Good news for Nigeria: Oil prices seen rising as oversupply diminishes, $41 per barrel -World Bank Raises 2016 Oil Price Forecast, Revises Down Agriculture Price Projections

Special Report

 Oil prices seen rising as oversupply diminishes

 Good news for Nigeria: Oil prices seen rising as oversupply diminishes, $41 per barrel
-World Bank Raises 2016 Oil Price Forecast, Revises Down Agriculture Price Projections

 Lashley Oladigbolu a WorldBank OMBC Correspondent reports.

WASHINGTON, April 26, 2016 

Amid improving market sentiment and a weakening dollar, the World Bank is raising its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook, as an oversupply in markets is expected to recede.

In the quarterly report from World Bank's Commodity Market Outlook released on 26th April, 2016 it was revealed that the crude oil market rebounded from a low of $25 per barrel in mid-January to $40 per barrel in April following production disruptions in Iraq and Nigeria and a decline in non-Organization of the Petroleum Exporting Countries production, mainly U.S. shale. A proposed production freeze by major producers failed to materialize at a meeting in mid-April.

Nigerian National Arunma Oteh Appointed World Bank Vice President and Treasurer

Mrs Arunma Oteh, a Nigerian who was significantly praised for sanitising her country's Securities and Exchange Commission under the administration of the Nigerian former President Jonathan has been appointed Vice President and Treasurer for the apex global bank, the World Bank on Thursday. 

The World Bank Press Release dated 23rd July, 2015  on appointment of Arunma Oteh made available to NUJ Europe Chapter reads inter-alia :

"Sponsor: Office of the President

"I am pleased to announce the appointment of Arunma Oteh as VP and Treasurer of the World Bank.

"Arunma, a Nigerian national, was most recently the Director General of the Securities and Exchange Commission of Nigeria. Appointed to a five-year term by the President of Nigeria in 2010, she led the transformation of the country’s capital markets industry into a major global presence. She was a member of the Board of the International Organization of Securities Commissions (IOSCO) and the Chairperson of the Africa Middle East Regional Committee of IOSCO.

"Prior to joining the Securities and Exchange Commission (SEC) of Nigeria, Arunma was Group Vice President, Corporate Services, at the African Development Bank Group (AfDB). In this role she oversaw a number of departments, including human resources, information and communications technology, and institutional procurement. From 2001 to 2006 she held the role of AfDB Group Treasurer, where she led AfDB’s fundraising and capital market activities across the world. Earlier roles at the AfDB, which she joined in 1992, included trading room management, investment portfolio coverage, and public sector lending. She also held other positions in capital markets and lending during the course of her career at the AfDB. Arunma began her career in 1985 at Centre Point, where she executed debt and equity offerings in the Nigerian capital markets.

"She earned her Bachelor of Science in Computer Science from the University of Nigeria and her Masters of Business Administration from Harvard University.

"As VP and Treasurer, Arunma will manage and lead a large and diverse team responsible for managing more than $150 billion in assets. Her top priorities will be to: (i) maintain the World Bank’s global reputation as a prudent and innovative borrower, investor and risk manager; (ii) manage an extensive client advisory, transaction and asset management business for the Bank; (iii) engage, in her capacity as one of the World Bank’s key representatives, with outside stakeholders including global private sector financial institutions, the financial media and the sovereign debt and reserve managers in client countries, as well as ratings agencies; and (iv) collaborate extensively with the Finance Partners throughout the WBG, including with IFC and MIGA, expanding shared approaches, in particular around innovative financing for development and for key new projects.

"Ms. Oteh was selected to this position through an international competitive search. Her appointment is effective on September 28, 2015.

SIGNED

Jim Yong Kim
President

For Information: Sean Thomas McGrath" The statement concluded.

           
Reportedly under the recommendation of Ngozi Okonjo Iweala. She confirmed this in a tweet she put up minutes ago on her handle as follows

 www.twitter.com/aoteh @aoteh

Thanks for ur kind messages ff my appointment as VP and Treasurer World Bank. Such an honor, so grateful to President Kim + Board of WB.

Arunma Oteh is of Nigerian/British nationality. She is from Abia State. She studied at the University of Nigeria in Nsukka, Nigeria, earning a first class honors degree in Computer Science. She went on to the Harvard Business School where she obtained a Masters Degree in Business Administration