Oramah wins inaugural African energy award
BUSINESS REPORTER
Afreximbank president Benedict Oramah has been named as the inaugural winner of the African Energy Person of the Year award in recognition of his push for the just energy transition.
He will be presented with the award during the African Energy Week 2022 in Cape Town in October.
The award is the brainchild of the African Energy Chamber (AEC) and recognises an individual who has been influential or prominent in Africa’s energy industry during the year or has championed Africa and its energy sector.
“In an era when fossil fuels funding are being restricted by wealthy nations, Benedict Oramah has been doing everything he can to strengthen Africa’s oil and gas industry. He understands that our oil and gas resources are still very much needed to eradicate our continent’s widespread energy poverty and create a pathway to a better economic future,” the African Energy Chamber said in a statement.
It said Oramah continues to find ways to support a strong African sector — a healthy mix of oil, gas, and renewable sources–due to his recognition that Africa’s energy sector still have important roles to play in building stronger, more resilient African countries.
“That became readily apparent in 2021, when Africa tried to convince the international community to respect the continent’s priorities, a plea that seemed to fall on deaf ears,” the Chamber said
During the 2021 United Nations Climate Change Conference in Glasgow, more than 20 countries and financial institutions pledged to stop public financing for overseas fossil fuel projects.
“Foreign investment in African oil and gas projects was rapidly drying up, and we at the chamber felt the only way forward was an African solution. We started calling for an African energy bank that would finance the continent’s energy projects and allow African nations to transition from fossil fuels to renewables on their own timetable. Dr. Oramah immediately put his support behind that idea,” the Chamber said.
It said Oramah’s support paved the way for Afreximbank and the African Petroleum Producers Organisation (APPO) to sign a memorandum of understanding in May 2022 and agree to collaborate on the establishment of an African Energy Transition Bank.
His cooperation with APPO was one of many ways Oramah has shown himself to be a true champion of the continent’s energy sector, the African Energy Chamber said.
Under Oramah’s direction, Afreximbank has repeatedly helped national oil companies get the funding they need.
This year, the Nigerian National Petroleum Company Limited secured a US$5bn corporate finance commitment from Afreximbank, financing that will support major, and critically needed, investments in Nigeria’s upstream sector.
