World Bank Appoints Nigerian Woman As Vice President & Treasurer

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News of this class reigned last when Ngozi Okonjo-Iweala was appointed Managing Director of the World Bank From 2007-2011 and since then only few Nigerians have been appointed for delicate positions as this.

July 23rd saw the immediate past Director General of Nigeria’s Securities and Exchange Commission, Arunma Oteh, appointed as Vice President and Treasurer of the World Bank.

According to Wikipedia

Arunma Oteh is of Nigerian/British nationality. She is from Abia State. She studied at the University of Nigeria in Nsukka, Nigeria, earning a first class honors degree in Computer Science. She went on to the Harvard Business School where she obtained a Masters Degree in Business Administration. She co-edited the book, African Voices African Visions.

Oteh worked for various institutions including the Harvard Institute for International Development and Centre Point Investments Limited of Nigeria in corporate finance, consulting, teaching and research. She joined the African Development Bank (ADB) in 1992. She was a Senior Investment Officer/Senior Capital Markets Officer from 1993 to 1997, then Division Manager Investments and Trading Room from 1997 to 2001 when she was appointed the Bank’s Group Treasurer responsible for fund raising and investments in major international capital markets. Oteh was appointed Vice-President for Corporate Management at the ADB in March 2006, responsible for Language Services, General Services and Procurement, Human Resources, and Information Management and Methods.

 

Below is the full statement as released by the World Bank:

Arunma Oteh, Vice President & Treasurer of the World Bank

Date: July 23, 2015 – 12:49

Arunma, a Nigerian national, was most recently the Director General of the Securities and Exchange Commission of Nigeria. Appointed to a five-year term by the President of Nigeria in 2010, she led the transformation of the country’s capital markets industry into a major global presence. She was a member of the Board of the International Organization of Securities Commissions (IOSCO) and the Chairperson of the Africa Middle East Regional Committee of IOSCO.

Prior to joining the Securities and Exchange Commission (SEC) of Nigeria, Arunma was Group Vice President, Corporate Services, at the African Development Bank Group (AfDB). In this role she oversaw a number of departments, including human resources, information and communications technology, and institutional procurement. From 2001 to 2006 she held the role of AfDB Group Treasurer, where she led AfDB’s fundraising and capital market activities across the world. Earlier roles at the AfDB, which she joined in 1992, included trading room management, investment portfolio coverage, and public sector lending. She also held other positions in capital markets and lending during the course of her career at the AfDB. Arunma began her career in 1985 at Centre Point, where she executed debt and equity offerings in the Nigerian capital markets.

She earned her Bachelor of Science in Computer Science from the University of Nigeria and her Masters of Business Administration from Harvard University.

As VP and Treasurer, Arunma will manage and lead a large and diverse team responsible for managing more than $150 billion in assets. Her top priorities will be to: (i) maintain the World Bank’s global reputation as a prudent and innovative borrower, investor and risk manager; (ii) manage an extensive client advisory, transaction and asset management business for the Bank; (iii) engage, in her capacity as one of the World Bank’s key representatives, with outside stakeholders including global private sector financial institutions, the financial media and the sovereign debt and reserve managers in client countries, as well as ratings agencies; and (iv) collaborate extensively with the Finance Partners throughout the WBG, including with IFC and MIGA, expanding shared approaches, in particular around innovative financing for development and for key new projects.

Ms. Oteh was selected to this position through an international competitive search. Her appointment is effective on September 28, 2015.

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