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IMF Board Begins Selection Process For New Managing Director
The selection process for a new Managing Director for the International Monetary Fund (IMF) has begun, its Board Coordinators have said.
The Board Coordinators of the Executive Board of the IMF, Mr Afonso Bevilaqua and Mr Abdullah BinZarah, made the disclosure in a statement made available to The Tide’s source, in Abuja, yesterday.
“We are very pleased to announce that the Executive Board has adopted an open, merit-based, and transparent process for the selection of the next Managing Director, similar to the one used in recent rounds.
“The executive board underscores the importance it places 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 the end of April 2024.”
The board coordinators said the board approved the decision as outlined below:
“The successful candidate for the position of managing director will have a distinguished record in economic policymaking at senior levels.
“He or she will have an outstanding professional background, will have demonstrated the managerial and diplomatic skills needed to lead a global institution, and will be a national of any of the fund’s members.
“As Chief of the fund’s staff and as Chair of the Executive Board, (s)he will be capable of providing strategic vision for the work of a high-quality, diverse, and dedicated staff.
“S(he) will be firmly committed to advancing the goals of the fund by building consensus on key policy and institutional issues, including through close collaboration with the executive board, under whose direction (s)he will fulfil his or her responsibilities.
“(S)he will have a proven understanding of the fund and the policy challenges facing the fund’s diverse global membership.”
According to the statement, S)he will have a firm commitment to, and an appreciation of, multilateral cooperation and will have a demonstrated capacity to be objective and impartial. (S)he will also be an effective communicator.
The statement said: “An individual may be nominated for the position of managing director by a fund governor or an executive director during a nomination period.
“This nomination period shall commence on March 14, 2024, at 12:01 a.m. Washington, D.C. time and will close on April 3, 2024, at 11:59 p.m. Washington, D.C. time.
“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.”
It noted that:”At the end of the nomination period, the secretary shall disclose to the executive board the names of those nominees who have confirmed their desire to be candidates.
“If the number of candidates exceeds three, the executive board will keep the names of these nominees in confidence until it has drawn up a shortlist of three candidates, taking into account the above candidate profile without geographical preferences.
“The shortlisting process will be implemented through indications of which candidates receive the most support among directors, taking into account the fund’s weighted voting system.
“This is with the objective of completing the shortlisting process within seven days following the disclosure to the board of the candidates.
“Although the executive board may adopt a shortlist by a majority of the votes cast, the objective of the executive board is to adopt a shortlist by consensus. The shortlist shall be published by the fund.”
The statement adds: “The executive board will meet with the shortlisted candidates (or all of the candidates if there were fewer than four) in Washington, D.C.
“Thereafter, the executive board will meet to 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 to complete the selection process by the end of April 2024 ,” it said.
President Bola Tinubu has ordered a Federal Executive Council committee to move swiftly on measures to further reduce food prices across the country.
The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, disclosed this in Abuja, on Wednesday.
According to him, the directive focuses on ensuring safe passage of farm produce across transport routes to cut logistics costs.
“The President has given a matching order with a Federal Executive Council committee already handling it on how we are going to promote safe passage of agricultural foods and commodities across our various routes in the country,” Abdullahi said at a capacity-building workshop for Senate correspondents.
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Nigeria, Africa’s most populous nation, has faced worsening food insecurity since the removal of fuel subsidy, high transport costs, and insecurity on major highways disrupted the movement of goods.
Despite government interventions, food remains largely unaffordable for millions.
The minister said the plan is tied to Tinubu’s broader vision of food sovereignty—beyond availability to ensure affordability, accessibility, and nutrition on a sustainable basis.
To back this up, he revealed that government is set to roll out a Farmer Soil Health Scheme to boost productivity and a revamped cooperative reform initiative to mobilise resources and empower rural farmers.
“Mr. President has shown tremendous interest in the cooperative sector as a veritable tool for resource mobilisation, for economic activity generation, and to improve the livelihood of members,” Abdullahi added.
The event, with the theme, “Parliamentary Reporting: Issues, Challenges and Responsibilities,” also featured Senate Media Committee Chairman, Senator Yemi Adaramodu; ex-presidential aide, Senator Ita Solomon Enang; and NILDS DG, Prof. Abubakar Sulaiman.
The Federal Government has warned contractors, including foreign firms, that any breach of regulations in road projects awarded to them may lead to arrest by the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission.
The Minister of Works, David Umahi, issued the warning during an inspection of the ongoing dualisation of the East-West Road (Section IIIA) from Eleme Junction to Onne Port Junction in Rivers State.
The section is being executed by Reynolds Construction Company (Nigeria) Limited.
