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Appointments

World Bank Group appoints an African, Makhtar Diop as Managing Director, IFC

The World Bank Group has announced the appointment of Makhtar Diop as Managing Director and Executive Vice President of the IFC.

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World Bank Group President, David Malpass, has announced the appointment of an African, Makhtar Diop as Managing Director and Executive Vice President to head the International Finance Corporation (IFC) with effect from March 1, 2021.

The IFC is an arm of the World Bank Group that advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries.

The disclosure is contained in a press statement that was released by the World Bank Group on Thursday, February 18, 2021.

READ: Nigeria’s economy to grow by 1.1% in 2021 – World Bank

What the World Bank Group President is saying

David Malpass in his statement said, “Makhtar Diop has deep development and finance experience and a career of energetic leadership and service to developing countries in both the public and private sectors. Makhtar’s skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery. We need business climates and thriving businesses that attract investment, create jobs and foster the scaling up of low carbon electricity and transportation, clean water, infrastructure, digital services, and the wide range of development success that are key to our mission of poverty reduction and shared prosperity.”

The statement said that the key responsibilities of Mr Diop will be to deepen and energize IFC’s 3.0 strategy of proactively creating markets and mobilizing private capital at significant scale, deliver on the IFC capital package policy commitments including increased climate and gender investments and support for FCV countries facing fragility, conflict and violence.

READ: $70 billion per annum will be needed to tackle pandemic induced poverty – World Bank

He is also expected to strengthen the linkages between IFC, the World Bank, and Multilateral Investment Guarantee Agency (MIGA), as the World Bank Group accelerates efforts aimed at boosting good development outcomes in client countries.  The IFC 3.0 strategy seeks to help countries create markets and mobilize private capital, including broadening upstream engagement by getting involved earlier in the project development cycle to create the conditions needed for private-sector solutions and investment opportunities. It also aims to expand IFC’s impact in the poorest and most fragile countries, with a goal to more than triple IFC’s annual own-account investments.

READ: World Bank Group to deploy $160 billion for COVID-19 interventions

What you should know

  • Diop, a Senegalese national and former Minister of Economy and Finance, is currently serving as the World Bank’s Vice President for Infrastructure, where he leads the Bank’s global efforts to build effective infrastructure in developing and emerging markets that support inclusive and sustainable growth. In this role, Diop oversees the Bank’s critical work across energy and transport sectors, digital development, and our efforts to bring more quality infrastructure services to communities through public-private partnerships.
  • Before his current appointment, Diop served for 6 years as the World Bank’s Vice President for the Africa Region, where he oversaw a major expansion of our work in Africa and the delivery of a record-breaking $70 billion in commitments. A passionate advocate for Africa and sustainable development globally, Diop led efforts aimed at increasing access to affordable and sustainable energy and promoting an enabling environment for innovation and technology adoption.
  • Diop served twice as a World Bank Country Director — for Brazil and for Kenya, Eritrea, and Somalia. He has a strong grasp of the public/private sector interface, started his career in the banking sector, and has the first-hand experience in leading structural reforms in support of the private sector, including in his position as the Minister of Economy and Finance of Senegal. Diop worked as an economist in the International Monetary Fund. And he served as the World Bank Director for Finance, Private Sector & Infrastructure in the Latin America and Caribbean region.
  • A recognized opinion leader in the development, Makhtar has been named one of the 100 most influential Africans in the world. In 2015, he received the prestigious Regents’ Lectureship Award from the University of California, Berkeley. He holds advanced degrees in economics and finance.

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

Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO

Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.

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Greenwich Merchant Bank has announced the appointment of Mr Bayo Rotimi as its new Managing Director/ Chief Executive Officer.

This is according to a notification made available on the bank’s social media handle, seen by Nairametrics.

As part of his responsibilities, Mr Rotimi is expected to provide leadership and direction to the management team and take charge in optimizing the company’s overall strategic objectives and operational performance, in a bid to deliver optimal value for stakeholders, without compromising quality and standards.

About Bayo Rotimi

Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital Markets, where he rose through the echelons to become the CEO of the latter in 2008. Prior to his recent appointment, he was the chairman of the investment committee of ARM’s Discovery, Aggressive, Growth, Ethical, Money Markets, Fixed income and Eurobond funds with over N110 billion under management.

What they are saying

Commenting on the recent development, Chairman of Greenwich Merchant Bank, Kayode Falowo said: “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”

What you should know

  • Recall that Greenwich Trust Limited was officially renamed Greenwich Merchant Bank in September 2020, after obtaining regulatory approval from CBN to operate as a Merchant Bank.
  • Greenwich Merchant Bank Limited was incorporated on the 25th of February, 1992 and subsequently commenced operations in June 1994.

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Appointments

Africa Prudential announces appointment of Zubaida Rasheed as Director

Zubaida Rasheed has been appointed as an Independent Non-Executive Director by Africa Prudential Plc.

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African Prudential could be worth more than N4.55

The Board of Africa Prudential Plc has ratified the appointment of Mrs. Zubaida Mahey Rasheed as an Independent Non-Executive Director, effective February 24, 2021, subject to regulatory approval from the Securities and Exchange Commission.

This is according to a notification signed by the Company’s secretary, Joseph Jibunoh, and made available to the Nigerian Stock Exchange.

Given her profile and wealth of experience, the Board strongly believes that the appointment will strengthen the company by consolidating its digital transformation drive and ensuring its smooth transition from its core registrar business to providing digital solutions and technological services.

About Zubaida Mahey Rasheed 

Mrs. Zubaida is a distinguished technocrat with over forty years’ experience in the public and private sectors. A sizeable number of the aforementioned years were spent in NITEL Plc, where she served for 23 years, rising to the position of Executive Director.

Mrs. Zubaida is currently the Deputy Coordinator of Technical Working Group (TWG) for the preparation of Medium-Term National Development Plan (MTNDP) 2021-2025 & Nigeria Agenda 2050 (Business Environment, Trade, Competitiveness, and Product Space Mapping).

She is an alumna of Ahmadu Bello University (ABU), having obtained a BSC degree in Economics in the aforementioned institution. She holds professional membership in the Nigerian Institute of Management and National Institute of Marketing, Nigeria.

What you should know

  • Africa Prudential Plc had earlier declared a dividend of 50 kobo each, totaling N1 billion for its shareholders.
  • Africa Prudential Plc formerly known as UBA Registrars Ltd was incorporated as a private limited liability company on 23rd March 2006 to take over the registrar services formally operated as a department by its former parent – UBA Global Market Limited.
  • The company was listed on the Nigerian Stock Exchange on the 17th of January, 2013. It currently manages over 80 corporate clients in both the public and private sectors.

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