Women in Business: Kanayo Awani, Afreximbank

Ahead of International Women’s Day on March 8, African Business is collecting the experiences of women leaders in African businesses and asking them how future progress can be assured.

In this interview, we hear from Kanayo Awani, executive vice-president for intra-African trade and export development at Afreximbank.

AB: Is it getting easier to crack the glass ceiling for women in Africa?

Kanayo Awani: That is an interesting question. I would not say it is definitively easier, but more women are finding ways to break through. Progress has been made, yet representation remains uneven. Strong biases persist – sometimes subtly, sometimes blatantly.

That said, I am encouraged by the strides being made in countries like Rwanda, where institutional changes are actively addressing biases. Rwanda is a global leader in women’s political representation, with women holding 61.3% of seats in the Lower House of Parliament and 45.4% of cabinet positions, according to the country’s Ministry of Gender and Family Promotion. Nigeria is also making progress, particularly in the financial services sector. As of 2024, 10 out of 25 commercial banks have women serving as Chief Executive Officers, marking a significant milestone in gender representation.

Breaking barriers requires more than just waiting for change – it demands concrete action. I have always believed that opportunities are not just given; they are created. Rather than waiting for doors to open, I see women across Africa pushing them open, reshaping industries, and challenging outdated norms. That determination is what continues to drive progress, even in the face of obstacles.

AB: Which women leaders inspire and have inspired you?

Kanayo Awani: My mother, without a doubt. She led quietly but powerfully. Even in retirement, she was the proprietor of a school—not for profit but because she believed education changes lives. She would pick up children from the streets and bring them to school. To fund it, she built a mechanised oil palm facility – the first of its kind in the region. That level of vision and innovation has always inspired me.

I also admire Dr. Ngozi Okonjo-Iweala. Her resilience and ability to navigate complex global institutions are remarkable. Becoming the first Black woman to lead the World Trade Organization was groundbreaking, but beyond that, she has shaped economic policies, driven debt relief for African nations, and championed inclusive global trade. Her influence and leadership continue to inspire many African women to aim higher and break barriers.

AB: What were the biggest hurdles you had to overcome on your journey to the top?

Kanayo Awani: Gaining due recognition for my contributions. It is something many women experience—you work hard, but you are still not always seen as “ready.” I had to learn to push past that by staying focused, delivering results, and making sure my work speaks for itself.

AB: What surprised or shocked you most on your journey?

Kanayo Awani: You would think meritocracy would always win, but that is not always the case. Cultural and social biases run deep.

On the flip side, I have been surprised by the power of networks. Having the right people believe in you can make all the difference. I learned that while talent and hard work are essential, visibility and strategic positioning matter just as much.

AB: What would you tell your 20-year-old self?

Kanayo Awani: Hard work, tenacity, and faith in God will take you further than you can imagine. And – something my mother always emphasised – stay grounded in your values, no matter what. Work hard, be fair, and do not get distracted by things that do not matter. Focus on the BIG picture, and do not sweat the small stuff!

AB: If you were 20 today, what industry would you go into, and what skills would you get?

Kanayo Awani: I would go into development. My experience at Citibank provided a solid foundation in finance, but I have always been drawn to impact-driven work. Development finance allows you to shape economies, drive structural change, and create opportunities for underserved communities – work that is both challenging and deeply fulfilling.

If I were starting today, I would focus on acquiring strong financial analysis, negotiation, and policy development skills. Given how technology is reshaping the sector, I would also prioritise the ability to adapt to shifting financial trends and innovations, along with expertise in digital finance. Understanding global markets, sustainability financing, and the intersection of finance and social impact would be invaluable in today’s landscape.

AB: Is greater women representation in business/boardrooms a fight that you are continuing to fight?

Kanayo Awani: I absolutely encourage it. Women bring something unique to the table – diverse perspectives, resilience, and a different approach to problem-solving. But for me, it is not just about advocating for women – it is about advocating for equal opportunity. A truly inclusive boardroom is not about filling quotas; it is about ensuring that the best talent, regardless of gender, has the chance to excel. When leadership reflects the full spectrum of society, businesses and economies thrive.

AB: Who supported you along the way, and how have the institutions you have worked for helped?

Kanayo Awani: I have been fortunate to have incredible mentors and bosses who recognised my potential and supported my growth. One person who stands out is Mrs. Imo Oyewole, my first boss at Citibank. She helped me navigate what was, at the time, a tough corporate culture. She was firm but deeply empathetic, striking a balance between high expectations and genuine care. In my early twenties, when I was just trying to find my footing, she was a guiding force. Over the years, our relationship has evolved from boss-mentor to something more personal – today, she feels like an older sister.

Other bosses in Citi who contributed to my journey along the way include Taukeme Koroye (deceased), Ade Ayeyemi, Majaz Khan, Austine Ometoruwa, Foluke Aboderin-Alakija, Tim Welch, Kaleem Rizvi (as I navigated careers from operations, management trainee on to business development) they created opportunities for excellence and encouraged me to always put in my best.

Another key influence in my journey is Prof. Benedict Oramah, the President of Afreximbank. He has been incredibly supportive of my work and vision, encouraging me to take on bigger challenges and make a greater impact. The accomplishments that have heralded my journey to the top at Afreximbank would not have been without his exemplary support. Beyond that, he is a strong advocate for women in leadership, and one of his favourite statements within the organisation is: ‘Ignore women at your peril.’ His commitment to inclusion and empowerment continues to inspire many of us.

The institutions I have worked for – Citi, Afreximbank, and others – have played a crucial role in shaping my career, providing the right opportunities at defining moments. But at the end of the day, I always go back to what my mother taught me: “Let your actions be guided by your values, not by external expectations.”

Principles like hard work, integrity, fairness, and focus have shaped my decisions and defined my approach to leadership.

Because of this, I make it a personal mission to mentor and uplift women and young professionals, both within the bank and across various fields. I actively encourage them to pursue excellence, lead with confidence, and strive to be the best version of themselves. Through mentorship, career coaching, and advocacy, I hope to create pathways for more women to rise, lead, and thrive in their respective fields.