all commending Oramah’s outstanding legacy and service to Africa’s economic development.