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Appointments

AfDB appoints Rabah Arezki as new vice president and chief economist 

Before Arezki joined the World Bank, he worked at the International Monetary Fund (IMF).

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AfDB appoints Rabah Arezki as new vice president and chief economist 

The African Development Bank Group (AfDB) has announced the appointment of Dr Rabah Arezki as  Chief Economist and Vice President, Economic Governance and Knowledge Management, with effect from October 1, 2020. 

This was disclosed in a press statement on the bank’s website on July 13, 2020. 

Dr Rabah Arezkiwho is an Algerian citizen, is currently the Chief Economist for Middle East and North Africa Region at the World Bank, a role he has held since 2017. 

At the World Bank, he led the development of the Bank’s “moonshot approach” for the Middle East and Africa which aims to achieve full internet and digital payment connectivity. He championed the agenda on fair competition, data and transparency to empower and unlock the potential of the region’s youth. 

Before Arezki joined the World Bank, he worked at the International Monetary Fund (IMF) from 2006 to 2017. He started his career at the IMF as an Economist and became the Chief of the Commodities and Environment Unit in the Research Department. He provided leadership on IMF’s rapid response to the historical collapse in oil prices that started in 2014. He advised authorities all around the world on risk mitigation policies. 

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READ ALSO: Here is what Akinwunmi Adesina said about allegations against him

Dr Arezki is a senior fellow at Harvard University’s John F. Kennedy School of Government, an external Research Associate at the Oxford University, UK, a research fellow at the CESifo, a global independent research network. Dr. Arezki is also a resource person for the African Economic Research Consortium and a Research Fellow at the Economic Research Forum. He has been a non-resident Fellow at the Brookings Institute, USA. 

He has published extensively both in top academic journals and policy-oriented outlets and is a co-editor and co-author of five books including Shifting Commodity Markets in a Globalized World. Many of his research papers have been cited extensively in academic circles and in prominent media outlets.  

In his statement after his appointment, Dr Arezki said, The African Development Bank is making excellent progress in accelerating Africa’s development. I am excited with the opportunity to work with President Adesina and the Bank’s leadership and teams to further provide top notch policy, knowledge and capacity building support for African countries.” 

READ MORE: AfDB announces resignation of the vice president, sends message to Adesina

Dr Arezki holds a Masters in Economics and Statistics from Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE) – France (2003), and a PhD in Economics from the European University Institute – Italy (2006). He is multilingual and fluent in French, English, and Arabic. 

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In his own response, the President of the African Development Bank Group, Akinwumi Adesina, said, I am delighted that Dr. Rabah Arezki is joining the African Development Bank Group following an impactful career at the World Bank and the IMF. Rabah is an outstanding researcher and policy expert with extensive experience in research, policy and reforms.” 

“His leadership will be especially important as the Bank designs and deploys policy-based operations to address COVID-19, advances policy reforms, and supports African countries growth recovery efforts from the pandemic,” Adesina added. 

 

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Appointments

ExxonMobil Nigeria gets new Chairman and Managing Director

The disclosure was made in a statement by the Manager Media and Communications.

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ExxonMobil to Divest oil fields in Nigeria, Domestic oil companies

Oil exploration and production giant, ExxonMobil, has announced the appointment of Richard Laing, as the new Chairman and Managing Director of its 3 affiliate firms in Nigeria with effect from August 1, 2020.

The disclosure was made in a statement by the Manager Media and Communications, ExxonMobil, Mr. Ogechukwu Udeagha, on Saturday, August 8, 2020, in Eket, Akwa Ibom State.

The 3 affiliate oil firms of ExxonMobil include Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East).

READ: Respite for Nigeria as Exxon Mobil and Shell lose $1.8 billion arbitration award  

According to the statement from ExxonMobil, Richard Laing was appointed to replace Paul McGrath, who has been appointed Vice President, Global Projects for ExxonMobil in Houston after spending more than 3 years in Nigeria.

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The statement from Ogechukwu Udeagha reads, “Prior to his appointment, Laing was executive director of oil and gas production and related support groups for all of the ExxonMobil affiliates in Nigeria.’’

”Laing joined ExxonMobil in 1989 and has held variety of engineering, planning, safety and managerial positions in upstream and downstream operations while working in the U.K, Qatar, U.S. and Nigeria,” he added.

READ MORE: N29 billion debt: AMCON appoints new Receiver, takes over Cedar Oil & Gas

Udeagha said that Laing holds a bachelor’s degree in Mining and Petroleum Engineering from the University of Strathclyde, Glasgow and Master’s in Petroleum Engineering from Heriot-Watt University, Edinburgh.

