Economy
IMF Executive Board Begins Selection Process for Next MD
The Executive Board of the International Monetary Fund (IMF) has adopted an open, merit-based, and transparent process for the selection of the next managing director, the organisation has said.
This is contained in a statement it issued in Washington D.C. and made available in Abuja on Friday, the board said the process was similar to the one used in recent rounds.
It underscored the importance it placed on the successful candidate having the requisite global standing to lead the fund, which stands at the centre of the global financial system.
“Individuals may be nominated by a fund governor or executive director and as with past practice, we aim to reach a decision by consensus.
“The board intends to complete the process by Oct. 4,” it said.
The board said it approved the decision based on certain outlines.
It said that the successful candidate for the position would possess a distinguished record in economic policy making at senior levels and have an outstanding professional background.
It explained that a person could be nominated for the position by a fund governor or an executive director during a nomination period which would commence on Monday at 12:01 a.m., Washington D.C. time and close on Sept. 6, at 11:59 p.m.
“All nominations shall be communicated to the fund secretary, who shall obtain confirmation from each nominee of his or her willingness to be considered as a candidate.
“The fund secretary shall hold the names of the nominees in confidence until the end of the nomination period.”
According to the board, at the end of the nomination period, the secretary will disclose to it the names of those nominees who have confirmed their desire to be candidates.
It said if the candidates were more than three, the board would keep the names of the nominees in confidence until it had drawn up a shortlist of three candidates, taking into account the above candidate profile without geographical preferences.
It added that after shortlisting the candidates, the board would meet with the shortlisted candidates in Washington, D.C. and thereafter discuss the strengths of the candidates and make a selection.
“Although the executive board may select a managing director by a majority of the votes cast, the objective of the board is to select the managing director by consensus with the objective of completing the selection process by Oct. 4.
IMF is looking for a new managing director following the resignation of Ms Christine Lagarde ahead of a decision on her nomination to become head of the European Central Bank.
Lagarde’s resignation comes to effect on Sept. 12.
The 63-year-old former French cabinet minister, who began her career as a lawyer, has been head of the IMF since 2011. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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