WTO Panel Recommends Nigeria’s Candidate for Top Post

 

Nigeria’s former Finance Minister, Ngozi Okonjo-Iweala received a key endorsement Wednesday from the World Trade Organization’s selection committee, moving her a step closer to becoming the WTO’s first female director-general, people familiar with the matter said.

The panel of three senior WTO ambassadors told Okonjo-Iweala that she had a wide margin of support and is best poised to command a consensus from the organization’s 164 members, according to the people, who declined to be identified because the discussions are confidential.

The recommendation helps Okonjo-Iweala clear one of the final hurdles in a complex and lengthy process aimed at naming the next leader of the WTO during the most turbulent period of its 25-year existence.

Okonjo-Iweala, 66, twice served as Nigeria’s finance minister and has experience working at international governance bodies as a former managing director of the World Bank and as a chair at the Global Alliance for Vaccines and Immunization.

Okonjo-Iweala campaigned as a WTO outsider and a reformer who said she plans to bring a “fresh set of eyes” to a deeply dysfunctional organization.

“I’m known as a strong reformer,“ she said in an interview Bloomberg. “My whole career at the World Bank has been involved with reforms in countries that have been beneficial.”

Who will finally wear the WTO crown?

Okonjo-Iweala is lobbying to succeed current WTO head Roberto Azevêdo. As reported by AFP, the Brazilian career diplomat announced in May that he was stepping down a year before the end of his tenure for “personal” reasons.

From the original eight candidates, the race was narrowed down to five and finally two -- Okonjo-Iweala and South Korea’s Yoo Myung-hee.

However, no winner has yet been announced. 

“The race for the WTO director-general is still very much on,” reads a statement released by Okonjo-Iweala’s media aide, Paul Nwabuikwu. “Contrary to inaccurate information released online by an unidentified source, Dr Ngozi Okonjo-Iweala has not yet been declared the winner. The winner should be announced in two to three weeks.” 

The remaining two contenders for the WTO top position will advance to the third and final round of consultations which will commence on October 19 and run until October 27, according to the WTO.

We will do all that we can to ensure that you emerge as the DG of WTO--- President Buhari

 

President, Major General Muhammadu Buhari (retd.), on Monday assured Okonjo-Iweala, that he would do all within his power to ensure that she became the first woman and first African DG of the global trade organisation.

“I assure you that we will do all that we can to ensure that you emerge as the Director-General of WTO, not only because you are a Nigerian, but because you are a hardworking Nigerian. You deserve this,” the President had said while receiving the former World Bank director at the Presidential Villa in Abuja.

The WTO had last Thursday disclosed that Okonjo-Iweala and Yoo Myung-hee of the Republic of Korea advanced to the final round of consultations which will determine the next WTO DG.

The spokesperson said Okonjo-Iweala has made tremendous progress in the WTO DG race, noting that the chance of her becoming the next boss of the global trade organisation is “50/50”.

Nwabuikwu said, “She started out as Nigeria’s candidate and then she became the West African candidate and from there she became the African candidate.

“It is very significant that the European Union backed the candidacy of Dr Okonjo-Iweala even over the former British Secretary of State for International Trade, Dr Liam Fox. It gives an idea of how much progress she has made and I think it is something to be happy about.

“The prospect is 50/50 because we have two people left but I suspect that it is even better than that because she got the very support of the European Union. Having got to this point, she has a very good chance of emerging the DG of the World Trade Organisation. But it is not over until it is over.”

Gunmen kidnap Pastor in Gboko, demand N10million ransom

Unknown armed men last night kidnapped the proprietor of Excel Grace Secondary School, Akaajime, Gboko Local Government Area of Benue State, Pastor Emmanuel Apeh during a church programme and whisked him away to an unknown destination.

It was learnt the armed men who took their victim on a motorbike had stormed the venue of a church crusade pretending to be worshippers. According to the source, “they stormed church at Behind Mbalemen’s Filling Station Akaajime, around Mkar-Katsina/Ala road, Gboko about 8pm. “And after the programme, they trailed Pastor Apeh to his car, shooting sporadically to scare people way and immediately taking him away on a motorbike to unknown destination. “It was gathered that they have already started making demands and asking for N10million ransom for his release”. 

“His devastated wife and family members have been making frantic efforts to have him released before it is too late,” he added. When contacted, the Police Public Relations Officer, Deputy Superintendent, DSP, Catherine Anene who confirmed the abduction said the Command was working round the clock to secure the release of the victim.

Central Bank of Nigeria grants licenses to 3 Payment Service Banks

 

The Central Bank of Nigeria (CBN) has granted final licenses to 3 Payment Service Banks (PSBs) to start operation.

The final approval to the 3 Payment Service Banks to operate follows their compliance with the licensing requirements which were stipulated by the apex bank. The three PSBs include:

(a)  Hope PSB

(b)  Moneymaster PSB

(c)  9 PSB

The final approval is coming after the CBN issued an updated and revised guideline for the licensing and regulation of Payment Service Banks in Nigeria on August 27, 2020. The first guideline for the PSBs was issued on October 26, 2018.

