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.

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.

Sterling Bank has appointed Manish Singhal as a Non-Executive Director of the bank.

The bank made this known in a disclosure signed by Temitayo Adegoke, Company Secretary and obtained by Investors King.

It stated that the approval of the Central Bank of Nigeria has been obtained for his appointment.

The statement read in part, “We wish to notify Nigerian Exchange Limited, our esteemed shareholders, and the investing public of the appointment of Manish Singhal as a Non-Executive Director of Sterling Bank Plc.

Who is Singhal?

Manish Singhal has over twenty-six years of experience in the Financial Service Industry. He is currently the General Manager (Operations), International Banking Group (IBG), State Bank of India (SBI), where he oversees the Operations and Information Systems, Human Relations & Expansion Planning, and Strategy. He also oversees the implementation of IT-related policies and the activities relating to the IT infrastructure of SBI, among other responsibilities.

Before his current role at SBI, Mr. Manish Singhal worked as a full-time Director and Chief Financial Officer at SBICAP Securities Limited (a wholly owned subsidiary and broking arm of the State Bank of India).

During his career in SBI, Mr. Manish Singhal has held several other positions. He has vast experience in Business Development, Risk Management, Compliance, Customer Service, Human Resources, Administration, and Products Development.

Mr. Manish Singhal holds a Master of Science (Mathematics) from Garhwal University and is a Certified Associate of Indian Institute of Bankers (CAIIB).

The appointment came amid the claims made by the Independent Corrupt Practices Commission (ICPC), accusing it of hoarding N258 million worth of new naira notes at its Abuja regional office.

Meanwhile, in a recent statement signed by the bank’s public relations manager Ademola Adesina, it clarifies how the  sum of N258 million in the vault.

Debunking earlier reports by media platforms, Sterling Bank’s Chief Operating Officer Raheem Owodeyi explained that it was the bank officials who told the ICPC team about the presence of the sum of N258 million in the vault. He explained that the amount was there because the branch serves as a hub for the distribution of cash to other Sterling Bank branches across the regions like Utako, Wuye, Seda Close, Kotangora, and National Assembly offices.