The International Monetary Fund (IMF) has selected a new managing director following the stepping down of Christine Lagarde.
Bulgarian economist, Kristalina Georgieva will replace Lagarde who is leaving to become head of the European Central Bank (ECB). Georgieva’s five-year term as Managing Director of the IMF is to take effect on October 1.
In a statement made available on IMF’s website, Georgieva said her immediate priority would be to help countries minimise the risk of crises to enable them to be ready to cope with economic downturns.
“As I noted in my statement to the Executive Board, our immediate priority is to help countries minimize the risk of crises and be ready to cope with downturns. Yet, we should not lose sight of our long-term objective – to support sound monetary, fiscal and structural policies to build stronger economies and improve people’s lives. This means also dealing with issues like inequalities, climate risks and rapid technological change.
“For our readiness to act, safeguarding the Fund’s financial strength is essential, and so are enhancing its surveillance and capacity development efforts. Working with my team, my goal is to further strengthen the Fund by making it even more forward-looking and attentive to the needs of our members.”
Georgieva’s profile: Prior to her appointment, Georgieva was on a leave of absence from her post as the Chief Executive Officer at the World Bank and the European Commission. She has held numerous senior European Commission posts, including budget commissioner, and has deep knowledge of emerging market countries.
Georgieva joined the World Bank as an environmental economist in 1993. She held various positions in the Bank, including the World Bank Country Director for the Russian Federation between 2004 till 2007, Director for Sustainable Development from 2007 till 2008 and Vice President & Corporate Secretary, 2008 till 2010.
The new IMF boss worked with the European Union between February 2010 and December 2018. She was also the Vice President for Budget and Human Resources between 2014 till 2017.
Georgieva has extensive leadership and managerial experience, stemming from an influential array of senior public service posts in the World Bank. At the European Commission, she has been at the forefront of promoting sound economic policies, sustainable development, gender equality and poverty reduction.
From February to April 2019, she served as Interim President of the World Bank Group. Between February 2010 and December 2016, Georgieva served in the European Commission and helped shape the agenda of the European Union.
Georgieva is the 12th Chief Executive since IMF’s inception in 1944.
Cornerstone Insurance Plc appoints Ogechi Adeola as Director
Dr Ogechi Adeola has been appointed as an Independent Non-Executive Director at Cornerstone Insurance Plc.
Cornerstone Insurance Plc has appointed Dr Ogechi Adeola as its new Independent Non-Executive Director, subject to ratification by members at general meeting.
This is according to a notification sent to the Nigerian Stock Exchange platform, dated 24th of February, 2021, as seen by Nairametrics.
Dr. Adeola’s profile
Dr. Adeola has over two decades of work and consulting experience in the Nigerian Financial services sectors. She is an Associate Professor of Marketing at the Lagos Business School and an alumna of the Manchester Business School, United Kingdom.
On the other hand, Cornerstone Insurance closed trading today (24th of February, 2021) at the floor of the Nigerian Stock Exchange with a share price of N0.59.
Results from the recently released FY 2020 financials posted by the firm showed that gross premium written increased from N13.06 billion in 2019 to N17.6 billion. However, profit for the period declined to N1.6 billion, from N4.11 billion recorded in 2019.
What you should know:
Cornerstone Insurance Company Plc is a Nigerian-based insurance company offering services in the life and non-life categories.
It was incorporated on the 26th of July, 2021, initially as a private limited liability and subsequently became a public limited liability after its listing on the Nigerian Stock Exchange in 1997.
Chams appoints new directors following the demise of Prof. Ibidapo-Obe
The Board of Chams Plc has approved the appointment of new Non-Executive Directors of the company.
The board of Chams Plc following the sudden passing of Professor Oyewusi Ibidapo-Obe has approved the appointment of new Non-Executive Directors of the company.
This disclosure was contained in a press statement issued by the Company Secretary, Yetunde Emmanuel.
According to Yetunde, the Board of Directors of the company in a bid to ensure a hitch-free operation of the company’s segments as well as the oversight function of the Board approved the appointment of Olusegun Oloketuyi and Olamojiba Bakare as Non-Executive Directors effective 18th February 2021.
It is important to note that the appointment of the new directors is subject to the ratification of the Shareholders of the company, at the company’s Annual General Meeting (AGM).
The Board expressed heartfelt condolences to the wife, children, immediate and extended family of Professor Oyewusi Ibidapo-Obe, praying that the Lord grants them the fortitude to bear this difficult loss.
About the newly appointed directors
Oloketuyi has formerly served as Managing Director and Chief Executive Officer of Wema Bank Plc. He also served as General Manager, Business Optimization Division and Executive Director of Business Development at Skye Bank Plc. He also served as Deputy General Manager, Corporate and Commercial Markets at Polaris Bank Plc (formerly Prudent Bank Plc) and as its Executive Director of Finance and Enterprise Risk Management.
Bakare is a seasoned international lawyer with almost 20 years’ experience in the Corporate world, 15 years of which was as a practicing Solicitor in the United Kingdom.
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