Connect with us

Business News

World Bank gets new president

Published

on

The Executive Directors of the World Bank on Friday unanimously selected David Malpass as the new president of the World Bank Group.

Mr Malpass’ five-year term will begin on April 9.

A statement by the group said the Board expressed its deep gratitude to Interim President, Kristalina Georgieva, for her dedication and leadership in recent months.

The executive directors followed the selection process agreed in 2011.

The process included an open, transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director.

The process was then followed by a thorough due diligence and a comprehensive interview of Mr. Malpass by the Executive Directors.

The Board said it looked forward to working with Mr. Malpass on the implementation of the Forward Look and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.

Mr. Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.

As Under Secretary, Mr. Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings.

He was also represented the US in meetings of the Financial Stability Board, the Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.

In his role as Under Secretary, Mr. Malpass played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for IBRD and IFC.

He was also instrumental in advancing the Debt Transparency Initiative, adopted by the World Bank and IMF, to increase public disclosure of debt and thereby reduce the frequency and severity of debt crises.

Prior to becoming Under Secretary, Mr. Malpass was an international economist and founder of a macroeconomics research firm based in New York City.

Earlier in his career, Mr. Malpass served as the U.S. Deputy Assistant Secretary of the Treasury for Developing Nations and Deputy Assistant Secretary of State for Latin American Economic Affairs.

In these roles, he focused on an array of economic, budget, and foreign policy issues, such as the United States’ involvement in multilateral institutions, including the World Bank.

Mr. Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the National Committee on US–China Relations.

He earned his bachelor’s degree from Colorado College and his MBA from the University of Denver. He undertook advanced graduate work in international economics at the School of Foreign Service at Georgetown University.

The World Bank President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

The president is also ex officio Chair of the Boards of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Brands

FirstBank Hits 27,000 Banking Agents, Deepens Financial Inclusion Across Nigeria

Published

on

Nigeria’s premier bank and leading financial services provider, First Bank of Nigeria Limited has announced that it now has over 27,000 Agents on its Firstmonie Agent Network. This feat reinforces the Bank’s steering role at promoting financial inclusion in the country. The over 27,000 Firstmonie Agents are present in almost all Local Government Areas across the country.

In line with the Financial Inclusion objectives of the Central Bank of Nigeria (CBN) to bring financial services closer to Nigerians, Firstmonie Agent Network is a unique channel designed by FirstBank to solve the challenge of access to financial services. Firstmonie Agents are empowered with secured digital channels to provide basic financial services such as account opening, Cash-In, Cash-Out, Funds Transfer, Airtime topup, and Bill payments to customers across the country.

FirstBank, through this Financial Inclusion drive, is making very impressive impact on job creation, women and youth empowerment, and entrepreneurship development – fundamental pillars of overall economic development.

Alhaji Bashir Aliyu Muhammad Rimin-Gado, a Firstmonie Agent operating from Rimin-Gado area in Kano State said, “I have been with Firstmonie since they started and I can say that it has been a life changing experience, I have been able to build trust of the communities around me as many workers in my area have forgotten the last time they visited any bank branch for basic banking services. I am a proud employer of labour and as a result my staff are well paid and comfortable.

Sharing his excitement on the impact FirstBank Agent Banking has had in his immediate community, another Firstmonie Agent in Abia State, Ephraim Osinachi of Jozzy NetComputer Services. Nig Limited, said, “FirstBank’s Firstmonie has created an enabling opportunity for dwellers of my immediate community and neighboring towns to carry out banking transactions with less time, money, resources and risks as people don’t have to waste time embarking on long journeys to the city, added to the dangers of being robbed on the highway.”

“My experience as a Firstmonie Agent has been a rewarding one, as I receive hundredsof Thank You and God bless you from customers each day, because of the relief the Agent Banking gives to them. The people of Ukwa will always remain grateful to CBN and FirstBank for bringing banking to their door step with Agent Banking”, he concluded.

On the back of its drive to deepen inclusion through Agent Banking, FirstBank has also partnered with National Union of Road Transport Workers (NURTW). The (NURTW) partnership seeks to leverage the human traffic and commercial activities at various motor parks across the country to ease access to financial services. First Bank is also in partnership with Azuri Technologies Limited, an off-grid power distribution company to make access to off-grid power easy, especially in rural communities, as well as other institutions, who are seeking to provide resources to cushion the effects of economic and social shocks on low income individuals.

