How Oramah grew Afreximbank’s assets to $40bn – Elombi

Dr George Elombi, Executive Vice-President (EVP) of Afreximbank, has highlighted the blueprint behind Prof. Benedict Oramah’s decade-long success, which saw the bank’s assets multiply from a mere US$6 billion in 2015 to over US$40 billion.

Speaking at a Farewell Conference in honour of departing President Oramah on Friday in Cairo, Elombi attributed this monumental growth to Oramah’s  “Portfolio Approach”  and a unique blend of foresight and action.

He cited a previous observation from the Governor of the Central Bank of Nigeria that Oramah was one of the few global leaders who combined, “vision and execution” effectively.

“In June this year, the governor of the Central Bank of Nigeria described Professor Oramah as one of the few in the world, the 0.8 per cent who combines vision and execution.

“For some have vision but cannot execute. Others can execute but have little vision.

“Oramah has both, and everyone who spoke in Abuja in June thought so.”

Recounting Oramah’s early career within the bank, where he was a dedicated generalist, Elombi noted that his relentless energy was always evident.

“His energy, courage, and tenacity were very evident,” he stated.

Further describing Oramah’s early role before ascending to the top office, Elombi said: “He was a hustler: a credit officer, a legal officer, the officer responsible for planning and strategy, the president’s personal assistant, chief adviser and more.

“By the time he assumed the presidency, Oramah’s strategic direction was clear.

“Instead of maintaining a narrow focus, he opted for a broad, systemic intervention strategy aimed at continental transformation.

“Building upon the solid foundations established by his predecessors, he sought to accelerate Africa’s trade and socio-economic transformation,” Elombi explained.

According to him, this all-encompassing strategy, which tackled the roots and branches of Africa’s trade challenges, became the key to unlocking major capital and expanding the bank’s relevance.

Explaining the rational, Elombi said: “This will come to be known as a ‘portfolio approach’, the combined approach, which did not focus on trade alone.

“It addressed the trade infrastructure itself, the roots, the branches and the stem.”

The results of this constructive disruption were striking, Elombi said, validating the  rapid expansion: “From a relatively small bank “with only US$6 billion in assets in 2015, Afreximbank has rapidly grown to over US$40 billion, establishing its continental and global relevance.”

Elombi noted that the aggressive growth funded the emergence of strategically important offshoots like FEDA, AfrexInsure, and the African Medical Centre of Excellence (AMCE), adding that it turned Afreximbank into “Africa’s development supermarket.”

The EVP in his remarks stated that Oramah’s ultimate legacy was the intangible spirit he instilled in the next generation of African leaders.

“You have instilled in us a can-do spirit, the courage to continue challenging the status quo,” Elombi told Oramah, affirming the bank’s commitment to building on the powerful foundation he established.