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World Bank Presidency: Who Wins?

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With the withdrawal of Colombian ex-finance minister, Jose Antonio Ocampo, from the World Bank Presidency race last Friday, the die is now cast between Dr. Okonjo-Iweala of Nigeria and Jim Yong Kim, a Korean-American.

Kim is backed by US, Europe and Japan which control about 54 percent of the votes. From the look of things, the deal has been sealed by Europe and US with the support of Japan and Canada. But the rest of the world whose finance ministers and Central Bank governors will meet over the issue have the rest of the votes.

Brazil, India, Russia, China and South Africa are considering block votes for their own candidate, Dr Okonjo Iweala. This thinking was what probably informed the decision of Ocampo to withdraw from the race to brighten Okonjo-Iweala’s chance.

With the board of the World Bank  meeting today in Washington DC, to pick a new president, Ocampo said he hoped emerging-market nations would rally behind Nigerian Finance Minister Ngozi Okonjo-Iweala in a race he said had turned highly political.

Okonjo-Iweala, a former World Bank Managing Director, is now the sole candidate from developing nations in a race against U.S. nominee Jim Yong Kim, a Korean-American health expert who appears almost certain to secure the post by block votes from US, Europe and Japan.

Ocampo, who was nominated by Brazil, said his candidacy had been “handicapped” by a lack of support from his own country. Colombia said last month it was focusing on a bid for the presidency of the International Labor Organization, where it had a greater chance of success.

If Dr Okonjo Iweala does not win, it is not because she is not the right person but because of international politics involved in the process of selecting the World Bank President which often times sacrifices merit on the altar of international political alignments.

Ocampo puts it clearly thus: “It is clear that the process is shifting from a strict merit-based competition, in which my candidacy stood on strong grounds, into a more political-oriented exercise. In this process, I stand on weaker grounds due to the lack of open support from the government of my home country, Colombia.”

Ocampo, the director of economic and political development at Columbia University in New York, said he did not believe the selection process had been conducted in a fully open, transparent and merit-based fashion, but it had established a strong precedent.

If the process is not transparent, what signal is America and Europe which claim to champion merit-based appointments in a democratic system sending to the rest of the world? What morals will the US and the rest of advanced democracy have against those they call despots in other parts of the world?

What right will America and Europe have to condemn flawed election in Africa? Will this show of naked power weaken the World Bank? Will developing and emerging economies muster courage to ask the West to take their World Bank and set up something for themselves?

However, Ocampo’s decision to leave the race does not mean all developing countries will support Okonjo-Iweala when the World Bank board tries to find a successor to Robert Zoellick, who is departing in June. Indeed, the promise of a united front from emerging markets evaporated on Friday when Russia said it would support Kim, becoming the first major emerging economy to do so.

Russia in a statement on Friday said: “Taking into account Mr. Kim’s considerable professional qualities, as well as his experience and knowledge, the Russian Federation will support the candidacy of Jim Yong Kim during the voting by the bank’s board of directors.”

Under an informal agreement, the World Bank has always been headed by an American and the International Monetary Fund by a European. Emerging-market nations have been seeking to challenge U.S. leadership at the bank to increase their influence in global economic institutions long dominated by rich nations.

While Kim is still the favourite to win the World Bank presidency due to backing from the United States and European countries, a rigorous challenge from developing countries could put them in a stronger position to extract concessions.

This challenge also increases their chances of winning senior jobs coming open in the next few months, including chief economist and head of the International Finance Corp, the World Bank’s private-sector lending arm.

Okonjo-Iweala thanked Ocampo and said his presence had helped to further a shared goal of an open selection process.

“I am proud that Dr. Ocampo and I have helped make history by changing the way World Bank presidential elections are contested,” she said in a statement.

Last week the Board of Executive Directors of the World Bank conducted interviews for the three nominated into the position. Dr. Mrs Ngozi Okonjo-Iweala was first to be interviewed, followed by Jose Antinio Ocampo and Jim Yong Kim

Yong Kim is a US national and President of Dartmouth College, New Hampshire. The Korean-born Kim, 52, according to USA Today represents a break from the financiers and bureaucrats who have run the World Bank. This, Mr. Uri Dadush, director of international economics at the Carnegie Endowment for International Peace in Washington and a former World Bank Director of economic policy says, is both strength and a weakness.

“This is a very smart man and has many of the characteristics that you would look for in a World Bank president. He is going to have a major challenge to overcome a characterisation as being too focused on the health and education agenda and to develop a deep understanding of the broader development agenda of the bank.”

