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Zawya
5 days ago
- Business
- Zawya
Professor Benedict Oramah recognised for long service as Export Trading Group (ETG), TRACE, KCB and CBZ toast award success at 32nd Afreximbank Annual Meetings
Key Highlights The third edition of the Pan-African Business and Development Awards has recognised and celebrated leading businesses on the continent and in the diaspora in alignment with Afreximbank's push for a promotion of a Global Africa Marking his distinguished tenor, Professor Benedict Oramah, outgoing Afreximbank President, was honoured with the Bank's Long Service Award alongside other employees Export Trading Group (ETG) won the Global Africa Business Leader Award 2025 for fostering economic growth across the continent and enhancing food security KCB Group Plc, Kenya and CBZ Bank, Zimbabwe emerged winners of the Afreximbank Financial Institutions Award 2025 for banking institutions with more than $500m and less than $500m capital respectively for having played a pivotal role in bridging the trade finance gap in Africa. TRACE, a multimedia platform dedicated to the entertainment and empowerment of people of African descent won the Diaspora Business of the Year Award for their impact in strengthening continental and diaspora ties. African Export-Import Bank (Afreximbank) ( hosted the third edition of the Pan-African Business and Development Awards in association with the Business Council for Africa (BCA) on Wednesday June 25, 2025, at a colourful Gala Dinner attended by more than 400 dignitaries including business and political leaders from Nigeria, across Africa and the diaspora. The Pan-African Business and Development Awards, held annually during the Afreximbank Annual Meetings, are designed to celebrate and recognise transformative businesses and financial institutions within the African continent and in the diaspora in keeping with the Bank's vision for a Global Africa. Export Trading Group (ETG), operational in nearly 20 countries on the continent, won the Global Africa Business Leader Award, 2025 for fostering economic growth across the continent and enhancing food security by connecting smallholder farmers with regional and global markets, improving livelihoods and boosting intra-African trade, reflecting Afreximbank's mandate of fostering trade and economic growth across the continent. The company's investments in storage, logistics, and processing infrastructure have helped reduce post-harvest losses and increased value addition. This year, TRACE, the multimedia platform dedicated to the entertainment and empowerment of people of African descent, won the Diaspora Business of the Year award for its impact in strengthening continental and diaspora ties through the vehicle of entertainment. Its mission is to uplift African identity through music, education, and storytelling. TRACE's platforms reach and support over 5,000 artists and 1,000 brands annually. It employs hundreds across Africa, contributing hundreds of millions of dollars in value. Two banking giants were recognised in the Afreximbank Financial Institutions Award - 2025. KCB Group Plc, Kenya's largest bank by assets emerged winner of the award for banking institutions with more than $500m capital while CBZ Bank, also Zimbabwe's largest Bank emerged winner of the Afreximbank Financial Institutions Award-2025 for banking institutions with less than $500m capital. KCB, which won in the same category in 2024, was recognised for facilitating local and cross-border trade finance through various products as well as mitigating risks inherent in trade on behalf of its customers. One of the first East African banks to enhance financial inclusion and economic growth, it has positioned itself as an enabler for businesses and consumers to transact efficiently across African borders. CBZ Bank from Zimbabwe has played a pivotal role in bridging the trade finance gap in Africa by leveraging strategic partnerships, introducing innovative products, and executing a comprehensive pan-African vision. During the 31 st Afreximbank Annual meetings held in Nassau, The Bahamas last year, CBZ Bank and Afreximbank inked two deals ( totalling $80 million consisting of US$60 million line of credit and $20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility signalling their continued collaboration aimed at promoting economic development. In a speech delivered on behalf of Professor Benedict Oramah, President and Chairman of Board of Directors at Afreximbank, the Bank's Senior Executive Vice President, Denys Denya, said: 'This Awards event is our way of saying thank you to everyone who, regardless of size or significance of your role, has contributed to furthering the course of development in Africa. I would like to take this opportunity to congratulate you. With these awards, we reaffirm our commitment to the shared goal of transforming the African economy and restoring the dignity of Africans, regardless of their geographic location.' Arnold Ekpe, former group CEO of Ecobank Transnational Incorporated and chair of the BCA, in his remarks, commented on the importance of recognising and celebrating institutions that contribute to Africa's development, which he said, 'has become the defining essence of Afreximbank.' A