Former Director General of the Securities and Exchange Commission (SEC), Aruma Oteh, has expressed her gratitude to World Bank President, Dr. Jim Yong Kim, over her appointment as Vice President and Treasurer of the international finance institution.
In a message posted on Twitter Friday, the University of Nigeria, Nsukka Computer Science graduate also expressed gratitude to the Board of the Bank.
According to her, this is “a great time to join the World Bank given the innovative solutions it is deploying to ‘end extreme poverty and ensure shared prosperity’”.
A statement signed by Kim Thursday said: “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.”
The World Bank’s official goal is the reduction of poverty. According to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of capital investment
Oteh was appointed SEC DG in January 2010, and was responsible for regulating Nigeria’s capital markets, including the Nigerian Stock Exchange (NSE).
She was, however, directed to go on compulsory leave on June 12, 2012 by the SEC Board after a spat between her and Chairman of the House of Representatives Committee on Capital Market, Herman Hembe, over allegation and counter allegation of bribery during a public inquiry into the near collapse of the Nigerian capital market.
She was recalled on July 18, 2012 after an independent investigation by the Board-appointed firm, PricewaterhouseCoopers, cleared her of any financial impropriety.
Her five-year tenure as SEC DG ended in January 2015.
She was selected to World Bank position through an international competitive search and her appointment is effective on September 28, 2015.
Thanks for ur kind messages ff my appointment as VP and Treasurer World Bank. Such an honor, so grateful to President Kim + Board of WB.
— Arunma Oteh (@aoteh) July 24, 2015
A great time to join the World Bank given the innovative solutions it is deploying to ‘end extreme poverty and ensure shared prosperity’
— Arunma Oteh (@aoteh) July 24, 2015
