Ex SEC DG, Oteh joins World Bank

Former director-general of the Securities and Exchange Commission (SEC), Arunma Oteh has been appointed into the World Bank as vice-president and treasurer.

President of the organisation, Jim Yong Kim, in a statement Friday said, “I am pleased to announce the appointment of Arunma Oteh as VP and Treasurer of the World Bank”.

“Arunma, a Nigerian national, was most recently the Director-General of the Securities and Exchange Commission of Nigeria. Appointed to a five-year term by the President of Nigeria in 2010, she led the transformation of the country’s capital markets industry into a major global presence.

“She was a member of the Board of the International Organization of Securities Commissions (IOSCO) and the Chairperson of the Africa Middle East Regional Committee of IOSCO.

“Prior to joining the Securities and Exchange Commission (SEC) of Nigeria, Arunma was Group Vice President, Corporate Services, at the African Development Bank Group (AfDB). In this role, she oversaw a number of departments, including human resources, information and communications technology, and institutional procurement. From 2001 to 2006 she held the role of AfDB Group Treasurer, where she led AfDB’s fundraising and capital market activities across the world”.

He also stated, that “Ms. Oteh was selected to this position through an international competitive search. Her appointment is effective on September 28, 2015.”

Expressing joy on her appointment, Oteh wrote on Twitter: “A great time to join the World Bank given the innovative solutions it is deploying to end extreme poverty and ensure shared prosperity.

Read also: Jonathan rewards ex-gov Obi with SEC top job

“Thanks for your kind messages for my appointment as VP and Treasurer World Bank. Such an honor, so grateful to President Kim and the Board of World Bank.”

In Nigerian circles, Oteh is most remembered for her long-winding battle with the federal house of representatives committee on capital market, whose members he accused of seeking financial inducements from SEC during a probe of the market in 2012. The lower chamber then demanded her sack by President Goodluck Jonathan – a decision that was subsequently backed by the Senate. Jonathan refused to sack Oteh, and the lawmakers responded by refusing to approve funds for the commission. After completing her five-year tenure, Oteh left office in January 2015.

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