Immediate past Director-General of the Security and Exchange Commission (SEC) in Nigeria, Ms. Arunma Oteh, has been appointed Vice President and Treasurer of the World Bank.
Her appointment was announced in a press statement by Jim Yong Kim, the President of the World Bank.
Kim said he was pleased to announce the appointment of Arunma Oteh as VP and Treasurer of the World Bank.
He added that Arunma was selected to the new position through an international competitive search and that her appointment is effective from 28th September 2015.
As World Bank Vice President and Treasurer, her responsibilities would include:
(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.
Kim recalled that Arunma, a Nigerian national and most recently the Director-General of the Securities and Exchange Commission of Nigeria, was appointed to a five-year term by a former President of Nigeria in 2010.
While in SECOND Arunma led the transformation of the country’s capital markets industry into a major global presence.
Arunma, a member of the Board of the International Organisation of Securities Commissions (IOSCO) and the Chairperson of the Africa Middle East Regional Committee of IOSCO, was also Group Vice President, Corporate Services, at the African Development Bank Group (AfDB) before her appointment by the Nigerian government.
Kim also noted that in this role, Arunma 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.
"In this role at the AfDB, which she joined in 1992, she engaged in 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," he added.
Arunma began her career in 1985 at Centre Point, where she executed debt and equity offerings in the Nigerian capital markets.
Arunma has also confirmed the appointment on her Twitter handle and thanked her friends for their support and goodwill messages.