Ecobank appoints Arunma Oteh as a non-executive director
Ecobank Transnational Incorporated ( ETI), the parent company of the Ecobank Group, has appointed Arunma Oteh to its board of directors as a Non- Executive Director. ETI made this known through the notification sent to the Nigerian Stock Exchange last week. Her appointment brings the number of ETI directors to 15 in the ratio of 12 males to three females. Other women on ETI board include Catherine Ngahu(phd) and Aichatou Agne Pouye, both are non-executive directors.
ETI made N572.7 billion as gross earnings based on its Q3 unaudited results ended September 30, 2018 compared with N564.7 billion the pan African bank made in similar period in 2017. Profit before tax rose by 39 percent from N69.4 billion in 2017 to N96.3 billion in 2018. Profit for the period was up by 31 percent from N57.9 billion as at September 2017 to N75.7 billion in September 2018.
Before Oteh’s latest appointment, she was treasurer of the World Bank from 2015 to 2018 where she led a team that managed the World Bank’s $200 billion debt portfolio as well as an asset portfolio of $200 billion for the World Bank and 65 central banks and other public sector clients, ETI statements reads. She was also responsible for an extensive public sector financial advisory business and back office operations, administering payments of over $7 trillion.
“Prior to joining the World Bank, Oteh was Director General of the Securities and Exchange Commission (SEC), Nigeria from 2010 to 2015. During this period, she led the rebuilding of the Nigerian capital markets after the global financial crisis and served on Nigeria’s Economic Management team.
“Previous to SEC Nigeria, she worked at the Africa Development Bank for 17 years in a variety of roles including Group Vice President, Corporate Services (2006 to 2009) and Group Treasurer (2001 to 2006). Her career in Finance started at Centre Point Investments Limited, Nigeria in 1985”, ETI said
Furthermore, Oteh also served on several boards, notably, the International Organization of Securities Commissions ( 2010 to 2015), which regulates 95 percent of the world’s securities markets and the pioneer Board of the International Financing Facility for Immunization (2006 to 2011). She also served on the Board of the Nigerian Pension Commission, the World Economic Forum Agenda Council on Institutional Governance, and the Africa Advisory Council for World Women’s Banking.
In 2011, in recognition of her contribution to the economic development of Nigeria and role in transforming the Nigerian capital markets, she was awarded the Officer of the Order of the Niger (OON) National Honour. In 2014, she was named the Africa Investor Capital Market Personality of the Year and in 2016 received the New African Woman Award in Finance and Banking. In 2018, she was honoured as the Ai Global Institutional Investment Personality of the Year.
Oteh recently joined Oxford University as an Academic Scholar at St. Antony’s College and an Executive-in-residence at SAID Business School. Her research areas of focus are capital markets, development and financial technology. She holds a masters degree in Business Administration from Harvard Business School and a first class honours Bachelor of Science degree from the University of Nigeria, Nsukka.