BY ANTHONY EMEKA NWOSU
Former Deputy Governor of the Central Bank of Nigeria and Founder of the African School of Governance, Prof. Kingsley Moghalu, has commended two prominent Nigerian leaders for their exceptional stewardship of major continental development finance institutions. Moghalu, who was also a presidential aspirant in a past Nigerian election, noted that his own bid for office was driven by a commitment to pilot Nigeria’s affairs using global best practices.
In a statement published on LinkedIn, Moghalu celebrated the contributions of Dr. Akinwunmi Adesina, who served as President of the African Development Bank Group (AfDB) from 2015 to 2025. Under Adesina’s leadership, the Bank’s capital base grew significantly from $93 billion to $318 billion, enabling an unprecedented scale of investments across Africa. He oversaw the deployment of $50 billion to strategic infrastructure projects, including the $3.2 billion Tanzania–DRC–Burundi railway, expected to boost regional trade by 400%. Other notable achievements include the Kazungula Bridge, linking four Southern African countries, and the Senegambia Bridge, which has improved mobility between Senegal and The Gambia.
Adesina also championed the AfDB’s “High 5s Agenda,” focusing on energy access, food security, industrialization, market integration, and improved living standards. Moghalu recalled how Adesina overcame attempts to undermine his second-term bid in 2021, eventually being fully cleared of all allegations after an independent review. Adesina has since handed over leadership to Mauritania’s Sidi Ould Tah.
Moghalu also praised the decade-long tenure of Prof. Benedict Okechukwu “Okey” Oramah as President of the African Export–Import Bank (Afreximbank). Oramah elevated the bank’s influence on the global stage, expanding its balance sheet from $6 billion to $44 billion, with total assets reaching $42.7 billion by early 2025. Afreximbank maintained strong liquidity at 20%, recorded consistent profits, and kept non-performing loans at a low 2.44%.
A key highlight of Oramah’s leadership was his role in operationalizing the African Continental Free Trade Area (AfCFTA). Afreximbank committed $1 billion to the AfCFTA Adjustment Fund and launched the $3 billion Pan-African Payment and Settlement System (PAPSS), a landmark platform enabling cross-border trade using African currencies. Moghalu noted that he was honored to deliver Afreximbank’s 30th Anniversary Founder’s Day Lecture in Cairo in 2023.
Despite these achievements, Moghalu criticized Western credit rating agencies for recently downgrading Afreximbank, describing the move as unjustified given the bank’s strong fundamentals and the marginal rise in non-performing loans from 2.33% to 2.44%.
Moghalu concluded by emphasizing that Africa has all it needs to achieve transformational prosperity on its own terms, stressing the importance of visionary leadership, competence, and institutional capacity.