You turned our dreams into reality, Dangote tells Oramah
Aliko Dangote, Founder and President/Chief Executive of the Dangote Group, the largest conglomerate in West Africa, on Friday said Benedict Oramah, outgoing President of the African Export-Import Bank (Afreximbank), turned 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 Oramah as “the man who made the impossible possible,” praising him as a visionary and bold leader under whose guidance “Africa’s dreams and aspirations have been materialised by Afreximbank, Africa’s crisis-solving bank.”
He recalled the vital role Afreximbank played when his group embarked on the audacious project of building the Dangote Refinery, saying, “When we had the dream of putting up a refinery, one of the foremost banks that actually supported us was Afreximbank under the leadership of Professor Oramah. At that time, we really didn’t even know what we were doing. We just said maybe 300,000 barrels per day. From there, we changed it to 400,000 because the biggest then was 450,000 built by Saudi Aramco. Later, we decided to do what had never been done before in the world.”
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Dangote said very few believed in the project at the time. “Access Bank, Zenith Bank, and a few others joined Afreximbank in believing in the refinery dream. Even Femi Otedola believed it was possible,” he noted. “We said we wanted to build a refinery 50% bigger than anything ever built by multinationals or sovereign nations.”
He emphasised 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 understand and trust African entrepreneurs. “That’s why I’ve always said we need our own banks. Nobody 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 Oramah, Dangote praised him for turning African dreams into tangible realities. “You have done what nobody expected you could do. You turned our dreams into reality. A dream is just a dream until someone helps you make it real,” he said. Dangote recalled that during difficult periods of construction, whenever he felt low, he would call Oramah, who would always find words to re-energize him. “He would say something that made me feel recharged again. I must thank you, my brother. You have been a very good friend and partner.”
He also acknowledged Afreximbank’s board, jokingly referring to one of its members, as “the most troublesome man in the bank’s board,” drawing laughter from the audience.
Dangote described the day as bittersweet, one for reflection and immense gratitude. “As Africans, our culture teaches us to embrace the finality of a journey,” he said. “Over the past four decades as an entrepreneur, I’ve travelled across this great continent, meeting presidents, prime ministers, statesmen, and women from all walks of life. I’ve seen the good, the great, the bad, the bold, the beautiful, and the ugly. The man we celebrate today, Professor Benedict Oramah, represents the very best qualities among us. You are a rare gift to our continent from Almighty God.”
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He said Oramah’s ideas had not only strengthened Afreximbank but also inspired governments, businesses, and communities to believe in Africa’s boundless potential. “You are a symbol of what it means to be committed to Africa,” he said. Under Oramah’s leadership, Dangote continued, Afreximbank revolutionized how a trade finance development institution could connect markets across the continent, not only facilitating trade but also creating and sustaining markets.
Reflecting on the challenges of conceptualising and financing the 650,000-barrel-per-day refinery with petrochemical and fertilizer plants costing over $22 billion, Dangote emphasised Afreximbank’s vital support. “The support we received from Professor Oramah and Afreximbank went 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 he called Oramah to brainstorm when things seemed overwhelming. “He listened patiently, and his counsel was always full of wisdom, clarity, and conviction,” he recalled. “During COVID, when the whole world stopped, I called him. The refinery was not project-financed; it was on our balance sheet. I asked him, ‘What do we do?’ He spoke to his team, Access Bank, First Bank, and Zenith Bank, and together they helped us stay on track. While the world stopped, we did not stop. We kept building, thanks to the support of Afreximbank under your leadership. You are a great mentor.”
Dangote said history would remember Afreximbank and Oramah’s role when the story of the Dangote Refinery and Petrochemical Complex is told. “This development is already transforming 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, among a few others, is Professor Oramah.”
He expressed deep gratitude to George Elombi, the incoming president of Afreximbank, 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, bold, and willing to roll up their sleeves to get their hands dirty.”
“With profound 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 turned to Oramah again, calling him “my dear brother,” and commended him for growing the bank’s prominence and building bridges beyond Africa. “You have rekindled lost connections and built new ones. You have served the continent passionately. As you depart, you leave behind a can-do spirit and a zeal that will continue to inspire us.”
Dangote also paid tribute to Oramah’s wife, Chinelu, “for taking care of you and for sharing a big part of you with us over the last decade.” To her and their daughters, he said, “We are grateful. We return him to you now but only for a brief sabbatical, because there is still so much work to be done on the continent. We can’t have our star player on the bench when the game is only in the first half.”
He concluded by turning to the incoming president, George Elombi. “My friend, as you receive the baton from Professor Oramah and begin your own race, know that you can count on me and the Dangote Group as steadfast partners on this journey. We wish you all the very best,” he said, drawing warm applause from the audience.