The CBN, while disclosing that the licensing of the new Payment Service Banks will strengthen Nigeria’s financial inclusion drive leveraging mobile and digital channels, has expressed its commitment towards the implementation of policies that will engender a diverse financial system that meets the needs of all stakeholders.

The CBN also said that it will continue to monitor developments in the sector and grant additional PSB licenses in due course.

Payment service banks refer to a new category of the bank with smaller-scale operations and the absence of credit risk and foreign exchange operations. In addition to operating current and savings accounts they can also offer payments and remittance services, issue debit and prepaid cards, deploy ATMs and other technology-enabled banking services. 

The PSBs are to facilitate high volume low-value transactions in remittance services, micro-savings and withdrawal services in a secured technology-driven environment to further deepen financial inclusion.

Adesina Re-elected President of the African Development Bank (AfDB)

Akinwumi Adesina

African Development Bank President Akinwumi Adesina was re-elected for another five-year term following a tumultuous three months that divided shareholders.

He received unanimous support; the Abidjan, Ivory Coast-based lender said in an emailed statement Thursday. “As shareholders, we will give him all the necessary support to carry forward and implement his compelling vision for the bank.”

“I look forward to working closely with each and everyone of you for the urgent and difficult task ahead of supporting Africa to build back, better, smarter, and boldly from the Covid-19 pandemic,” Adesina said in a speech following the vote.

The 60-year-old Nigerian was the sole candidate to head the continent’s biggest multilateral lender, in a virtual vote as a result of the coronavirus, at the end of its two-day annual meetings. The run-up to the election saw the AfDB survive a corporate governance test when unidentified whistleblowers accused Adesina of helping friends and relatives get jobs and contracts from the bank.

While he was cleared by an internal investigation, the U.S. wanted an independent probe, a position supported by Western nations including the U.K., the Netherlands, Switzerland and Sweden. It was vehemently opposed by Nigeria, while Equatorial Guinea and Sierra Leone expressed their support for Adesina. An external review headed by former Irish President Mary Robinson last month cleared him.

LeBron James Reacts to Jacob Blake Shooting

Lebron James

LeBron James and the Los Angeles Lakers blew out their playoff opponent, the Portland Trail Blazers, on “Mamba Day” Monday. But honoring the late Kobe Bryant with a win was not the only thing on his mind after the game. Another unarmed Black man was shot by the police.

“If you’re sitting here telling me that there was no way to subdue that gentleman, or detain him, or before the firing of guns, then you’re sitting here, you’re lying to not only me, you’re lying to every African American, every Black person in the community because we see it over and over and over,” James told reporters of the Kenosha, Wis. police officer who grabbed 29-year-old Jacob Blake by the t-shirt as he was getting into his car, and fired seven shots at point blank range into his back. He is currently hospitalized. According to a family attorney, his three children aged three, five and eight were in the back seat.

“If you watch the video, there (were) multiple moments where if they wanted to they could have tackled him, they could have grabbed him. They could have done that. Why does it always have to get to a point where we see the guns firing? …And his family is there. The kids are there. It’s in broad daylight … It’s just, quite frankly, it’s just f**ked up in our community.”

On Monday, protesters in Kenosha clashed for a second night with police in riot gear outside the city’s courthouse. An armored vehicle was also on the scene and police threw gas into the crowd of protesters.

Nigeria strengthens her voting rights ahead of AfDB election

 

Nigeria has boosted its voting powers ahead of the African Development Bank election.

The election is expected to hold during the virtual annual meeting scheduled between August 25 and August 27.

According to a report by Bloomberg, Nigeria has almost doubled its voting rights in the AfDB to 16.8 per cent.

By doubling its right, Nigeria reaffirms its position as the biggest rights holder followed by non-regional members Germany with 7.4 per cent and the U.S. with 5.5 per cent.

This was contained in a memorandum sent to governors on August 20.

This is as Nigeria’s Akinwumi Adesina is seeking re-election as the bank’s president for another five-year term.

Unlike in 2015 when he faced off against Chadian Finance Minister Kordje Bedoumra and Cape Verde’s Agriculture Minister Cristina Duarte, this time he is the sole candidate.

Adesina says the 2020 Annual General Meeting of the bank will provide a forum to discuss ways to help Africa in its economic recovery.

According to him, it will also provide an avenue to come up with post-COVID-19 strategies.

Adesina said this in a video to welcome shareholders and other stakeholders ahead of the forthcoming virtual annual meeting.

“We may not be in the same physical location, we are together in our commitment to Africa, we are together in our determination to help Africa build back its economy from the devastating effect of COVID-19.

“We are together to support and strengthen the AfDB and your collective support is what will keep us going,” he said.