According to the Chief Executive Officer of First Bank of Nigeria Limited, Dr. Adesola Adeduntan “Our Firstmonie Agent Banking network, spread across the nook and cranny of the country, is a demonstration of our resolve to promoting financial inclusion and business in the country. This indeed has been achieved with the concerted effort and commitment of our partners and registered Firstmonie Agents to taking banking to Nigerians regardless of where they are. With them, we are committed to leave no stone unturned at bolstering the economic involvement of many more Nigerians, especially through our robust electronic services like *894# USSD banking, Firstmobile, Firstonline and ChatBanking on WhatsApp”

FirstBank recently announced that over N1 trillion Naira had been processed through the Agent Banking Network. The First Bank to achieve this milestone.

Continue Reading

Business News

Otedola to invest $1bn in Geregu power plant

Published

on

Nigerian businessman and billionaire, Femi Otedola, has disclosed plans to shift his focus to power generation.

In a series of tweets on his Twitter page on Saturday, Otedola said his business focus will now be on Geregu power plant in which it is estimated he will invest $1 billion.

Amperion Power Distribution Company Limited, a subsidiary of Forte Oil Plc acquired the Geregu power plant in 2013 and invested $94 million in the power plant.

After another $350 million investment in the plant in 2018, Otedola said the acquisition was a sign of his commitment to the federal government’s power sector recovery plan.

Geregu Power Plc was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN).

The gas power plant began operations in 2007 with a total installed capacity of 414MW at commissioning.

In December, Otedola had first announced that he would divest his 75% stake in Forte Oil Plc.

The divestment was completed on Wednesday; selling his majority shareholding to Prudent Energy, a local oil trading firm.

Forte Oil, was originally British Petroleum. The federal government took over the oil company during the fight to free South Africa from White minority rule and renamed it African Petroleum Plc.

African Petroleum was privatised to Sodiq Oil before Otedola acquired the company and rebranded it as Forte Oil.

Continue Reading

Business News

Nigerian Senator, 204 others named as ‘delinquent debtors’ Of First Bank

Published

on

Nigerian Senator, Abdullahi Adamu, and 240 other individuals have been named as delinquent debtors of First Bank Plc.

An advertorial published by the bank in the Monday, June 24, 2019 edition of Punch newspaper, listed 133 companies as problematic debtors alongside their directors.

According to the advertorial, the senator’s companies are owing about N2.5 billion.

Mr Abdullahi, who represents Nasarawa West Senatorial District in Nigeria’s upper legislative chamber,  is one of the directors of two debtor companies — Nagari Integrated Dairy Farms and Keffi Flours Mills Limited.

The breakdown shows that Nagari Integrated Dairy Farm took a term loan on July 21, 2011. It reportedly promised to pay up on July 20, 2016. But as at now, the outstanding payment stands at over N2.1billion.

Also, Keffi Flour Mills Limited obtained a loan from the bank on October 8, 2013, with a promise to pay up on October 7, 2014. The bank, however, said over N345million remains outstanding.

All efforts to get the senator to respond to the claim by his bank were unsuccessful for most of Monday. He and one of his aides did not respond to multiple calls and text messages.

Mr Abdullahi was a two-term governor of Nassarawa, a state in Nigeria’s North-Central geopolitical zone, near Abuja.

He became senator after his governorship terms ended and is now into his third terms in the Senate.

During his first term as senator, beginning April 2011, he served as chairperson of the Senate Committee on Solid Minerals. In his second term, he served as chairperson of the Senate Committee on Agriculture.

Nagari Integrated Dairy Farm and Keffi Floor Mills Limited are subsidiaries of the NAGARI Group, largely owned by Mr Adamu.

The Nagari Group is an agricultural firm providing services in dairy, farm products, and flour milling.

In the advertorial, First Bank advised the 133 companies, including those owned by Mr Adamu, “to engage the Bank for possible resolution of their unpaid obligations”.

Continue Reading

Trending