Afreximbank President Professor Benedict Oramah Receives Prestigious Mohammed Barkindo Lifetime Achievement Award At African Energy Week 2024

(MENAFN- African Press Organization)

Professor Benedict Okey Oramah, President and Chairman of the Board of Directors at African Export-Import bank (Afreximbank) ( ), has been awarded the prestigious Mohammed S. Barkindo Lifetime Achievement Award at the African energy Awards, held on the sidelines of the African Energy Week (AEW) 2024: Invest in African Energy conference, happening between 4-8 November in Cape Town, South Africa.

The award, named in honour of the former Secretary-General of OPEC, the late Dr Mohammed Barkindo, recognizes individuals who have made exceptional and lasting contributions to Africa's oil, gas, and energy sectors. This honour represents the highest accolade in African energy, awarded to individuals whose work has had a transformative impact on the continent's energy sector. Notable past recipient of the Mohammed S. Barkindo Lifetime Award in 2023 is Keith Hill, former President and CEO of Africa Oil Corp.

For over three decades, Prof. Oramah has played a critical role in driving sustainable development across Africa by channelling essential funding into major oil, gas, and infrastructure projects. Since assuming leadership of Afreximbank in 2015, he has pioneered innovative financing structures that have democratised energy access and accelerated industrialization and the growth of Africa's strategically critical energy sector.

Under Prof. Oramah's leadership, Afreximbank has made substantial contributions to the growth of Africa's energy sector. Under his stewardship, the Afreximbank has facilitated the mobilization of over USD 70 bn to support Africa's energy sector. Included in this is more than USD 5bn for refineries in Nigeria, Angola and Senegal, to further Africa's refined product independence and reduce the continent's Foreign Exchange drain.

In Nigeria, Afreximbank now acts as Adviser and Settlement Bank for NGN denominated crude sales to Nigerian refineries. Replicated across the oil producing states in Africa, this will save several USD 100mn per annum in transactional charges alone. Ranking among President Oramah's most significant achievements is the historic signing of the Establishment Agreement and the Charter of the Africa Energy Bank (“AEB”) in Egypt in June 2024, in partnership with the African Petroleum Producers Organization (APPO). This landmark initiative aims to mobilize funding to support investments across Africa's entire energy system, aligning with the continent's energy needs and its environmental sustainability goals.

Professor Oramah has led the energy transition agenda through the Bank's support in renewable energy transactions including, but not limited to, the EUR1.3 bn ECA import facility Project Gleam in support of the import of sonar panels for rural electrification in Angola, the EUR 147mn Government of Cameroon solar power project and the US$363 million Gasmeth Energy Rwanda gas extraction and processing project.

Significantly, the majority of the above-mentioned transactions received numerous industry awards for their impact on the continent, their complexity and their unique structures.

Prior to joining Afreximbank, Professor Oramah distinguished himself in international trade finance and development. Beginning his career at the Nigerian Export-Import Bank (NEXIM), he played an instrumental role in shaping Nigeria's export development strategies. Prof Oramah holds a Ph.D. in Agricultural Economics from Obafemi Awolowo University in Nigeria.

Acknowledging the award, Prof. Oramah commented:

“It is a great honour to be awarded the Mohammed S. Barkindo Lifetime Achievement Award. Whilst a great honour for me personally, 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.

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About Afreximbank :

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank's total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together,“the Group”). The Bank is headquartered in Cairo, Egypt.

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