Aliko Dangote, Founder and Chairman/Chief Executive of Dangote Group, West Africa’s largest conglomerate, on Friday said outgoing President of the African Export-Import Bank (Afreximbank), Benedict Orama, transformed many African dreams into reality through his visionary leadership and unwavering support for the continent’s industrial transformation.
Speaking at the Afreximbank Legacy Conference and Investiture in Cairo, Dangote described Orama as “the man who made the impossible possible”, praising him as a visionary and courageous leader under whose guidance “Africa's dreams and aspirations have been realized by Afreximbank, Africa's crisis-resolution bank.”
He recalled the vital role his group played when his group embarked on the bold project of building the Dangote Refinery, saying, “When we dreamed of setting up a refinery, one of the foremost banks that really supported us was Afreximbank under the leadership of Professor Ormah. At that time, we didn't even really know what we were doing. We just said maybe 300,000 barrels per day. From there, we It changed to 400,000 because the largest then was the 450,000 manufactured by Saudi Aramco. Later, we decided to do something that had never been done before in the world.”
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Dangote said that very few people had confidence in the project at the time. “Access Bank, Zenith Bank and some others joined Afreximbank believing in the dream of the refinery. Even Femi Otedola believed it was possible,” he said. “We said we want to build a refinery 50% bigger than any refinery built by multinationals or sovereign nations.”
He stressed that without Afreximbank, the Dangote refinery, petrochemical and fertilizer projects “would never have been possible”, adding that Africa must continue to build strong African-owned banks that African entrepreneurs understand and trust. “That's why I've always said we need our own banks. No one will ask you for your great-grandfather's birth certificate before giving you a loan,” he said, describing Afreximbank as “the right bank for Africa.”
Turning to Orama, Dangote praised him for turning African dreams into tangible realities. He said, “You have done what no one expected you could do. You turned our dreams into reality. A dream remains a dream until someone helps you make it come true.” Dangote recalled that during the difficult times of production, whenever he felt depressed, he would call Orma, who would always find the words to re-energize him. “He'll say something that will make me feel refreshed again. I must thank you, my brother. You have been a great friend and companion.”
He also acknowledged the board of Afreximbank, and jokingly referred to one of its members as “the most troubled man on the board of the bank”, causing laughter from the audience.
Dangote described the day as bittersweet, full of reflection and immense gratitude. “As Africans, our culture teaches us to accept the end of the journey,” he said. “Over the past four decades as an entrepreneur, I have traveled this great continent, meeting Presidents, Prime Ministers, politicians and women from all walks of life. I have seen the good, the great, the bad, the fearless, the beautiful and the ugly. The man we celebrate today, Professor Benedict Orma, represents the very best qualities among us. You, in the name of Almighty God, are our A rare gift to the continent.”
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He said Orama's ideas have not only strengthened Afreximbank but also inspired governments, businesses and communities to believe in Africa's unlimited potential. “You epitomize what it means to be committed to Africa,” he said. Dangote continued, Under Orama's leadership, Afreximbank revolutionized how a trade finance development institution could connect markets across the continent, not only facilitating trade but also creating and maintaining markets.
While considering the challenges of conceptualizing and financing a 650,000 barrel per day refinery with petrochemical and fertilizer plants costing more than $22 billion, Dangote stressed the critical support of Afreximbank. “The support we received from Professor Oramah and Afreximbank went far beyond financing. It included strategic advice and most importantly, they were our biggest cheerleaders,” he said.
He revealed that during the project, there were nights when he called Orma for brainstorming when things felt overwhelming. He recalled, “He listened patiently, and his advice was always full of wisdom, clarity, and conviction.” “During COVID, when the whole world stopped, I called them. The refinery was not project-funded; it was on our balance sheet. I asked them, 'What do we do?' He spoke to his team, Access Bank, First Bank and Zenith Bank and together they helped us stay on track. The world stopped, we did not stop. Thanks to the support of Afreximbank under your leadership, we continued to build. You are a great teacher.”
Dangote said when the story of the Dangote Refinery and Petrochemical Complex is told, history will remember the role of Afreximbank and Orama. “This development is already changing Africa's energy security landscape and disrupting global markets,” he said. “The role of Afreximbank will certainly be mentioned, but the architect of this historic achievement is, among a few others, Professor Oramah.”
He expressed his deep gratitude to Afreximbank's incoming Chairman George Allombi and the executive management team for their commitment to the continent. “Without you, we could not have achieved our dreams,” he said, describing the Afreximbank team as “brave, courageous and willing to roll up their sleeves and get their hands dirty.”
“With deep responsibility,” Dangote continued, “I can say that Afreximbank has been the best performing financial institution on the continent, a silent but effective force behind many of Africa's most exciting opportunities and developments. Without Afreximbank, Africa would not be where it is today.”
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He again turned to Orama, calling him “my dear brother” and praising him for raising the bank's prominence and building bridges beyond Africa. “You have rekindled lost connections and built new ones. You have served this continent diligently. When you depart, you leave behind a sense of can-do and a zeal that will continue to inspire us.”
Dangote also paid tribute to Orama's wife Chinelu “for taking care of you and sharing a big part of you with us over the last decade”. He told them and their daughters, “We are grateful. We return him to you now, but only for a short rest, as there is still much work to be done on the continent. We cannot keep our star player on the bench when the game is only in the first half.”
He concluded by turning to the incoming President, George Allombie. “My friends, as you receive the baton from Professor Ormah and begin your race, know that you can count on me and the Dangote Group as steadfast partners in this journey. We wish you all the best,” he said, drawing warm applause from the audience.
