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Georgieva Re-Elected As IMF Managing Director For Second Term—-The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on Oct. 1, 2024.

In a statement issued by the IMF Press Centre on Saturday, it said that the board’s decision was taken by consensus.

The statement said in line with the selection process it had established on March 13, 2024, the board held several discussions, including with Georgieva, the sole candidate nominated for the position, before making its decision.

It said in a follow-up of the meeting held, the Coordinators of the Executive Board, Mr Afonso Bevilaqua, and Mr Abdullah BinZarah, made the following statement:

“In taking this decision, the Board commended Ms Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks.

“ Ms Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than 360 billion dollars in new financing since the start of the pandemic for 97 countries.

“Also, debt service relief to the fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to 650 billion dollars”.

The coordinators said under Georgieva’s leadership, the fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window.

“It replenished the Poverty Reduction and Growth Trust, with the capacity to mobilise concessional loans to its poorest members, and co-created the Global Sovereign Debt Roundtable.

“ It also secured a 50 per cent quota increase to bolster the fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board.

“Looking ahead, the board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the fund continues to adapt and evolve to meet the needs of its entire membership.

‘It recognises her focus on strengthening the fund’s support to its members through effective policy advice, capacity development, and financing.

“The board looks forward to continuing to work closely with the Managing Director.”

In her response issued in a statement, Georgiana said she was deeply grateful for the trust and support of the fund’s Executive Board, representing the fund’s 190 members.

She added that she was honored to continue to lead the IMF as Managing Director for a second five-year term.

“In recent years, the IMF has helped our member countries to navigate successive shocks, including the pandemic, war and conflicts, and a cost-of-living crisis.

“ We also stepped up our work on climate change, fragility and conflict, and the digital transition, in line with their increased significance for macroeconomic and financial stability, growth and employment”.

Georgieva said the IMF’s financial support, policy advice, and capacity development work delivered by its exceptional staff had contributed to countries’ capacity to deal with high uncertainty and abrupt shifts in economic conditions.

“ We are and will remain a transmission line of good policies for our members.

“We will also continue to strive to be more effective, incisive, and a welcoming place for countries to come together to tackle global challenges.

“I look forward to continue serving our membership, together with the highly professional and committed staff of the IMF,” she said.

Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since 2019. Previously she served as Chief Executive Officer of the World Bank from January 2017.

From February 1, 2019, to April 8, 2019, she was the Interim President of the World Bank Group.

She previously served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, and as Vice-President for Budget and Human Resources.

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ZENITH BANK REWARDS ITS UNICORN WORKFORCE WITH IMPROVED PAY AND PROMOTES SEVERAL

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ZENITH BANK REWARDS ITS UNICORN WORKFORCE WITH IMPROVED PAY AND PROMOTES SEVERAL

ZENITH BANK REWARDS ITS UNICORN WORKFORCE WITH IMPROVED PAY AND PROMOTES SEVERAL—-One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.

This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.

With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.

Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.

Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.

By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.

As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.

At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.

Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.

Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.

As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.

In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.

The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.

It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS

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JUST IN: EFCC Officers Arrested, Detained For Fraud In Lagos

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EFCC Officers Arrested

JUST IN: EFCC Officers Arrested, Detained For Fraud In Lagos—-Thecloudngr reports that the Economic and Financial Crimes Commission (EFCC) has detained 10 officers from its Lagos Zonal Command over the alleged theft of missing operational items.

The commission’s Spokesperson, Dele Oyewale, confirmed this in a statement on Wednesday in Abuja.

Oyewale stated that the development was part of EFCC Chairman Mr Ola Olukoyede’s ongoing efforts to rid the commission of corrupt practices.

He explained that the officers were arrested last week following directives from the EFCC boss.

“The affected officers are being questioned regarding the theft of operational items they could not account for.

“Investigators are making good progress, and those found guilty will face internal disciplinary processes,” he said.

The News Agency of Nigeria (NAN) recalled that the EFCC also announced on Monday the dismissal of 27 officers as part of its efforts to enforce integrity and combat fraud.

Oyewale noted that these officers were involved in fraudulent activities and misconduct in 2024.

He said their dismissal was ratified by the EFCC chairman, based on recommendations from the anti-graft staff disciplinary committee.

Olukoyede reaffirmed the EFCC’s commitment to zero tolerance for corruption, warning that no officer would be immune to disciplinary action.

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