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Georgieva Re-Elected As IMF Managing Director For Second Term

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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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SHOCKING !! Oluyin Of Iyin-Ekiti In DSS Net Over Alleged Suspicious Demand for Governor’s Used Chair

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SHOCKING !! Oluyin Of Iyin-Ekiti In DSS Net Over Alleged Suspicious Demand for Governor’s Used Chair

 

The Department of State Services (DSS) has invited the Oluyin of Iyin-Ekiti, Oba Adeniyi Adeola Ajakaiye, for questioning after he made a quiet but suspicious demand for the chair used by Ekiti State Governor, Biodun Oyebanji during a thanksgiving service at Babamuboni Memorial Anglican Church, Iyin-Ekiti.

According to leaked correspondences exchanged between Babamuboni Anglican Church and Oluyin’s Palace, Governor Oyebanji had attended an event on May 31, 2026 at the invitation of Senate Leader, Michael Opeyemi Bamidele, an indigene of Iyin-Ekiti few days to the state’s gubernatorial election.

How Oluyin of Iyin-Ekiti Strangely Demanded Governor’s Seat

It was gathered that after the church program, the Oluyin of Iyin Ekiti, Oba Ajakaiye quietly and specifically requested for the chair which the Governor sat on during the church program.

The church’s Vicar who suspected a mischief by the Oluyin’s palace politely declined the estranged and bizzare request.

According to the church, the decline made Oba Oluyin furious who immediately influenced the untimely transfer of the church’s vicar, Ven. Dr. Samuel Sunday Agunbiade from the church.

The Palace, in a letter addressed to the church , insisted that the governor’s seat be surrendered for “royal custody and appropriate traditional rites.”

In the said letter from the Oluyin-in-Council to the church, they strangely said that “the replacement chair to be commissioned henceforth shall be placed under strict and adequate guard at all times, to avert any future desecration or recurrence of such grave oversight against the sanctity of the stool.”

Meanwhile, the request which has been described as barbaric and bizarre in Nigeria’s political and religious history, immediately raised suspicion and outrage within the community.

The Position of the Anglican Church

The Anglican Church, in its formal reply, rejected the demand, stressing that church property is held in trust under ecclesiastical governance. It further explained that the chair no longer existed, having already been dismantled and incorporated into the altar furnishing.

According to the church, “Consequently, the Church is not at liberty to surrender, transfer, or remove dedicated Church property for external purposes outside the procedures prescribed by ecclesiastical authority.

“As custodians of these properties, we are duty-bound to preserve and administer them in accordance with the doctrine, discipline, and governance of the Church.”

REQUEST FOR THE REMOVAL OF THE CHURCH CHAIR TO THE PALACE nnnnn_040357

Despite the stance of the church to strictly adhere to its ecclesiastical responsibilities and constitutional obligations, the palace persisted.

Outrage in Iyin-Ekiti as Residents React

Residents of Iyin-Ekiti alleged that the monarch’s insistence was not cultural but sinister with claims that the chair might be for ritual manipulation against the governor whom at the time was preparing for his re-election.

They noted that the DSS invitation to the Oluyin underscores how seriously the security agency views the matter stressing that there are sinister motive behind the estranged act.

It was equally gathered that the fallout extended to the church leadership. Ven. Dr. Agunbiade, the vicar who stood firm against the palace’s demand, was transferred under circumstances widely perceived as punitive.

Residents noted that while governors, presidents, and dignitaries have attended church services across Nigeria and Ekiti State in particular for decades, never has a demand been made for their chairs to undergo “traditional rites.”

They described the incident as mischievous while calling for a thorough investigation by the DSS to unravel the mystery and sinister motives behind the bizzare request of the monarch.

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Global Wave of Cyber Intrusions Spares No Sector, but Nigeria’s Banking System Stands Resilient

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Global Wave of Cyber Intrusions Spares No Sector, but Nigeria’s Banking System Stands Resilient

 

By Adesegun Adeshi Gbenga

 

Nigerian banks have moved swiftly to contain the effects of a sophisticated global cyber campaign sweeping across sectors and continents, with industry sources assuring the public that the nation’s financial system remains strong, resilient and secure.

 

The campaign, described by analysts as one of the most coordinated waves of attacks in years, is neither peculiar to Nigeria nor limited to finance. Organisations in telecommunications, healthcare, government, energy, technology and corporate registries across Europe, Asia, the Americas and Africa have been targeted by the same wave of intrusions, underscoring the borderless nature of modern cybercrime.

 

The data is stark: CheckPoint, a leading international cybersecurity firm, reports a 115 per cent surge in attacks on the global financial sector last year, with organisations worldwide facing thousands of attempted intrusions weekly. The current campaign has been linked to threat actors that have struck more than 35 organisations across several countries and sectors.

 

Despite the onslaught, banking services and digital channels across Nigeria remain fully operational and customer deposits safe. Banks activated their incident response protocols as soon as reports emerged, working closely with regulators, law enforcement and international cybersecurity partners to investigate and strengthen their defences. Nigerian banks operate some of the most advanced cybersecurity infrastructure on the continent, backed by years of sustained investment in protecting customer information and assets. Experts note that resilience in an era of global cyber warfare lies not in immunity from attack, which no organisation can claim, but in the speed and rigour of response, and on that measure the industry has acted decisively and in full compliance with regulatory requirements.

 

The banking public is, however, urged to remain vigilant. Fraudsters often exploit moments of heightened attention with fake calls, text messages and emails. Customers should never divulge personal or banking information, including passwords, PINs, One-Time Passwords (OTPs), card details or Bank Verification Numbers (BVNs), to anyone over the telephone, however convincing the caller sounds; no bank will ever ask for these details.

 

They should also avoid opening suspicious emails, clicking unfamiliar links or downloading attachments from unknown senders. Anyone who suspects foul play or unusual account activity should contact their bank immediately, and only through its dedicated official channels: verified customer care lines, official websites, mobile applications or branches.

 

 

As governments and corporations worldwide race to shore up their digital defences, the message from the Nigerian banking industry is one of calm and confidence: the system is safe, deposits are secure, and the institutions entrusted with the nation’s savings remain watchful and prepared.

 

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