major highlight of the awards ceremony was the recognition of four long serving Afreximbank staff members for their dedicated service of between 25 and 30 years. This esteemed group included Professor Benedict Oramah who was honoured for over three decades at the Bank with ten years spent at the helm as President and Chairman of Board of Directors. Presenting the long service award to Prof. Oramah, Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy said: 'Tonight, we acknowledge not just a remarkable career, but a transformative journey spanning three decades. Under your leadership, the bank hasn't just scaled; it has soared, championing strategies that have fundamentally reshaped trade and development across Africa. Nigeria is incredibly proud of your achievements, your leadership, and your unwavering commitment to the economic prosperity of our continent. You are a true son of the soil; a shining example of what dedication and vision can accomplish.' The Pan-African Business and Development Awards are hosted by Afreximbank in association with the BCA. The awards series was launched in 2023 to recognise those organisations and leaders that epitomise the pan-African spirit by leading the way in building substantive and transformative cross-border businesses. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow on Social Media: X: Facebook: LinkedIn: Instagram: 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 over 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 industrialisation 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 has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity 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.
Zawya
11-07-2025
- Business
- Zawya
Jamaica accedes to Afreximbank, strengthening ties to Global Africa
Jamaica has officially acceded to the Establishment Agreement of African Export-Import Bank (Afreximbank) ( becoming the 13 th Caribbean Community (CARICOM) Member State of the African Multilateral Financial Institution. The historic signing took place on the sidelines of the 49 th Regular Meeting of the Conference of Heads of Government of the Caribbean Community. Jamaica's accession marks a major achievement in the growth of Global Africa: an intercontinental partnership committed to economic transformation and self-determination for African nations and their diaspora. The move unlocks an additional US$1.5 billion financing for Jamaica and other Caribbean economies, raising Afreximbank's total approved facility for the region to US$3 billion, contingent upon full CARICOM membership. Commenting at the signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasised the mutual benefits to both parties: 'We are thrilled to welcome Jamaica into the Afreximbank family. Jamaica's accession to the Partnership Agreement marks a pivotal step towards realising the vision of our forefathers—a united and prosperous Global Africa, built on a platform of South-South cooperation. The Partnership Agreement unlocks Afreximbank's financing solutions, trade facilitation tools, and investment opportunities, empowering Jamaican businesses to access African markets while fostering reciprocal trade. Dr. The Most Honourable Andrew Holness, Prime Minister of Jamaica, expressed his optimism for Jamaica's membership of the Bank: 'This is a significant and strategic step that strengthens Jamaica's ability to access increased trade financing, investment support, and technical assistance. The agreement creates real opportunities for Jamaica to benefit from Afreximbank's expanding suite of financial instruments, including trade guarantees, project financing, and capital support tailored to the needs of developing economies. It positions Jamaica to tap into new sources of funding for critical sectors such as manufacturing, logistics, agriculture, and the creative industries, while laying the foundation for deeper collaboration between African and Caribbean businesses." This historic signing builds on the momentum of the inaugural AfriCaribbean Trade and Investment Forum (ACTIF), held in Bridgetown, Barbados in September 2022, where Caribbean nations reaffirmed their commitment to closer Africa-Caribbean cooperation. Since then, Afreximbank has hosted successive ACTIFs in Guyana (2023) and The Bahamas (2024), with the fourth forum scheduled for 28–29 July 2025 in Grenada. Since establishing its regional office, Afreximbank has approved over US$700 million in financing across the Caribbean, with a pipeline exceeding US$2 billion. Investments have supported key sectors such as energy, tourism, education, and small business development across Barbados, St. Lucia, Suriname, Grenada, and The Bahamas. The Bank also provided over US$4.3 million in pandemic-related assistance through the Africa Vaccine Acquisition Task Team (AVATT) to The Bahamas, Antigua&Barbuda, and Trinidad&Tobago. Distributed by APO Group on behalf of Afreximbank. Follow on Social Media: X: Facebook: LinkedIn: Instagram: 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 over 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 industrialisation 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 has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity 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.
