Arunma Oteh, OON, is a distinguished Nigerian economist. She served as the Treasurer and Vice President of the World Bank from 2015 to 2018 and was the Director General of the Securities and Exchange Commission (SEC) in Nigeria starting January 2010. In this role, she oversaw the regulation of Nigeria's capital markets, including the Nigerian Stock Exchange. Following her SEC tenure, she was appointed Vice President and Treasurer of the World Bank in July 2015. In July 2021, she became the chair of the Royal African Society, succeeding Zeinab Badawi.
Early Life and Education
Arunma Oteh, who holds both Nigerian and British citizenship, is originally from Abia State, Nigeria. She graduated with first-class honors in Computer Science from the University of Nigeria, Nsukka, and later earned a master's degree in Business Administration from Harvard Business School. Additionally, she co-edited the book "African Voices, African Visions."
Career
Oteh's career includes roles at the Harvard Institute for International Development and Centre Point Investments Limited of Nigeria, where she engaged in corporate finance, consulting, teaching, and research. She joined the African Development Bank (AfDB) in 1992, holding positions such as Senior Investment Officer/Senior Capital Markets Officer, Division Manager Investments and Trading Room, and Group Treasurer. In March 2006, she was appointed Vice President for Corporate Management at the AfDB.
SEC Director General (2009–2015)
Nominated by President Umaru Yar'Adua in July 2009, Oteh became the Director General of the SEC in January 2010. She targeted market abuses like wash sales, market rigging, and pumping and dumping shares. Her efforts resulted in the removal of the Nigerian Stock Exchange's leadership in 2010. Despite resistance from powerful elites, she had strong support from President Goodluck Jonathan. In April 2012, a public inquiry into the near-collapse of the Nigerian capital market led to a contentious exchange with the House Committee of Capital Markets and Institutions, resulting in the chairman's resignation over bribery allegations. Oteh was temporarily placed on leave during an investigation into the management of Project 50, but was exonerated of any financial misconduct by PricewaterhouseCoopers and resumed work in July 2012. Her tenure concluded in January 2015.
World Bank (2015–2018)
In July 2015, Oteh was appointed Vice President and Treasurer of the World Bank by President Jim Yong Kim. She managed the organization's $200 billion debt portfolio and an asset portfolio of nearly $200 billion for the World Bank Group and 65 external clients. Oteh left the World Bank in late 2018 to join St Antony's College, Oxford University, as an academic scholar and an executive-in-residence at Saïd Business School. She was included in the 2020 Powerlist of the most influential people in the UK of African/African-Caribbean heritage.
FSD Africa (since 2022)
In October 2022, Oteh was appointed to the board of directors of FSD Africa, a development agency focused on financial markets in Africa.
Other Activities
Since 2019, Oteh has served as a non-executive board member at Ecobank. She is also the godmother of Leo DaSilva.
Recognition
- In 2011, Oteh was honored as an Officer of the Order of the Niger (OON) for her contributions to economic development and transforming the Nigerian capital markets.
- She received the "Distinction In Public Service" award from the Commonwealth Business Council/African Business in 2011.
- In 2014, Oteh won the CNBC Africa All Africa Business Leaders Awards (AABLA) Business Woman of the Year for West Africa.
- In 2020, Forbes listed her among "Africa's 50 Most Powerful Women."
Bibliography
- Olugbenga Adesida and Arunma Oteh (2004). "African Voices, African Visions." Nordic Africa Institute. ISBN 91-7106-530-X.