The World Bank Group’s Board of Executive Directors has announced that Ajay Banga, a United States national, is the only nominee for the position of the next president of the bank.

This news follows US President Joe Biden’s nomination of Banga to lead the World Bank in February, citing his suitability for the role at “this critical moment in history.”

Banga, who was born in India and is a naturalized US citizen, is currently serving as vice chairman at General Atlantic and previously worked as the chief executive of Mastercard Inc. If confirmed, he would become the first-ever Indian-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

The World Bank’s Board of Executive Directors will now conduct a formal interview with Banga in Washington D.C., with the expectation of concluding the presidential selection in due course. The current president of the World Bank, David Malpass, is set to step down in June, nearly a year before his term is scheduled to expire, and Banga is expected to replace him.

Banga’s nomination comes at a time of increasing global economic uncertainty, with the COVID-19 pandemic exacerbating pre-existing inequalities and challenging the resilience of many countries’ financial systems. As such, the incoming World Bank president will face significant pressure to navigate the institution through these difficult times, while also addressing concerns around climate action and the role of the World Bank in promoting sustainable development.

While Banga’s nomination as the sole candidate for the position of World Bank president may come as a surprise to some, it also reflects the United States’ historical dominance in the governance of international financial institutions. However, it remains to be seen how Banga will use his position to shape the future direction of the World Bank and address the complex challenges facing the global economy.

In accordance with the new directive of the Central Bank of Nigeria (CBN) that recently capped the cumulative tenure of bank executives at 20 years across the banking industry, Mr. Gbenga Shobo, the Deputy Managing Director, has resigned his position with the bank.

According to FBN Holdings Plc, the parent company of First Bank of Nigeria, the retirement comes before Gbenga’s official retirement due on June 2, 2023 and is in line with CBN’s February 24, 2023 circular on Tenure of Directors.

While the board appreciates Gbenga’s contributions over the years, it has appointed Mr. Oluseyi Popoola Oyefeso as Executive Director, Retail Banking Directorate, South, Subject to the approval of the CBN.

Profile of Oluseyi Popoola Oyefeso

Until this appointment as Executive Director, Retail Banking South Directorate, Oluseyi Popoola Oyefeso was Group Executive, Retail Banking South Division and before then, Group Executive, Commercial and Retail Banking, Lagos and West Division. He was previously Country Managing Director, FBN Bank Ghana Limited. He is a result oriented executive with over 25 years experience in the Banking and Financial Services industry.

Seyi is a multi-skilled professional with very robust banking experience, proven problem-solving and strong leadership skills.

He is a competent leader, a team player and has over the years demonstrated the ability to develop positive business relationships, evidenced by remarkable track record of business growth. A seasoned banker and Chartered Accountant, Seyi started his banking career in January 1993 and has acquired extensive knowledge in Retail, Corporate & Commercial Banking, Credit Risk Management (Analysis & Administration) and Financial Control.

Seyi joined the Bank in 2006 as a Branch Manager of one of the top three branches and has held several positions, including Business Development Manager, Group Heads Retail Banking and Institutional Banking (Services & Conglomerates). A graduate of Accounting and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Seyi is also an Associate of the Chartered Institute of Taxation in Nigeria.

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced that Jeremy Awori has officially taken up the role of Chief Executive Officer, effective March 1, 2023.

As a seasoned banking professional with over 25 years of experience, Awori brings to the role a wealth of expertise and industry know-how that will be instrumental in driving the pan-African growth of the banking group.

In his first official statement as CEO, Awori expressed his excitement at the opportunity to take Ecobank to the next level of its growth strategy, saying that despite current global challenges, Africa offers promising prospects. He added that the bank is uniquely positioned to provide systematic change across the banking sector at a pan-African level, using the geographic footprint it has already established.

Through its single gateway platform, Ecobank is well-positioned to provide the necessary financial products and solutions for countries, corporates, and SMEs to capitalize on the continent’s vast resource, trade and investment opportunities. The bank also provides relevant, accessible, and affordable financial services that address the evolving needs of a vibrant, youthful, and entrepreneurial continent.

Ecobank’s brand and heritage, Awori said, continue to be a source of pride, and he pledged to work tirelessly to uphold the bank’s reputation as a leading pan-African banking group.

Alain Nkontchou, Ecobank Group Chairman, described Awori as an exceptional and proven leader with an extensive knowledge of the African banking landscape, making him the ideal choice to steer the growth of the Ecobank Group through the current era of rapid global and continental changes. Nkontchou added that Awori has the full support of the ETI Board.

Prior to joining Ecobank, Awori served as CEO and Managing Director of Absa Bank Kenya Plc for close to a decade. He also held leadership roles at Standard Chartered Bank across the Middle East and Africa. With his extensive expertise, skills, and industry know-how, Awori is a valuable addition to the Ecobank Group, and his appointment bodes well for the bank’s pan-African growth strategy.