It’s D-Day for DMO boss Nwankwo after 10yrs in office

Director General of the Debt Management Office (DMO), Dr Abraham Nwankwo, will bow out of office today (Friday) having put in 10 years in that capacity.

This is in spite of earlier speculations that the Federal Government was contemplating extending his tenure.

His tenure was greeted with series of tension over the need to reduce the high rising debt profile of Nigeria from $34.5 billion in 2016 made so by the 2016 recession caused by fall in price of crude oil in the international market, which caused scarcity of dollars in the country.

But given the success recorded in the one billion Eurobond in February 2017, speculations became rife that government might allow him to run the debt office till end of the year.

Read also: EUROBOND: DMO cautions Federal Govt, debt can bring old challenge

Described as one of the longest serving staff in the DMO, Nwankwo was appointed CEO in 2007, having joined the services of the agency in 2001 as Assistant Director.

In-between (July 2006 – July 2007), he had a stint at the Board of the World Bank where he served as Senior Advisor to the Executive Director (Africa Group II Constituency).

One of the significant achievements of the Abraham Nwankwo tenure as DMO’s CEO was said to have been conducting Debt Sustainability Analysis on every debt that both the Federal and state governments applied for to ascertain the efficacy of such applications.

He was said to have on several occasions fallen out with state governors on his strict adherence to the rules guiding borrowings, especially from abroad.

His approach in demanding for borrowing analysis tools in debt assessment and approvals was said to have led to a subsistent reduction in mitigation over risk from borrowing by the states.

The Debt Sustainability Analysis initiative of the DMO formed part of the Sub-national Debt Management Initiatives and Achievements of the organization.

The DMO also successfully marketed Nigeria’s FGN bonds which are debt securities (liabilities) of the Federal Government of Nigeria (FGN) issued by the Debt Management Office (DMO) for and on behalf of the Federal Government.

 

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