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Ajay Banga Nominated as Sole Candidate for World Bank Presidency

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Ajay Banga

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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

Wema Bank Plc. Appoints Dr. (Mrs.) Oluwayemisi Olorunshola as Board Chairman

Wema Bank has appointed Dr. (Mrs.) Oluwayemisi Olorunshola as its board’s Chairman as Mr. Babatunde Kasali, the current Board Chairman, prepares for retirement in compliance with the Bank’s Articles of Association.

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Wema Bank has appointed Dr. (Mrs.) Oluwayemisi Olorunshola as its board’s Chairman as Mr. Babatunde Kasali, the current Board Chairman, prepares for retirement in compliance with the Bank’s Articles of Association.

Johnson Lebile, Company Secretary/General Counsel, Wema Bank disclosed this in a statement obtained by Investors King on the Nigerian Exchange Group.

Background of Dr. (Mrs.) Oluwayemisi Olorunshola

Dr. (Mrs) Oluwayemisi Olorunshola joined the Bank as a Non-Executive Director in year 2022 and until her new appointment, was the Chairman, of the Board’s Nomination and Governance Committee.

Prior to her joining the Bank, Dr. (Mrs) Olorunshola had worked with Unilever Nigeria Plc for fifteen (15) years with experience spanning across supply chain, business re-engineering and process management. She has over ten (10) years of boardroom experience and business management.

She possesses a B.Sc. degree in Education & Economics from the prestigious Obafemi Awolowo University, Ile Ife, a Master of Business Administration degree from University of Liverpool, UK, and a Doctorate degree in Business Administration from Walden University, USA.

She is a well trained professional in various aspects of business management and corporate governance practices from various training facilities such as Four Acres Training Facility, Unilever UK, FITC, Leishton Academy, H Pierson, and her work experience spans every aspect of supply chain including Business & Production Planning, Procurement, Distribution, Import & Export, and Logistics Services.

She is a lover of education. Her widely read publication on small business sustainability strategies published in the Journal of Functional Education (JFEAcademia), Proquest.com, and Academia.edu, has been referenced by many scholars.

Dr. Olorunshola is a Director and a fellow of the International Institute for African Scholars, Fellow, Institute of Management Consultants, Member, Institute of Directors, and a chartered member of the Nigerian Chartered Institute of Personnel Management. An ardent believer in community development and in pursuant of this interest, she is a volunteer in many civic activities where she has contributed greatly to the development of her community and other areas of influence.

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Lafarge Africa Plc Appoints Rajesh Surana as Non-Executive Director Following Resignation of Grant Earnshaw

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Lafarge Africa - Investors King

Lafarge Africa Plc, one of Nigeria’s leading cement manufacturing companies, has announced the resignation of Mr. Grant Earnshaw from the company’s Board of Directors.

The resignation of Mr. Earnshaw, who served as a Non-Executive Director of the company, took effect from 6th April 2023.

In a statement released by the company, Lafarge Africa Plc expressed its appreciation for Mr. Earnshaw’s immense contributions to the growth of the company and wished him well in his future endeavors.

The company also announced the appointment of Mr. Rajesh Surana as a Non-Executive Director, effective from 27th April 2023. Mr. Surana, a well-known entrepreneurial “P&L” leader in the industry, is a Chartered Accountant and Chartered Company Secretary with over 20 years of experience in leading multinationals across several countries and continents.

According to the company’s statement, Mr. Surana’s strategic vision in problem-solving has led to multiple successful mergers and acquisitions, turnarounds, and startups.

He holds a Bachelor of Commerce from the Shri Ram College of Commerce, Delhi University; an FCA, Accounting from the Institute of Chartered Accountants of India, and FCS, Corporate Laws & Secretarial from the Institute of Company Secretaries of India.

Mr. Surana joined Holcim Group in 2005 as Head of Finance and Company Secretary and has served in various capacities, including Chief Executive Officer and Country Representative across Asia and Africa. He is currently the Area Manager East & South Africa in Holcim.

In addition to his extensive professional experience, Mr. Surana has served as a Board member of the International Chamber of Commerce & Industry, French Bangladesh Chamber of Commerce, American International School, Dhaka, and Overseas School of Colombo.

He is also a member of The European Business Climate Dialogue and a Founding Member & President of Dhaka Indian CEOs Group.

Lafarge Africa Plc’s appointment of Mr. Surana as a Non-Executive Director is expected to strengthen the company’s Board and bring his wealth of experience to bear in advancing the company’s strategic goals.

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Appointments

TotalEnergies Marketing Nigeria Plc Appoints Bunmi Popoola-Mordi as Executive Director

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Totalenergies

TotalEnergies Marketing Nigeria Plc has recently announced the appointment of Mrs. Bunmi Popoola-Mordi to its Board as an Executive Director, effective from 1st April, 2023.

The decision was approved by the company’s Board of Directors and has been notified to the Nigerian Exchange Limited and the investing public.

Bunmi Popoola-Mordi, a law graduate and member of the Nigerian Bar Association, has an impressive track record spanning various fields such as legal practice, banking, human resources management, industrial relations, communication, corporate governance, investor relations, public relations, amongst others. She has several post-graduate degrees in law and an MBA in oil and gas management.

Mrs. Bunmi Popoola-Mordi has been associated with TotalEnergies Marketing Nigeria Plc since 2011 when she joined the company as Legal Affairs Manager/Company Secretary. In 2015, she was promoted to General Manager Human Resources & Corporate Services/Company Secretary, and in 2019, she was appointed Executive General Manager Total Country Services.

With her appointment as Executive Director Human Resources & Corporate Services, she will bring her extensive experience and expertise to drive the company’s operations to greater heights. The appointment is expected to enhance the company’s corporate governance structure and boost its investor relations and public relations efforts.

In a statement signed by Mr. Jean-Philippe Torres, Chairman of TotalEnergies Marketing Nigeria Plc, he expressed confidence in Bunmi Popoola-Mordi’s ability to deliver on her new role, stating that “her wealth of experience and knowledge of the company’s operations make her a valuable addition to our team.”

The appointment of Bunmi Popoola-Mordi is a testament to TotalEnergies Marketing Nigeria Plc’s commitment to promoting diversity and inclusion in its workforce and creating opportunities for career advancement for its employees.

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