Financial experts in Nigeria commend the appointment of Arunma Oteh, former director general of the Securities and Exchange Commission as the World Bank vice president and treasurer
| By Maureen Chigbo | Aug 3, 2015 @ 01:00 GMT |
ARUNMA Oteh, former director general of the Securities and Exchange Commission, SEC, has been appointed as vice president and treasurer of the World Bank. The appointment which will take effect from September 28, was made through a global competitive search. An official of SEC who is currently outside the country also confirmed the news of the appointment to Realnews this evening.
Oteh as the vice president and treasurer will manage and lead a large and diverse team responsible for managing more than $150 billion in assets of the World Bank. Her top priorities will be to maintain the World Bank’s global reputation as a prudent and innovative borrower, investor and risk manager. She will also manage an extensive client advisory, transaction and asset management business for the Bank; 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 collaborate extensively with the finance partners throughout the World Bank Group, including the International Finance Corporation, IFC and MIGA, expanding shared approaches, in particular around innovative financing for development and for key new projects.
Jim Yong Kim, World Bank president, who announced the appointment today said he was pleased that Oteh got the job.
Oteh ended her five-year tenure as director general of SEC in January 2015 where she helped to transform the capital market sector that was negatively affected by the global economic meltdown.
A member of the Board of the International Organisation of Securities Commissions, IOSCO, and chairperson of the Africa Middle East Regional Committee of IOSCO, Oteh has worked as group vice president, Corporate Services at the African Development Bank Group, AfDB, where she headed a number of departments, including human resources, information and communications technology, and institutional procurement.
From 2001 to 2006 she was AfDB group treasurer, where she managed the bank’s fundraising and capital market activities across the world. She joined the AfDB in 1992 and handled assignments which 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.
A graduate of Computer Science from the University of Nigeria, Nsukka, Oteh, who also has a Masters Degree in Business Administration from Harvard University, began her career in 1985 at Centre Point, where she executed debt and equity offerings in the Nigerian capital markets.
Some Nigerians in the financial circles reacted positively to the news of Oteh’s appointment. An official of the Central Bank of Nigeria, CBN, said that the news of Oteh’s appointment was indeed very good.
Rewane Bismark, chief executive of Financial Derivatives told Realnews on the phone that the appointment is good for the country at this point in time. “It’s a recognition of her talent, skill and capacity. It is a boost for Nigeria. It is positive development, great for her and good gor the country. It is a good thing that a good talent in Nigeria is recognized international. Don’t forget that 10 or 15 years ago she handled a similar portfolio for the AfDB where she performed very well.”