Dr Philip Ojwang Kamau died on January 20, 2021 in Cairo, Egypt at the age of 61. PHOTO | AFREXIMBANK
Fallen career banker Dr Philip Ojwang Kamau played an instrumental role in fronting Kenya to host the African Export Import Bank (Afreximbank) Sh3 billion regional headquarters but Nairobi’s foot-dragging saw it lose out to Kampala.
Dr Kamau was, until his demise on January 20 in the Egyptian capital Cairo, at the age of 61, the head of Afreximbank's newly created Fund for Export Development in Africa (Feda).
The top banker had joined the multilateral lender in 1994 after he was seconded by the African Development Bank, becoming one of its pioneer staff members.
He moved up the ranks to become the senior director, Finance, in 2007 during which he spearheaded the creation of an equity investment arm of the bank, which became Feda.
“It is with a heavy heart that Afreximbank announces the irreparable loss of our colleague, friend and great African, Dr Philip Kamau, Chief Executive Officer, Fund for Export Development in Africa (Feda). He died in the early hours of 20th January at his residence in Cairo, Egypt.,” said Afreximbank President Benedict Oramah in a statement last week.
Prof Orama eulogised him as having made significant contributions to the regional bank, adding that “he helped build important systems that have stood the test of time.”
Dr Kamau was tapped to head its Feda in 2018, becoming the first chief executive of the wholly-owned development-oriented subsidiary of Afreximbank.
The fund set up with an initial $100-million (about Sh10 billion) to provide seed capital to companies in Afreximbank’s key focus sectors, including agri-business, manufacturing, consumer and retail, financial services, technology, travel and tourism, transport and logistics and industrial parks.
“He had astute negotiation skills and was a strong believer in the power of performance and delivery.... We mourn not only a great Afreximbanker but also a dedicated African who fought many battles for the betterment of our economies,” Prof Oramah said.
Kenya had in 2016 indicated that it would finally sign the deal for the establishment of Afreximbank branch in Nairobi. The plans had been in the works for over three years.
But in July 2018, Prof Oramah confirmed that the multilateral lender had opted to relocate to the Ugandan capital, Kampala, after Nairobi kept it waiting for more than three years for the necessary approvals.
The regional trade bank had earlier said Kenya’s reluctance to grant it diplomatic status had forced the agency to woo Kampala for the setting up of the headquarters. The agreement with Kampala was signed in September 2019.
Observers saw the loss of hosting rights to Kampala as a blow to President Uhuru Kenyatta’s efforts to create a regional financial hub in Nairobi as well as loss of potential benefits including investment in buildings, rents and employment.
Afreximbank, which finances and promotes African trade, has in the past decade become a significant player in Kenya’s economy, having financed big-ticket deals, including national carrier Kenya Airways.
Dr Kamau was buried on Tuesday at his home in Kabondo, Homa Bay County.
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