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IMF Executive Board Begins Selection Process for Next MD

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International Monetary Fund, IMF
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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)

Business News

DMO Offers N150bn Sukuk Bond for Subscription at N1, 000 Per Unit

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The Debt Management Office (DMO) on Tuesday offered for subscription, Ijarah Sukuk valued at N150 billion.

According to a statement by the DMO, the Sukuk is issued by Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the Federal Government.

It said that the Sukuk were offered at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

“Rental payment is made half-yearly, and bullet repayment is done on the date of maturity.

“Proceeds will be used solely for the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country,” the DMO said.

It added that the Ijarah Sukuk was backed by the full faith and credit of the Federal Government.

“It qualifies as securities in which trustees can invest under the Trustee Investment Act.

“Qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“To be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, ” it said.

It added that the Ijarah Sukuk was classified as liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.

The News Agency of Nigeria (NAN) reports that the Sukuk is a Sharia-compliant instrument that represents the interests of the owner in an asset or pool of assets.

It ensures that every financial activity is backed by real economic activity, is usually linked to specific infrastructure projects.(NAN)

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Economy

Umahi congratulates Mbah, urges opposition parties to stop distraction in Enugu

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…..Umahi congratulates Mbah

Minister of Works, Chief Dave Umahi, has congratulated Gov. Peter Mbah on his victory at the Enugu State Governorship Election Petition Tribunal, even as he called on opposition parties to stop distracting the governor.

Umahi, who is an All Progressives Congress (APC) stalwart, said it was not about party affiliation but about the quality of the individual chosen by the people of the state to lead them.

The minister, who said this when he inspected the collapsed bridge at the Enugu end of the Enugu-Port Harcourt expressway, advised the opposition in the state not to waste their time contesting Mbah’s ‘divine and people’s mandate’.

He also said that Mbah’s initiative to commence the reconstruction and dualisation of Enugu-Abakaliki road up to the Ebonyi boundary was another display of people-driven leadership by a private sector person in governance.

“I am happy that you came from the private sector. There is a high hope, especially with the steps you have taken so far.

“They are in tandem with President Bola Tinubu’s steps and I pledge to support you. There must be a change; we must reset the country.

“I want to publicly say, while congratulating you on the tribunal victory, that whoever is taking you to court must stop wasting his time as you are clearly the people’s choice and for good reasons.

“So we will continue to support and pray for you and I urge whoever is distracting you that they should understand the steps of God and know that your emergence is divine and we are very proud of you.

“I know Gov. Mbah as a very successful private person and he is going to bring it to bear in the governance of this state.

“I also believe that what he is bringing to the table will rub off positively on Enugu State, the entire South-East states,” he said.

The minister also commended Mbah for ending sit-at-home in the state, describing it a major step forward for the Igbo nation.

“Let me also thank you for being able to courageously stop sit-at-home in Enugu State.

“It is a major thing you have done for the Igbo people and for the country,” he said. (NAN

…..Umahi congratulates Mbah

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FG Plans Full Production Capacity  Revamp  for DICON  – Matawalle

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By Tony Obiechina, Abuja 

The Minister of State for Defence, Dr Bello Muhammed Matawalle, has charged the staff and engineers of the Defence Industry Corporation of Nigeria (DICON) to improve on their performances as Federal Government plans to revamp and scale up the industry to a full production capacity.

In a statement by the Acting Director of Press and Public Relations of the Ministry, Attari Hope in Abuja on Saturday, Matawalle stated this during his maiden visit to DICON facilities in Kaduna State.

 

In an address to  staff of the industry, he said “as the technical personnel of this promising industry, your professionalism and dedication to work is paramount in sustaining the vision and growth of this industry.

We will ensure you get adequate funding to achieve this.”

The Director General of DICON, Maj Gen AE Edet, lauded the Minister of State for his words of encouragement and assured hm of DICON’s unwavering commitment to its vision and objective which it was set up.

As part of his maiden tour of DICON, the Minister of State visited the DICON’s Special Equipment Factory, Ballistic Helmet Production Unit, Tailoring Unit, amongst others.

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