Experts agree that Mr Kim lacks experience in boosting economic growth, a key part of the bank’s mission yet he is favoured to be selected today as the President of the World Bank. Dr Ngozi Okonjo-Iweala, a Nigerian national and Coordinating Minister of the Economy and Minister of Finance, 57, is a respected economist and diplomat, mother of four children. She has spent more than two decades in numerous positions at the World Bank.

Ordinarily, Dr. Okonjo-Iweala who until recently served as the Bank’s Managing Director would be expected by experience to pick up the job, but the President of the World Bank as described by Ocampo is made out of choice of convenience by the super powers.

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Celebrate, We’re Liberated, Fubara Tells IYC …Says Detractors Now Victims Of Their Ploys

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Rivers State Governor, Sir Siminalayi Fubara, has acknowledged with delight the assurances of brotherly support from the Ijaw Youth Council (IYC), and urged Ijaw Nation to key into the on-going celebration of the liberation the State is enjoying now.
Governor Fubara gave the charge while addressing the national and state leadership of Ijaw Youth Council (IYC), who were on solidarity walk to Government House in Port Harcourt yesterday.
The solidarity walk was staged as part of activities to celebrate the heroic exploits of the late Major Isaac Adaka Boro, 56 years after his death, which is observed on 16th May every year.
Governor Fubara noted that Major Isaac Adaka Boro genuinely stood for equity, justice, and fair play, and pursued his course to ensure liberation for the Ijaw people and their clans.
The Governor emphasised that every genuine Rivers man is a liberator, adding that he was delighted to receive them on such auspicious day to re-enact the common purpose of liberation that they shared.
Governor Fubara, who thanked the large crowd for their assurances of being available to respond to his call and stand by him, should the need arise, said there would not be any need to cause disruption of the peace, as according to him, the enemies of the State have been defeated already.
He said, “Because he stood for that unique thing, even after his death, we still celebrate him because he was a liberator.
”Every Rivers man, it doesn’t matter whether you are Ijaw or upland, the most important thing is that every genuine Rivers man must be a liberator.
”And I’m happy that you have come here today. I have also received you because we have one common purpose: to liberate our dear State. We are not going back on that.”
Governor Fubara said: “I am happy that you’ve told me this morning that when I call on you, you will respond. But there is nothing to call on you for. Because we have already defeated them.
”By the special grace of God, what they thought that they would have done to us while we were celebrating our one year in office, they are the ones sleeping with their two eyes open. It shows that we have the Ijaw blood. And what is that blood: it is the blood of action; less talk, more action.”
Governor Fubara appealed to Ijaw youths to conduct themselves peacefully as they celebrate the Major Isaac Adaka Boro Day, and also be good ambassadors of the entire Ijaw Nation.
He emphasised that it should be done in the same spirit that had enveloped the State now celebrating victory over his political detractors.
Governor Fubara promised to support the IYC Eastern Zone to have a befitting Secretariat in Rivers State.
In his speech, the National President of IYC, Mr Jonathan Lokpobiri, described the day as historic because Ijaw people were meeting with their Governor on Major Isaac Adaka Boro Day of memorial.
Mr Lokpobiri said it affirms that the gods of Ijaw people are at work, and warned all detractors to retrace their steps, and allow the Governor, who has the full mandate of the people, to discharge his duties to Rivers people.
He commended Governor Fubara for his courage, bravery and commitment to good governance, insisting that his struggle and triumph resonates with the hope of all Ijaw people.
On his part, Chairman of IYC, Eastern Zone, Mr Tamuno Kpokpo, clarified that their visit is not to signify an ethnic war but to lend support in protection of the interest and continuous development of Rivers State.
Mr Kpokpo said IYC will stand to resist anybody or group of persons anywhere who dare to cause any distraction of governance anymore in the State, and appealed that the Governor be allowed to govern the State peacefully.

