By Kehinde Olaosebikan
Through the several storms of global business, including the unending COVID-19 pandemic, one man emerged as a stabilizer and revitalizer. He was repairing damaged business relations, restoring trust among nations, providing solutions to pandemics, engendering strength for global businesses, fostering oneness, revitalising global trade and pulling off greater peace and progress for the entire world.
On November 4, 2019, Russian President Viladmir Putin awarded Nigeria-born Prof. Benedict Okey Oramah, chairman, board of directors, Africa Export-Import Bank (Afreximbank), with the Russian national honour of “The Order of Friendship” in the Kremlin, Moscow.
Putin spoke of Oramah: “It is in recognition of the role played by Afreximbank (under Oramah) revitalising trade and economic relations between Africa and Russia as evident in the success of the Russia-Africa Summit and Economic Forum in Sochi, Russia, between 23 and 24 October, and the rapidly rising trade and investment relations between Russia and Africa.”
Russia saw accomplishment in the feats of Oramah beyond his stellar performance in Afreximbank. It honoured him for adding value to humanity and the global economy. Russia gave the credit of the “rapid rise” in prosperity in Africa and Russia to Oramah in invigorating trade and investment relations between the Africa and Russia.
Order of Friendship is a state decoration established by former president Boris Yeltsin. It is awarded to Russian and foreign nationals for special merit in strengthening peace, friendship, cooperation and understanding between nations and peoples. Previous winners included former US Secretary of State, Rex Tillerson; former Malaysian Prime Minister Mahathis Mohammad and former United Nations Secretary General, Ban Ki- Moon
Oramah won for the second time, the African Banker of the Year last May. According to the African Banker Magazine, Oramah grew Afreximbank’s balance sheet, “making it one of the leading banks in the world in terms of its response to COVID-19 by providing the much-needed liquidity and solutions to vaccine acquisition. The award recognizes Professor Oramah’s contributions in championing an African owned fight against the COVID-19 pandemic.”
He served as chair, Board of Trustees, African Union COVID-19 Respond Fund. He is also coordinating grants for mobilisation and utilisation in Africa as well coordinating the procurement and distribution of medical materials among African countries. Oramah is leading other continental and private sector initiatives to scale up Africa’s health and economic response to the pandemic
He won the award first in 2017 for his pilot role in creating conducive conditions so that businesses in Africa could take advantage of the AfCTFA.
For his stabilising role on the effects of the Ukraine-Russia war on Africa through the introduction of Ukraine Crisis Adjustment Trade Financing for Africa (UKAFPA), worth $4 billion, two major organisations upgraded the ratings of Afreximbank.
Fitch Ratings upgraded Afreximbank long-term Issuer Default Rating (IDR) to BBB from BBB- The Outlook is Stable on June 23, 2022. It also upgraded Afreximbank’s short-term IDR to F2 from F3 and the long-term ratings on the bank’s global medium-term note programme and debt issuances to BBB from BBB-.
On July 22, Global Credit Rating (GCR) upgraded the bank international scale long-term issuer rating from A- to A, Stable Outlook. GCR declared: “The many initiatives that Afreximbank has undertaken over the last couple of years, including the recently introduced UKAFPA worth $4 billion on a net basis, will continue to be a strong underpin of relevance and importance to its shareholders.”
In his seven years, the balance sheet of Afreximbank grew from $5billion to $25billion, a phenomenal 400 per cent leap in growth and year-on-year double-digit return to shareholders that span across the globe.
A few weeks ago in Barbados, the Caribbean, at the first AfriCaribbean Trade and Investment Forum (ACTIF), Oramah led Afreximbank to sign a memorandum of understanding (MoU) with the International Trade Centre (ITC) to continue facilitating the collaboration between the two institutions in harmonising efforts for the promotion of trade and economic development.
Specifically, the MoU is intended at promoting African-Caribbean trade finance, addressing climate change, MSMEs and intra African trade. All this happening 500 years after such mutually benefitting positive engagements last occurred between Africa and the Caribbean.
Oramah was recently decorated with Commander of the Order of the Niger (CON), by President Muhammadu Buhari.
Exemplifying brilliant leadership, capacity and faith in achieving an unequalled growth for the 29-year-old Afreximbank, Oramah has invigorated the bank in all aspects, providing solutions to natural and non-natural upheavals, calming the storms in the business world and fitting as the most outstanding Beacon of Life for Africa and the universe of this time.
•Olaosebikan is a public relations practitioner based in Abuja