President of Dangote Group, Aliko Dangote, has described outgoing Afreximbank President, Professor Benedict Oramah, as “a rare gift to the African continent” whose visionary leadership has transformed trade finance and strengthened Africa’s economic independence.
Speaking Friday at the Afreximbank ceremony honouring Professor Oramah’s legacy of impact, Dangote said the bank’s outgoing president “represents the best of qualities amongst us,” adding that his ideas have “not only enriched African banks but also inspired governments, businesses and communities to believe in the boundless potential of Africa.”
He said, “You have actually been a rare gift to our continent by the Almighty God, a man whose ideas have not only enriched African banks but also inspired governments, businesses, and communities to believe in the boundless potential of Africa. Indeed, you are a symbol of what has been committed to the African continent post-apocalyptic times.”
Dangote praised Oramah’s leadership for reimagining the role of the bank in connecting and creating markets across Africa. “Yesterday, Professor Oramah and his team at Afreximbank revisualised how this trade finance development institution viewed connecting markets on the continent. Through his vision, belief, work ethics, and ability to see around the corner, he pushed Afreximbank not just to facilitate trade and connect markets, but equally important, to create these markets and ensure that they are sustainable and viable,” he said.
Citing Afreximbank’s critical role in supporting his group’s $22 billion integrated energy projects in Nigeria, Dangote said Oramah’s leadership went far beyond financing. “In conceptualising our biggest challenge — the construction of our 650,000 barrels per day refinery and our fertiliser plant — the support we received from Professor Oramah and the institution went beyond classic funding support. It included strategic advice and, most importantly, they were our biggest cheerleaders. There were many nights that I reached out to him to brainstorm on issues that could go wrong when engaged on a project of this size,” he recalled.
He revealed that during the COVID-19 lockdown, when most global projects halted, Afreximbank’s support helped Dangote Industries to continue construction. “I remember during COVID-19, at the beginning of 2021, when the entire world stopped, I told Professor Oramah, look, this project wasn’t project financing, it was under our own balance sheet, but the world had stopped. What do we do? He went in, spoke to his team, we engaged Access Bank, First Bank, Zenith Bank, and came out very clear. In those two years when the world stopped, we did not stop construction — everything went on with the support of Afreximbank under your leadership.”
Dangote said the story of the Dangote Refinery and Petrochemical Complex would be incomplete without Afreximbank’s role under Oramah’s leadership. “When the story of Dangote Refinery and Petrochemical Complex is being told — a development that is gradually transforming Africa’s energy security landscape and disrupting global markets — the role of Afreximbank will certainly be mentioned. But the architect of this historic and iconic painting, among a few others, is Professor Oramah,” he stated.
He also commended the incoming Afreximbank President, Dr George Elombi, and his management team for their “commitment in burning the midnight oil” in support of clients like Dangote Group. “Without you, there is no way we would have achieved our dreams,” he said.
Describing Afreximbank as “the best-performing financial institution on the continent,” Dangote said the bank has been “a silent but effective force behind many exciting opportunities and developments emerging from Africa.”
“Without Afreximbank, I don’t believe Africa would be where we are today,” he added.
Dangote also paid tribute to Oramah’s wife, Mrs Chinelo Oramah, for her sacrifices. “As you are busy sorting out all of our issues and challenges, I must also commend my sister, your wife Chinelo, for taking care of you, and salute her generosity for sharing a big part of you with us over the last decade,” he said. “We return him now to you, but only for a brief sabbatical, because there remains a lot to do on the continent, and we can’t have our own star player on the bench when the game is still in the first half.”
Turning to Dr Elombi, Dangote pledged continued partnership, saying, “As you receive the baton from Professor Oramah to run your own race, we remain amongst your most trusted partners on this journey. It is time to take this to a greater height. We wish you all the very best.”
Boluwatife Enome