In his reaction, Liang said; “It is a privilege to lead the ExxonMobil team in Nigeria and build on the work that Paul McGrath had done over the last three years.

“I look forward to the work that lies ahead and continuing the company’s outstanding relationships.”

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Appointments

MRS Oil announces resignation of its MD, appoints an acting MD

The disclosure was made in a notification by the oil marketing giant.

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MRS Oil Nigeria Plc reschedules board meeting, closed period

Oil marketing giant, MRS Oil Nigeria Plc, has announced the resignation of its Managing Director, Mrs Priscilla Thorpe-Monclus with effect from August 5, 2020, and the subsequent appointment of Mr Marco Storari as the Managing Director in an acting capacity.

The oil firm also announced the resignation of one of its directors, Mr Christopher Okorie, also with effect from August 5, 2020.

The disclosure was made in a notification by the oil marketing giant, which was sent to the Nigerian Stock Exchange (NSE) on August 7, 2020, and signed by its Company Secretary O.M. Jafojo.

The statement from MRS Oil Nigeria Plc reads:

At the Board Meeting of August 5, 2020, the Board of Directors of MRS Oil Nigeria Plc, considered and approved the resignation of Mrs Priscilla Thorpe-Monclus as Managing Director and Director of the Company, and the resignation of Mr Christopher Okorie as Director of the Company, effective August 5, 2020.

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“The Board of Directors also considered and approved the appointment of Mr Marco Storari as Director and Managing Director (Acting) of the Company.’

According to the statement, Mrs Thorpe-Monclus, during her tenure as the Managing Director, showed great commitment and dedication in her drive for the new MRS Brand, which resulted in the unveiling of three new retail outlets in Lagos, one in Owerri, two in Kano and two new outlets in Abuja. It also resulted in an overall business turnaround for the oil company.

The board commended the efforts of Mrs Thorpe-Monclus and Mr Okorie to the growth of the company and wished them the best in their future endeavours.

Mr Marco Storari, on the other hand, is a seasoned leader with more than 3 decades’ experience in the management, shipping, trading and terminal operations in the industry. He has held various high-level positions where he recorded business successes in companies in Italy, Monaco and Nigeria.

He was, until his appointment as Acting Managing Directors, the Group Executive Director, Storage and Terminal for MRS Holdings Limited. He has been a driving force in the transformation of the MRS Group over the last 10 years.

The Board of Directors of MRS has expressed its confidence in the ability of Storari to bring to bear his wealth of experience in the industry, to improve business efficiency.

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MRS Oil Nigeria Plc is a fully integrated and efficient downstream player, with leading positions in the Nigerian Oil Industry. The oil firm, with its head office in Nigeria’s commercial capital, Lagos, previously traded under the name Texaco Nigeria Plc. It has 3 business units namely sale of petroleum products at retail outlets, sale of aviation fuel, and blending of lubricants.

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Appointments

Nnaemeka Ewelukwa assumes office as new MD/CEO of NBET

Dr, Eweluka replaced the sacked Dr. Amobi as NBET Chief before full assumption in August 2020.

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Dr Nnaemeka Ewelukwa has assumed office as the new Managing Director/Chief Executive Officer of the Nigerian Bulk Electricity Trading (NBET) Plc. This was announced earlier today by the Federal Government of Nigeria.

The Backstory: In December 2019, the former CEO of NBET, Dr Marilyn Amobi, was suspended by Nigeria’s Minister of Power. This followed a series of complaints made against Dr Amobi who was appointed to the position in 2016. Following her sack, the Minister of Power also noted that he was seeking to bring sanity back to the system. A committee was also set up to investigate the many complaints against the former NBET CEO.

“In view of this, the minister has also directed the Constitution of a 5-man investigative committee to look into the myriads of complaints against the MD/CEO (of NBET) with the view of restoring sanity in the management of the company. Consequently, she is to handover to the most senior director in the organisation,” a statement issued by Aaron Artimas, the spokesman of the Minister of Power had read.

Interestingly, President Muhammadu Buhari reinstated Dr Amobi in January this year, but then finally sacked her later in June. Now, Dr, Eweluka, who was earlier announced as Amobi’s replacement, has now taken over.

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Before now, Eweluka was appointed the General Counsel and Company Secretary of NBET in march 2012. He has also served as a Technical Adviser with the Presidential Task Force on Power (PTFP) where he was a member of the Regulatory and Transactions Monitoring Unit.

He graduated with an LLB from the  University of Nigeria Nsukka, an LLM in International Business Law from the London School of Economics and a PhD from Queen Mary, University of London.

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