Okonjo-Iweala Appointed as UK Bank Director

Ngozi Okonjo-Iweala

Former finance minister, Ngozi Okonjo-Iweala, has been appointed an independent non-executive director at Standard Chartered PLC.

The British multinational banking and financial services company has its headquarters in London, England and has branches in 70 countries, the Cable reported.

In a statement released on Thursday, the bank’s media specialist, by Jon Tracey, at the London Stock Exchange,  the company disclosed that her appointment is effective from November 1, 2017.

She slated to earn £130,000 yearly,  for her expertise in financial and development financing.

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According to the statement, “The independent Non-Executive Directors do not participate in any of the Group’s incentive arrangements”.

“Dr Okonjo-Iweala will receive a fee of GBP100,000 per annum for her services as an independent Non-Executive Director, with an additional fee of GBP30,000 per annum as a member of the Brand, Values and Conduct Committee.  This is disclosed in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited”.

The group chairman, José Viñals, expressed that “Ngozi is a globally recognised African and international figure”.

“She has significant geopolitical, economic, risk and development experience and expertise at a national governmental level and in international organisations, which will provide significant insight and value to the Board.

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“She also has deep knowledge of Africa as well as emerging and developing markets. I am delighted to welcome her to Standard Chartered.”

Okonjo-Iweala workd at the World Bank in various capacities for 25 years, after which she left in 2003, to serve as the finance minister of Nigeria from 2003 to 2006.

She returned to the World Bank in 2007, as a managing director until 2011, when she was appointed as the minister of finance and coordinating minister of economy in Nigeria.

The bank asserted that, Okonjo-Iweala “spearheaded Nigeria’s successful program to obtain debt relief and is credited with developing reforms that helped improve governmental transparency to stabilise and grow the Nigerian economy”.

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The 63-year-old holds a number of prestigious international advisory boards positions including the Asian Infrastructure Investment Bank and is Chair of the Global Alliance for Vaccines and Immunizations (GAVI).

She has a Bachelor’s degree from Harvard University and a Masters and PhD from Massachusetts Institute of Technology.