Cape Town, South Africa — Dr. Benedict Oramah, President and Chairman of the Board of Directors of pan-African multilateral investment firm the African Export-Import Bank (Afreximbank), will receive the Mohammed S. Barkindo Lifetime Achievement Award at this year’s African Energy Awards – taking place during the African Energy Week (AEW): Invest in African Energy conference. Representing the highest honor in African energy, the award recognizes an individual who has made remarkable achievements and lasting contributions to Africa’s oil, gas and energy sectors.
For over three decades, Oramah has been instrumental in driving sustainable development across Africa by channeling crucial funding into some of the continent’s most significant oil, gas and infrastructure initiatives. Since becoming the head of Afreximbank in 2015, Oramah has introduced innovative financing structures, supported the growth of Africa’s energy industry, accelerated energy access and promoted industrialization. His efforts to accelerate development in Africa and promote multi-faceted collaboration highlight his unwavering dedication to making energy poverty history by 2030 – the mandate of AEW: Invest in African Energy 2024.
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.
Under Oramah’s leadership, Afreximbank has driven projects forward in Africa by facilitating financing, industry engagement and policy support. One of the institution’s biggest milestones is the launch of the Africa Energy Bank in partnership with the African Petroleum Producers Organization. Officially launched in 2024, the Bank uniquely mobilizes funding to support investments across Africa’s entire energy spectrum in line with the continent’s energy needs and environmental sustainability targets. The Bank has an initial share capital of $5 billion and will be headquartered in Abuja, Nigeria, laying the foundation for accelerated project development through enhanced financing solutions. In addition to forming the Africa Energy Bank, Afreximbank has increased its portfolio of project financing in Africa. Recent initiatives include a $200 million loan facility with First Bank of Nigeria; a $3.3 billion package for the Nigerian National Petroleum Company with to bolster its operations; and a $800 million loan to support integrated energy firm Oando PLC expand its oil and gas assets in Nigeria. During AEW 2023, Afreximbank also committed up to $135 million to support the operations of Torxen Energy and Alphaden Energy & Oilfield Limited in Nigeria.
Meanwhile, Oramah’s vision of an interconnected Africa has driven Afreximbank to double its intra-African trade financing from $20 billion in 2021 to $40 billion by 2026. The funding is set to bolster infrastructure development and projects that will maximize the benefits of the African Continental Free Trade Agreement (AfCFTA) – a trade agreement signed by African Union members. With 600 million people across Africa living without access to electricity and 900 million without access to clean cooking solutions, AfCFTA will play a crucial role in facilitating the development and trade of the continent’s energy resources. As such, under Oramah’s leadership, Afreximbank has enhanced its support for intra-African trade, setting the stage for enhanced investments and infrastructure development.
“Dr. Benedict Oramah’s unwavering commitment to Africa’s energy development and his visionary leadership in financing transformative projects across the continent have been nothing short of remarkable. His innovative approach to financing, dedication to advancing energy access and relentless pursuit of economic empowerment have reshaped Africa’s energy landscape. It is only fitting that he receives the Mohammed S. Barkindo Lifetime Achievement Award at AEW: Invest in African Energy 2024. Dr. Oramah’s legacy is one defined by his expansive vision for an industrialized and united Africa,” states NJ Ayuk, the Executive Chairman of the African Energy Chamber.
