Board welcomes new Executive Director for Nigeria and São Tomé and Príncipe

04/06/2015
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The African Development Bank Group (AfDB) Board welcomed the Executive Director for Nigeria and São Tomé and Príncipe, Bright Okogu, at their regular meeting on Wednesday, June 3, 2015 in Abidjan, Côte d’Ivoire.

Welcoming the new member, Board Dean Moegamat Shahid Khan said Okogu arrived in the Bank at a momentous time and hopes that he would use his wide knowledge and experience to continue the good work of his distinguished compatriot and predecessor, Shehu Yahaya.

In response, Okogu thanked his peers for the warm welcome accorded him, noting that he was accustomed and aware of the tough work ahead. “I intend to learn from all of you,” he said,
commending the Bank for successfully electing its new President, Akinwumi Adesina, in a transparent and exemplary manner.

Commending outgoing President Donald Kaberuka for the excellent work he accomplished in the Bank, Okogu urged the Bank to build on the successes he is leaving behind.

Okogu worked closely with former Nigeria Finance Minister, Ngozi Okonjo-Iweala, as adviser and budget director, to close the deal that made Nigeria to achieve a big debt relief from the Paris Club of creditors.

He had previously serviced in high positions at the Organization of Petroleum Exporting Countries (OPEC), the International Monetary Fund (IMF), and as lecturer in Economics at the University of Jos, Nigeria.

Okogu holds a BSc and MSc from the London School of Economics as well as a PhD from Oxford University in the UK.

The Board later approved two operations – a US $50-million line of credit to finance part of Stanbic Bank’s pipeline of deals in Ghana and an African Development Fund grant of US $52.84 million to the Democratic Republic of Congo to finance the country’s Private Sector Development and Job Creation Support Project (PADSP-CE).