Professor Benedict Okey Oramah, President and Chairman of the Board of Directors at African Export-Import Bank (Afreximbank), has received the prestigious Mohammed S. Barkindo Lifetime Achievement Award at the African Energy Awards. This esteemed recognition was presented on the sidelines of the African Energy Week (AEW) 2024: Invest in African Energy conference, held from November 4-8 in Cape Town, South Africa.
Recognizing Excellence in African Energy
The award, named in honor of the late Dr. Mohammed S. Barkindo, former Secretary-General of OPEC, celebrates individuals who have made extraordinary, lasting contributions to Africa’s oil, gas, and energy sectors. It stands as the highest accolade in the African energy industry. Previous award recipients include Keith Hill, former President and CEO of Africa Oil Corp, who was honored in 2023.
Professor Oramah’s Impact on Africa’s Energy Sector
With a career spanning over three decades, Professor Oramah has been instrumental in promoting sustainable development across Africa. Since taking leadership of Afreximbank in 2015, he has introduced groundbreaking financing models that have democratized energy access and fast-tracked the industrialization of the continent’s energy sector.
Under his guidance, Afreximbank has mobilized more than USD 70 billion to support Africa’s energy infrastructure. Notable projects include over USD 5 billion invested in refineries in Nigeria, Angola, and Senegal, aimed at achieving refined product independence and reducing Africa’s foreign exchange burden. In Nigeria, Afreximbank now serves as Adviser and Settlement Bank for NGN-denominated crude sales to local refineries, a model that, if replicated across other oil-producing nations, could save hundreds of millions of dollars annually in transaction fees.
Establishment of the Africa Energy Bank
One of Professor Oramah’s most significant achievements is the establishment of the Africa Energy Bank (AEB), signed in June 2024 in Egypt in partnership with the African Petroleum Producers Organization (APPO). This landmark initiative seeks to mobilize funding for investments across Africa’s entire energy system, prioritizing both energy access and environmental sustainability.
Advancing the Energy Transition
Professor Oramah has also been a leader in promoting renewable energy across Africa. His initiatives include:
- A EUR 1.3 billion ECA-backed Project Gleam for rural electrification through solar panels in Angola.
- A EUR 147 million solar power project for the Government of Cameroon.
- A US$363 million gas extraction and processing project with Gasmeth Energy in Rwanda.
These projects have not only advanced Africa’s renewable energy agenda but have also won numerous industry awards for their innovative structures and impact.
A Distinguished Career in International Trade Finance
Before joining Afreximbank, Professor Oramah made his mark in international trade finance at the Nigerian Export-Import Bank (NEXIM), contributing significantly to Nigeria’s export development strategies. He holds a Ph.D. in Agricultural Economics from Obafemi Awolowo University in Nigeria.
Professor Oramah’s Acceptance Speech
Upon receiving the award, Professor Oramah stated:
“It is a great honor to be awarded the Mohammed S. Barkindo Lifetime Achievement Award. While it is a personal accolade, it reflects the dedication and hard work of many, including my colleagues at Afreximbank and our partners. At Afreximbank, we remain deeply committed to addressing Africa’s energy deficit and ensuring energy self-sufficiency.”
This award underscores Professor Oramah’s unwavering commitment to transforming Africa’s energy sector and building a sustainable, energy-secure future for the continent.