Zawya
03-07-2025
- Business
- Zawya
President Benedict Oramah takes a bow at the Afreximbank Annual Meetings (AAM2025) after a decade of servant leadership
Professor Benedict Okechukwu Oramah, CON, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) ( has taken a bow from serving at the helm of the institution for the last decade; a period that has been touted as transformational and exceptional. While giving his closing speech during the AAM2025, Professor Oramah took the audience down memory lane, from June 2015 when shareholders gave him a leadership mandate in Lusaka, Zambia, saying that; 'In my acceptance speech, I made a solemn promise to the shareholders, to deliver a solid bank that will be a leader among its peers in all measures of financial performance to quickly grow the capital of the Bank in absolute terms, to improve capitalisation through innovative capital management initiatives to ensure first-class risk management, and achieve adequate returns to shareholders.' Professor Oramah highlighted the achievements of the Bank during his tenure, some under very extreme situations, citing the financial rise thus 'we have collectively, over the past decade, built a solid financial institution that is good for Global Africa. Total assets and guarantees grew more than eight-fold between September 2015 and April 2025, to reach 43.5 billion US dollars. Total Revenues also rose seven-fold, reaching 3.24 billion US dollars, from 408 million US dollars in 2025. Net income amounted to about 1 billion US dollars last year, about 700% increase, from its level of 125 million US dollars in 2015. Internal capital generation and very strong support of shareholders through significant additional equity investments, saw shareholders' funds rise from about 1 billion US dollars in September 2015 to 7.5 billion US dollars in April 2025, with callable capital reaching 4.5 billion US dollars from 450 million US dollars in September 2015. Liquidity remained strong, with sources of funding much more diversified in 2024 than in 2015, due to activities of the Africa Resource Mobilisation Unit, which saw the share of African sources of funding rise from 11.7 percent in 2015 to 36.6 percent in May 2025.' Going forward, Prof Oramah said that the Bank would like to give priority to the financing and promoting of high-value exports that have the capability of stabilising export revenues and creating jobs thereby raising and stabilising trade and economy in Africa. H.E. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria who spoke at the official opening ceremony, appreciated the contribution of Afreximbank to the growth and stability of the economy of Nigeria and by extension Africa at large, saying 'Nigeria's collaboration with Afreximbank is expanding in both scope and breadth through various avenues including but not limited to the oil industry, and food production through fertilizer manufacturer through financing and Nigeria appreciates Afreximbank as a strategic partner in co creation which positively impacts the lives of Africans and helps transform the Continent.' In recognition of the outstanding work done my Professor Oramah over the last 10 years and in the last 3 decades at Afreximbank, President Tinubu on behalf of the Federal Republic of Nigeria, awarded Prof. Oramah one of Nigeria's highest state commendations: The G rand Commander of the Order of the Niger (GCON). Distributed by APO Group on behalf of Afreximbank. Follow us on: X: Facebook: LinkedIn: Instagram: 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 over 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 industrialisation 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 has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity 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.