Responding to questions from journalists, Umahi commended the quality of work on the project but expressed displeasure over the slow pace, stressing that the December completion deadline remains sacrosanct.
On the project, he said:“The quality of the work is excellent, but the pace of work is totally unacceptable. Let me make it very clear to the contractor that this project will neither be reviewed nor varied in price or claims.
“I’m sure we have issued over 10 warning letters to them. If they fail to comply with the completion deadline of December 15, we will not extend it.”
He added that the ministry had already put measures in place to enforce compliance
“The comptroller has negative certificates to issue, and I will recover the money from any of their other projects. All those letters are on record, and when the time comes, they will be invoked. Any contractor who refuses to abide by regulations will have the EFCC and ICPC to contend with,” he said.
Umahi further disclosed that the Federal Government had directed that road projects valued below N20bn would no longer be awarded to expatriate companies, in line with its “Nigeria First” policy aimed at strengthening indigenous capacity in the construction sector.
“This is part of the Nigeria First policy of the Federal Government. Henceforth, no expatriate firm will be awarded any project valued below N20bn. Such projects must go to indigenous companies, while expatriates focus on higher-value projects requiring more technical capacity,” he said.
The minister also noted that the Federal Ministry of Works had adopted a funding prioritisation framework to sustain road projects initially financed by the Nigerian National Petroleum Company Limited under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
He stressed that President Bola Tinubu had directed that none of such projects should be abandoned, adding that priority would be given to critical economic corridors.
Umahi also decried the indiscriminate parking of heavy-duty vehicles on highways, saying it was damaging the pavements of completed sections of the road.
He said letters would be sent to state governors and the Inspector-General of Police to enforce punitive measures against defaulters.
Earlier, the Federal Controller of Works in Rivers State, Mrs Enwereama Tarilade, said RCC had completed 15km of the right carriageway and commenced work on the left carriageway, with one kilometre already laid in Continuously Reinforced Concrete Pavement.
The Rivers State Government says it will ensure the smooth and successful takeoff of the newly established Federal University of Environment and Technology (FUET), in Ogoniland.
This commitment was made yesterday by the Administrator of Rivers State, Retired Admiral Ibok-Ete Ibas (Rtd), during a courtesy visit by the university’s Governing Council and Management team at the Government House, in Port Harcourt.
The high-level delegation was led by the Pro-Chancellor and Chairman of the Council, Professor Don Baridam and the Vice-Chancellor, Professor Chinedu Mmom.
In his address, Administrator Ibas warmly congratulated the pioneer council and management on their appointments, describing their task as both a recognition of individual accomplishment and a historic call to duty.
“This is not just a recognition of your personal achievements but also a call to history to shape an institution that will have a profound impact on Rivers State, the Niger Delta, and indeed our country,” he stated.
The Administrator commended President Bola Ahmed Tinubu for the establishment of the specialized university in Ogoniland, describing the initiative as “timely and strategic.”
He emphasized that the university’s presence offers a critical opportunity to drive research, innovation, and community-focused solutions to the region’s pressing environmental and developmental challenges.
He further noted that the university’s core focus aligns perfectly with the priorities of his administration.“We consider this university not merely as another institution of higher learning but as a strategic partner in our collective effort to rebuild Rivers State under the ongoing state of emergency and beyond,” he affirmed.
Responding to specific requests presented by the delegation, Administrator Ibas assured the university of immediate support in critical areas essential for the its commencement.
These include the provision of operational vehicles, key facilities, and the completion of the access road to the campus, adding that other vital needs, such as perimeter fencing, refuse disposal, and the issuance of a Certificate of Occupancy, would be addressed within the framework of the state’s broader infrastructure and support programmes.
To ensure swift action, the Administrator directed the Secretary to the State Government (SSG) to work closely with the university’s Governing Council to prioritize the sequence of requests, particularly those tied to the commencement of academic activities in September 2025.
“Let me assure you that Rivers State Government will stand as a dependable partner to the Federal University of Environment and Technology. We see this university as part of our long-term investment in knowledge, innovation, and the future of our youths,” he emphasized.
In his remarks, the Pro-Chancellor and Chairman of the Governing Council, Professor Don Baridam, reaffirmed the university’s commitment to academic excellence, innovation, and community development.
He disclosed that the Federal Government has directed the institution to formally commence its academic session in September 2025, adding that preparations are in full swing to ensure a smooth take-off with adequate infrastructure and resources in place.
“Today’s meeting marks the beginning of a strategic partnership between the Rivers State Government and FUET, envisioned to establish the university as a premier hub for research, innovation, and sustainable development in the Niger Delta”, he said.