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Ex-Rivers Lawmakers Have Forfeited Their Seats, PDP Insists …Denies Pressure To Restore Ex-Lawmakers

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The Peoples Democratic Party (PDP), has dismissed claims that it was under pressure to compromise its position on the status of former members of the Rivers State Assembly who forfeited their seats on account of their decision to dump the party.
National Publicity Secretary of the PDP, Hon. Debo Ologunagba, said this in a statement in Abuja, yesterday.
He declared that nothing will make the party change its position on the vacation of seats by former members of the Rivers State House of Assembly who defected from the PDP to the All Progressives Congress (APC).
Ologunagba said, “The Party also clarifies that it is not under pressure from any quarters to compromise its position in Court wherein it had already clearly stated that the former Rivers State lawmakers are no longer members of the Rivers State House of Assembly from December 11, 2023, when they publicly announced their defection from the PDP to the APC.
“This clarification is a refusal of a mischievous report in a section of the social media falsely claiming that there are plots to compromise the party’s position and provide an unattainable lifeline to the former members of the Rivers State House of Assembly to return to their seats which they have constitutionally vacated.
“Our party therefore stands by its position that the affected members have since lost their seats in the Rivers State House of Assembly having arrogantly committed an unpardonable constitutional breach.”
He further stated that, “For the avoidance of doubt, the PDP in its Counter Claim by its National Legal Adviser, Kamaldeen Ajibade SAN in Suit No: FHC/ABJ/CS/1681/2023 filed at the Federal High Court Abuja stated clearly that the former Rivers State lawmakers “are no longer members of the Rivers State House of Assembly from December 11, 2023, when they publicly announced their defection from the PDP to the APC.
“For emphasis, the PDP in the said Suit seeks among others the following Declaration/Orders against the former Rivers State lawmakers.
“A Declaration that by provisions of Section 109 (1)(g) of the Constitution of Nigeria 1999 (as amended), the seats of the plaintiffs have been vacant since 11th December 2023 when the plaintiffs announced their defection to the All Progressives Congress (APC).
“A Declaration that the plaintiffs are no longer members of the Rivers State House of Assembly having defected to the All Progressives Congress (APC) on 11th December 2023.
“An Order directing the first defendant (INEC) to conduct bye-elections in the respective constituencies of the plaintiffs in compliance with the provisions of the laws.
“An Order of perpetual injunction restraining the plaintiffs from parading themselves and/or further parading themselves or from performing or further performing the functions and duties of members of Rivers State House of Assembly…”
Ologunagba further said, “Happily, there are plethora of Judicial decisions from the highest court in our country in support of the position taken by our party.”

 

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Don’t Hurt Anybody, Else You Won’t Be Forgiven, Fubara Warns LG Chairmen …As Mbata Flags Off 33.5km Elele-Egbeda-Omoku Road