Zawya
25-03-2025
- Business
- Zawya
Afreximbank breaks ground on historic state-of-the-art Afreximbank African Trade Centre (AATC) in Barbados, first outside Africa
African Export-Import Bank (Afreximbank) ( Africa's leading Multilateral Financial Institution, made history today when it broke ground on its first-ever state-of-the-art Afreximbank African Trade Centre (AATC) in the Caribbean, marking a pivotal moment for trade relations between Africa and the CARICOM region. The US$180 million Barbados AATC, the first to be established outside Africa, is an authentic icon of trade embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean that serve as dynamic focal points for commerce, fostering regional and global trade connections. It is expected to enhance intra-and extra-African trade, with a focus on countries of the Global South through Afreximbank's Global Africa initiative. To facilitate the construction of its iconic AATC in its capital, Bridgetown, the government of Barbados granted Afreximbank 6.4 acres of land at Jemmotts Lane, the former Ministry of Health headquarters. Upon completion, the business complex will house Afreximbank's CARICOM office, a conference facility, a technology and SME incubator, a Digital Trade Gateway, 100 room hotel, and a trade and exhibition centre, as well as office spaces for local, regional and international financial and policy organisations. This groundbreaking event marks the official commencement of construction for this historic project and is a significant step in Barbados and CARICOM's journey towards economic advancement and regional integration. Afreximbank initiated the AATC concept following a 2018 Board decision to create trade facilitation hubs in key commercial capitals across Africa. These hubs will provide integrated trade information, services, finance, and ancillary facilities. Nine leading commercial cities were subsequently selected to host the network of AATCs across Africa and the Caribbean. They include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Cote d'Ivoire),Yaoundé (Cameroon), Bridgetown (Barbados), Kigali (Rwanda) and Tunis (Tunisia).They will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community. Delivering the keynote address during the event, The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of the Caribbean Community (CARICOM), highlighted the site's historical significance as the location of Barbados' first hospital, opened in 1844 to look after the health of emancipated slaves. "My government stands proud here today to be able to bring in to the pantheon of financial institutions in this country, Afreximbank, not simply as an entity that is leasing a building from somebody for an office, but as an institution ready to lay roots and foundations in this country - the first AATC outside of Africa, just like Barbados was the first hub (for slaves) outside of the continent of Africa, and in so doing, we send the signal that we intend to be able to reclaim our Atlantic Destiny.' She added: 'Professor Oramah, I ask you to accept, on behalf of Afreximbank, this clear offer from the Government of Barbados to make available this gesture of over two hectares of land to ensure that the investment will bring jobs to the people of Barbados; that it will bring foreign exchange and investment opportunities to the people of Barbados and the region.' Speaking during the groundbreaking, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, thanked the Hon. Mia Mottley, her government and its people for the warm welcome and for being a strong agent for the reunification of Global Africa and hosting Barbados AATC that will also serve as Afreximbank's regional CARICOM office. Prof. Oramah said: 'The Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa. He expressed confidence that the project would deliver tangible positive economic, community and social impact to Barbados and the Caribbean region by enhancing trade and fostering sustainable development. Prof. Oramah assured the Prime Minister and other leaders present that Afreximbank remained committed to supporting the economic growth and prosperity of Africa and the Caribbean by attracting investments, removing barriers to trade and reshaping the narrative of business in the region. The event also featured the official handover of the land for the project from the Government of Barbados to Afreximbank. Construction of the complex is projected to take approximately 30 months, generating around 1,000 direct and indirect jobs during this phase. Additionally, about 50 SMEs will benefit from business opportunities as subcontractors and suppliers of construction materials, labour, and other services. Upon completion, the facility will create 300 permanent jobs, significantly contributing to employment. The facility will include a hotel, which will boost the supply of hotel rooms in Barbados, critical for tourism promotion. It will also house the Bank's office as well as lettable office spaces, which are expected to be occupied by Caribbean businesses as well as African Banks and businesses that are already beginning to do business in CARICOM. Afreximbank has extended its credit lines to CARICOM to the tune of US$2.5 billion, aiming to bolster the region's development, particularly on the backdrop of Guyana and Suriname's new oil discoveries, expected to impact the entire region once fully commercialised. In 2024, the Bank provided Barbados with US$25 million for its Cricket World Cup sports complex refurbishment, and currently has deals worth US$500 million in the pipeline. Meanwhile, Hon. Dickon Amiss Thomas Mitchell, Prime Minister of Grenada, noted that in the very short period since the Bank landed by choice on the shores of the Caribbean, the region has benefitted tremendously. PM Mitchell added: "Grenada will follow Barbados, Guyana and The Bahamas, hosting on July 28 and 29 the Afreximbank Trade and Investment Forum in Grenada. And we do so cognisant of the economic opportunities, trade, investment, financing, the movement of our people, our goods and services between the continent of Africa and the Caribbean." Also participating in the groundbreaking ceremony was Dr. Carla Barnett, Secretary General of CARICOM, Afreximbank's Board Members, the Bank's Senior Executive Vice President and Vice Presidents and several other notable local and regional government officials and business leaders. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: 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 over 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 effectively participating in the AfCFTA. At the end of December 2023, Afreximbank's total assets and contingencies stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. 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. For more information, visit:
