Professor Benedict Oramah recognised for long service as Export Trading Group (ETG), TRACE, KCB and CBZ toast award success at 32nd Afreximbank Annual Meetings
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) (www.Afreximbank.com) 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 (https://apo-opa.co/44ZDCxm) 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@afreximbank.com
Follow on Social Media:
X: https://apo-opa.co/4nVC0NN
Facebook: https://apo-opa.co/44SE54f
LinkedIn: https://apo-opa.co/459VM0t
Instagram: https://apo-opa.co/44WtHZo
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
11 minutes ago
- Zawya
International Monetary Fund (IMF) Executive Board Concludes 2025 Article IV Consultation with Equatorial Guinea and IMF Management Approves the First and Second Reviews Under the Staff Monitored Program for Equatorial Guinea
The Executive Board of the International Monetary Fund (IMF) concluded today the 2025 Article IV consultation with Equatorial Guinea. IMF Management approved in June the combined first and second reviews under the Staff Monitored Program (SMP) and a 12 month SMP extension. Equatorial Guinea registered a mild economic recovery in 2024, but the economy is projected to grow weakly and a drain on regional reserves is expected to continue in the medium term as hydrocarbon production declines. The banking sector is showing clear signs of improvement. Performance under the program has been strong, with significant reforms implemented and a substantial fiscal adjustment that met the SMP conditionality. However, contrary to longstanding commitments, the authorities decided not to publish asset declarations of public officials. The program extension will provide the authorities with an opportunity to complete an alternative governance reform measure aimed at strengthening transparency in the extractive sector. The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Equatorial Guinea.[1] IMF Management approved the completion of the first and second reviews and a 12-month extension of the Staff Monitored Program (SMP) for Equatorial Guinea on June 25, 2025. The authorities have consented to the publication of the Staff Report prepared for this consultation.[2] Equatorial Guinea registered a mild economic recovery in 2024, growing by 0.9 percent following a strong contraction in 2023. However, non-hydrocarbon GDP growth slowed in 2024 to 1.3 percent, and the economy is expected to grow only modestly in the medium term as hydrocarbon production declines. Inflationary pressures have persisted, with inflation increasing from 2.5 percent in 2023 to 3.4 percent in 2024. The banking sector showed clear signs of improvement in 2024 but remains undercapitalized. The average capital adequacy ratio of the system is marginally below the regulatory minimum, but substantially higher than at the end of 2022. The authorities' substantial fiscal adjustment in 2024 improved the non-hydrocarbon primary balance from -22.3 percent of non-hydrocarbon GDP in 2023 to -17.0 percent in 2024. Public debt decreased from 39.1 percent to 36.4 percent of GDP. Equatorial Guinea's contribution to foreign reserves at the regional central bank remained negative in 2024, following a reserve loss in 2023. The authorities planned further fiscal adjustment will aim to keep public debt below 50 percent of GDP despite the projected decline in hydrocarbon revenues and restore external balance in the medium term. The authorities have implemented substantial reforms over the past year in the context of the SMP. The significant fiscal adjustment in 2024 helped initiate stabilization of the public debt dynamics and restoration of external balance. They enacted a new tax law that broadens the tax base, prepared a plan to phase out fuel subsidies, began making payments under a new arrears clearance strategy and reformed the customs administration. The authorities took concrete steps toward restoring the health of the financial sector. In an effort to improve governance and transparency, they also developed an AML/CFT strategy and published contracts in the extractive sector and an audit of spending following the accidental explosions in Bata in 2021. The authorities' policies have allowed them to meet almost all of the SMP's quantitative conditionality as well as complete actions related to most of their structural reform program commitments in the areas of governance, financial sector development and structural fiscal policy. The authorities missed two structural benchmarks following their decision not to publish the asset declarations of public officials. The 12-month SMP extension will afford the authorities the opportunity to complete an alternative governance reform measure – the publication of an extractive industry transparency report in line with EITI standards – while continuing to implement their broader reform agenda. Executive Board Assessment[3] Executive Directors agreed with the thrust of the staff appraisal. Directors welcomed the authorities' progress on their reform agenda under the Staff‑Monitored Program, noting its 12‑month extension. They stressed, however, that the macroeconomic environment remains challenging, particularly because of the continued decline in hydrocarbon production that is placing sustained pressure on fiscal and external balances. Directors urged steadfast reform implementation going forward, particularly to address long‑standing and serious governance challenges, which would help economic diversification and lay the foundation for private sector‑led, sustainable, and inclusive growth. Directors welcomed the authorities' decision to anchor public debt to preserve debt sustainability and restore external balance. They emphasized that this will require a gradual and sustained fiscal adjustment in the face of declining hydrocarbon revenues. Directors welcomed the commitment to achieving the 2025 budget and stressed the need for continued efforts to mobilize domestic non‑hydrocarbon revenues and strengthen fiscal institutions. Improving public financial management remains essential. Directors called for ambitious social spending reform to improve social outcomes and boost human capital development. They stressed the importance of approving the social protection law to enable the building of comprehensive social safety nets. Directors commended the progress made toward restoring the health of the financial sector—including the completion of the audit of the systemic public bank and the creation of an arrears clearance strategy—but noted that vulnerabilities remain. Directors highlighted the importance of obtaining approval from the regional banking supervisor for the arrears clearance plan, further strengthening private banks' balance sheets, and implementing the financial inclusion strategy. Directors urged the authorities to redouble their efforts to substantially improve transparency and governance. They regretted the authorities' decision to step back from the long‑standing commitment to publish asset declarations of public officials, and many Directors urged the authorities to reconsider this option. Directors considered that the publication of an annual report on financial flows in the extractive sector could help demonstrate the authorities' commitment to address their governance deficit. They recommended further governance reforms to address issues highlighted in the 2019 governance diagnostic, including implementing the AML/CFT strategy. A predictable and transparent business environment with reliable and efficient application of laws is needed to create a level playing field that would attract domestic and foreign investment. It is expected that the next Article IV consultation with Equatorial Guinea will be held on the standard 12‑month cycle. Table 1. Equatorial Guinea: Selected Economic and Financial Indicators, 2024–26 Estimates Projections 2024 2025 2026 (Annual percentage change, unless otherwise specified) Production, prices, and money Real GDP 0.9 -1.6 0.5 Hydrocarbon GDP1 0.4 -6.4 -2.6 Non-hydrocarbon GDP 1.3 2.3 2.8 GDP deflator 2.5 3.0 1.0 Consumer prices (annual average) 3.4 2.9 2.9 Consumer prices (end of period) 3.4 2.9 3.5 Monetary and exchange rate Broad money 2.6 2.7 2.9 Nominal effective exchange rate (- = depreciation) … … … External sector Exports, f.o.b. -7.1 1.6 -8.7 Hydrocarbon exports -8.4 1.7 -10.2 Non-hydrocarbon exports 2.6 1.8 1.0 Imports, f.o.b. -8.9 2.2 -1.9 Government finance Revenue -14.3 0.7 -5.0 Expenditure -0.7 4.9 -1.3 (Percent of GDP, unless otherwise specified) Government finance Revenue 17.9 17.8 16.7 Hydrocarbon revenue 14.5 14.3 13.0 Non-hydrocarbon revenue 3.4 3.5 3.7 Expenditure 18.5 19.1 18.6 Overall fiscal balance (Commitment basis) -0.6 -1.3 -1.9 Overall fiscal balance (Cash basis) -1.0 -2.0 -2.6 Non-hydrocarbon primary balance2 -11.7 -12.6 -12.3 Non-hydrocarbon primary balance (as percent of non-hydrocarbon GDP) -17.0 -17.4 -16.4 Change in domestic arrears -0.3 -0.7 -0.7 External sector Current account balance (including official transfers; - = deficit) -3.2 -3.3 -4.5 Imputed Foreign Reserves (net), US$billion 0.4 0.4 0.2 Debt Total public debt 36.4 37.0 38.4 Domestic debt 28.7 28.0 27.9 External debt 7.8 9.0 10.5 External debt service-to-exports ratio (percent) 6.2 5.7 6.2 External debt service/government revenue (percent) 7.9 7.4 7.7 Memorandum items Oil price (U.S. dollars a barrel)3 79.9 67.7 63.3 Nominal GDP (billions of CFA francs) 7,740 7,846 7,959 Nominal GDP (millions of US dollars) 12,769 12,881 13,138 Hydrocarbon GDP (billions of CFA francs) 2,401 2,193 1,971 Non-hydrocarbon GDP (billions of CFA francs) 5,340 5,653 5,987 Government deposits (in percent of GDP) 17.7 17.5 17.2 Oil volume (crude and condensado, millions of barrels) 29.1 26.8 25.1 Gas volume4 (millions of bbls oil equivalent) 51.8 49.2 49.5 Total Hydrocarbon Volume (in millions of barrels of oil equivalent) 81.0 76.0 74.7 Exchange rate (average; CFA francs/U.S. dollar) 606.2 … … Sources: Data provided by the Equatoguinean authorities; and staff estimates and projections. 1 Including oil, LNG, LPG, butane, propane, and methanol. 2 Excluding hydrocarbon revenues, hydrocarbon expenditures, and interest earned and paid. 3 The reference price for crude oil is the Brent. 4 Includes LNG, propane, butane and methanol. [1] Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. [2] Under the IMF's Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the page. [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: Distributed by APO Group on behalf of International Monetary Fund (IMF).
Zawya
11 minutes ago
- Zawya
Ambassador GAO Wenqi Visits Chinese-Invested Enterprises in Rwanda
On July 25, Ambassador GAO Wenqi visited the C&D Products Group. The company executives gave a briefing on the company's production, operations, and development, as well as the working and living conditions of its employees. Ambassador GAO encouraged the company to adhere to safe production and compliant operation, and take good care of its employees, so as to actively fulfill its social responsibilities and set up a good image for Chinese enterprises. He also asked the company to actively take part in and contribute to Rwanda's economic and social development, and promote China-Rwanda relations. Specializing in apparel manufacturing and export, C&D was established in Rwanda in 2019. It has created over 7,000 jobs for local communities. Distributed by APO Group on behalf of Embassy of the People's Republic of China in the Republic of Rwanda.
Zawya
an hour ago
- Zawya
Attendance of State Minister Fujii at the symposium organized by Sasakawa Peace Foundation and the commemorative dinner for the High-Level Expert Meeting on Japan and Africa Partnerships
On July 25, State Minister for Foreign Affairs Mr. FUJII Hisayuki attended the Special International Symposium titled 'Forging a Sustainable Future through Africa-Japan Collaboration', organized by Sasakawa Peace Foundationand the commemorative dinner for High-Level Expert Meeting on Japan and Africa International Partnerships held at the Meiji Kinenkan and delivered a guest speech. The summary is as follows: In his address at the Special International Symposium, State Minister Fujii stated that Japan and Africa, both surrounded by oceans, are well-positioned to strengthen cooperation by sharing knowledge and experience to promote economic development through ocean conservation and sustainable use. He further emphasized that the opportunity for dialogue between Japanese and African leaders, as exemplified by this symposium, is highly welcome and will provide valuable input for the 9th Tokyo International Conference on African Development (TICAD 9). State Minister Fujii engaged in discussions with former African heads of state and other prominent figures at the dinner celebrating the High-Level Expert Meeting on Japan and Africa Partnerships, hosted by the Sasakawa Peace Foundation. (Reference) African participants in the High-Level Expert Meeting on Japan and Africa Partnerships H.E. Chief. Olusegun Obasanjo, Former President of the Federal Republic of Nigeria H.E. Dr. Jakaya Mrisho Kikwete, Former President of the United Republic of Tanzania H.E. Mr. Jorge Carlos Fonseca, Former President of the Republic of Cabo Verd H.E. Dr. Ibrahim Hassane Mayaki, Former Prime Minister of the Republic of Niger Dr. Geraldine Fraser-Moloketi, Former Minister of Public Service and Administration Dr. Donald Kaberuka, Former President of African Development Bank. Distributed by APO Group on behalf of Ministry of Foreign Affairs of Japan.