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Rivers State Governor, Sir Siminalayi Fubara, has warned that any out-going local government chairman in the State who hurts any well-meaning Rivers person will not be forgiven.
The governor pointed to an event that happened on Tuesday, where miscreants attacked some persons who attended the inauguration of the Aleto-Ogale-Ebubu-Eteo Road project, on their way home, and said such show of animosity was utterly needless.
Fubara gave the warning at Egbeda community, venue of the ceremony for the official flag-off of the Elele-Egbeda-Omoku Road project in Emohua Local Government Area, yesterday.
The governor, according to a statement by his Chief Press Secretary, Nelson Chukwudi, said, “Let me also say this here. When we left Aleto the other day, some people went there and attacked our people. There is no need for that.
“Nobody has the monopoly of violence. I should even be the one who should come out and shout that I will do this and that. But I don’t need to do that because both sides belong to me. I have taken oath to protect all.
“So, I am advising those people who call themselves local government chairmen: you have a few days in office. Please, conduct yourselves in a peaceful manner.”
Fubara drew the attention of the local government chairmen to the reality of life after office, which should help them to become more circumspect.
He said, “Politics will come, politics will go, but we will still live our lives. Let nobody deceive you, if you deliberately hurt anybody, because of expressing your useless support, nobody will forgive you. You will pay for it.
“So, I’m begging everyone, please, conduct yourselves. As a matter of fact, I am the one that is most hit, and abused as a Governor who doesn’t know what to do with power. Is it not? Have I said anything?
“So, please, just endure until when you finish, then you go your way. I don’t want trouble. I don’t want anything that will bring any problem in this State. I know what they want to do, but we will not give them the opportunity”.
Fubara further said: “We have made our promise to our leader, who happens to be the President of the Federal Republic of Nigeria, that we will take the path of peace and that is the part we are taking.
“We will continue to take that path. Don’t mind what they say. Don’t mind what they do. Peace remains the path to take. While taking the path of that peace, it does not mean that we won’t defend ourselves, or let me describe it this way: we will not just be like a tree seeing someone coming to cut it down, and won’t do anything. No, no no. We need to also protect ourselves in a lawful manner.”
Commenting on the project, Fubara said that what is being done is to let the world know that his administration means well for Rivers State, and was transparently accounting for every kobo that had been received.
Fubara explained that the Elele-Egbeda-Omoku Road project would be funded with savings from the Internal Generated Revenue (IGR), adding that 50 percent of the total cost of N80.8billion has already been paid.
He said, “Why did we pay 50 percent? We understand the fluctuation of prices as a result of exchange rate uncertainties, and we don’t want to find ourself in a situation of too much variation. So, we sought EXCO approval, and EXCO approved that we should pay 50 percent, and we have done that.
“And, what is it that we are saying to the world? We are telling the people that we are transparent. That we are a Government that is ready to serve. We are a Government that thinks about the people first.
“This road is a 33.5kilometer road that has a bridge. It is a road that would connect Ikwerre, Emohua and Ogba/Egbema/Ndoni Local Government Areas.
“When this road is completed, commercial activities will become very easy, no more wasting of manhour on the road. And that shows that we are thinking about the people, and also caring for the well-being of the people.”
Fubara urged residents of communities in the three LGAs to support the contractor to deliver the project within the stipulated 24 months.
The governor said the contractor had already pledged to ensure the project was completed and ready for inauguration before his third year in office.
He said, “I know strongly, having confirmed the reputation of the contractor, I have no doubt that they will deliver. So, I want to thank everyone of you for your patient, continue to support us, we mean well for our people.
“This is not different from the Renewed Hope Agenda of Mr President. Our mission is not different from the mission of Mr President.
“Mr President’s mission is to give hope to our people. And we are here to give hope to the people of Ikwerre, Emohua and Ogba/Egbema/Ndoni Local Government Areas, genuinely.
“Genuinely, not because we have any economic interest here, not at all. We are doing it as a service to our people. We have started our journey in showcasing our interest, wishes, and what we have done in the past one year.”
Flagging-off the project, Senator John Azuta Mbata, who represented Rivers East Senatorial District in the National Assembly, described the dual carriage road project as the type within the capacity of the Federal Government to award but now being done by Governor Fubara.
He said, “We are, indeed, extremely delighted to have a Governor of your calibre. We salute your leadership on this occasion. We salute your humanity on this occasion. We salute your humility on this occasion.
“We salute your propensity and preference for peace and tranquility. We are very delighted to be associated with your humble self and our very presence here today, I believe, makes the point that we are your supporters.
“We don’t have to talk too much about it. Anybody who is a politician understands that my standing here means I am making a grand political statement.”
Senator Mbata further said: “We are the face of the people that are behind, and we are many, millions of people, Rivers people, chiefs, traditional rulers, elder statesmen, and businessmen. We make the silent majority that are behind, supporting the effort of the Government to emancipate the people and to bring development to Rivers State.
“I want to take the opportunity to call on all and sundry, all our people, wherever you are, to give your utmost support to the Government because for the very first time, Government has moved away from the time when the Governor was seen as a tin god, a time when the Governor demanded worship, so to say; to a time when the Governor has become a symbol, a rallying point for the people.
“A rallying point for accountability of resources of our people. A rallying point for bringing all our people into the same boat. We are in an era where there is massive and extensive consultation going on. This is the order of the day, when nobody’s view is thrown away.”
On his part, the Permanent Secretary, Ministry of Works, Engr. Atemea Briggs, said the Elele-Egbeda-Omoku Road project is a state highway that will be connecting two separate Trunk-A federal roads.
He explained that it will be constructed as a dual carriageway with solar-powered street lights to provide associated benefits of improving the fortunes of the people who will be using the road.
Also speaking, General Manager of the contracting firm handling the project, Craneburg Construction Company, Mr Elie Aden, said the road is a 33.5KM dual carriageway, adding that it will have culverts, street lights and 99 meters long bridge.
He said that about 7KM length of work has already been accomplished, and promised that they will complete the project within agreed deadline.
In his welcome address on behalf of the communities, Chief Charles Bekee, recalled how the road, once reconstructed in 2001, collapsed a decade after, due to increased volume of vehicular traffic that plied the road.
Chief Bekee noted that the road remained deplorable for a long time until Governor Fubara graciously awarded the contract for the reconstruction, leading to the flag-off ceremony.
He assured that the benefiting communities in the three LGAs that the road traverses are already resolved to protect the project with high level of cooperation to give the contractor the impetus to achieve its mandate, adding that they will sustain unalloyed support of the people to the governor.

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