Ngozi Okonjo-Iweala
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Ngozi Okonjo-Iweala

Finance Minister of Nigeria
Incumbent
Assumed office
July 2011
Olusegun Olutoyin Aganga
Foreign Minister of Nigeria
In office
June 2006 – August 3, 2006
Finance Minister of Nigeria
In office
July 2003 – June 2006
Nenadi Usman
Personal details
June 13, 1954
Delta State, Nigeria
Harvard University, MIT
Ngozi Okonjo-Iweala (born June 13, 1954) was appointed in July 2011 as Nigeria's “de facto prime minister” and the new Minister of Finance for the Federal Republic of Nigeria. Prior to this appointment, she was the Managing Director of World Bank (October 2007 - July 2011) and has also held the position of a Finance Minister and Foreign Minister of Nigeria, between 2003 and 2006. She is notable for being the first woman to hold either of those positions. She served as finance minister from July 2003 until her appointment as foreign minister in June 2006, and as foreign minister until her resignation in August 2006. Okonjo-Iweala was considered as a possible replacement for former World Bank President Paul Wolfowitz.[1][2]
Education and personal life
Okonjo-Iweala is an Igbo[3] from Ogwashi-Uku, Delta State where her father Professor Chukuka Okonjo is the Obi, or King, from the Umu Obi Obahai Royal Family of Ogwashi-Ukwu.
Dr. Ngozi Okonjo-Iweala was educated at Harvard University, graduating magna cum laude with an A.B. in 1977, and earned her Ph.D. in urban and regional planning from the Massachusetts Institute of Technology (MIT). She is married to her husband Ikemba Iweala from Umuahia, Abia State[4] - and they have four children. The eldest, Onyinye Iweala received her Ph.D. in Experimental Pathology from Harvard University in 2008 and graduated Harvard Medical School in 2010. Her son, Uzodinma Iweala, is the author of the critically acclaimed novel Beasts of No Nation (2005).'
Career

Ngozi Okonjo-Iweala, at the 2004 Spring Meetings of the International Monetary Fund and the World Bank Group
Prior to her ministerial career in Nigeria, Okonjo-Iweala was vice-president and corporate secretary of the World Bank Group. She left it in 2003 after she was appointed to President Obasanjo's cabinet as Finance Minister on 15 July.
In October 2005, she led the Nigerian team that struck a deal with the Paris Club, a group of bilateral creditors, to pay a portion of Nigeria's external debt (US $12 billion) in return for an $18 billion debt write-off. Prior to the partial debt payment and write-off, Nigeria spent roughly US $1 billion every year on debt servicing, without making a dent in the principal owed. This action has subsequently generated serious controversies, both in the action itself and the alleged contracts Okonjo-Iweala funnelled to her brother. Not too long after the debt's payment, she was reassigned to the Foreign Affairs Ministry, a move perceived by many to be preparatory to an outright sack. Okonjo-Iweala read the writings on the wall and quickly threw in the towel by resigning from the Obasanjo administration, claiming she needed "... to take care of pressing family issues".[5]
Okonjo-Iweala also introduced the practice of publishing each state's monthly financial allocation from the federal government in the newspapers. She was instrumental in helping Nigeria obtain its first ever sovereign credit rating (of BB minus) from Fitch and Standard & Poor's. Nigeria is considered to have defaulted on its sovereign debt in 1983 (debt rescheduling is considered a type of default by rating agencies).[6]
Some controversy surrounded Okonjo-Iweala’s appointment as Finance Minister, and that of Foreign Affairs minister, Olu Adeniji, as other ministers were resentful of their United Nations salaries of over US$240,000, compared with their own $6,000 base salary. The controversy was spearheaded by reform-minded media reports, although Okonjo-Iweala felt that her critics were unjustified because of the temporary nature of the payment, which came out of the donor supported Diaspora Fund negotiated by the Nigerian government.[7] On Friday, 20 July 2007, the Court of Appeal ruled that the salary payment was not done within the ambit of Nigeria's laws, and directed her and Adeniji to pay back the excess to the account of the state.
Both Okonjo-Iweala and the Federal Government of Nigeria have appealed the case to the Supreme Court, and judgement is pending. The appeal is on the basis that the appeals court made its judgement due to erroneous information provided to it that the Nigerian government was making the salary payments, when in fact it was not.
She resigned as Nigeria's Foreign Minister on August 3, 2006 following her sudden removal as head of Nigeria's Economic Intelligence team by President Olusegun Obasanjo. She left office at the end of August 2006.
On October 4, 2007, World Bank President Robert Zoellick appointed her to the post of Managing Director, effective December 1, 2007.[8]
Given the recent challenges faced by Nigeria on how to manage the macroeconomic policy in such a way to achieve the country's vision 2020, it is actually debatable whether Okonjo Iweala is a Joshua who can actually lead the country to attain achieve her goal or an hatchet person who is serving other interests apart from that of the nation. During her confirmation as a Minister, she stressed the need to reduce the country's recurrent expenditure which is presently 74% of the National Budget and embark on capital projects which could improve the 14% unemployment rate in the country.[9] One of the conditions she gave to the incumbent president, Goodluck Jonathan, was an additional power to influence/exercise power over the economic team. This power include the appointment of credible and proven staff to head departments and ministries under her portfolio.
Non-profit work
In 2007, Okonjo-Iweala's NGO, NOI Global Consulting, partnered with the Gallup Organization to introduce an opinion poll, the NOI poll, into the Nigerian polity.[10] She is a fellow at the Brookings Institution.[11] Okonjo-Iweala also serves on the Advisory Board of Global Financial Integrity[12] and on the Board of Directors of the World Resources Institute.[13] Despite the pristine image that is being put across especially in the media by Ngozi Okonjo Iweala in a country where corrupt practices among public officials is a notorious reality, her records had taken a huge hit with the disclosures that she steered $50 million consultancy contracts to her brother without conforming with due process [14]
Honors and awards
Time Europe Hero 2004[8]
This Day Nigeria Minister of the Year 2004[8]
Euromoney Magazine Global Finance Minister of the year 2005[8]
Financial Times/The Banker African Finance Minister 2005[8]
Nigerian of the Year 2006.[15]
Honorary Doctorate from Brown University, Providence, RI, USA.
Honorary Doctorate from Trinity College, University of Dublin, Ireland.
Honorary Doctorate from Colby College, Maine, USA.
Honorary Doctorate from Northern Caribbean University, Mandeville, Jamaica.
Honorary Doctorate from Amherst College, Amherst, MA, USA.
Additionally, on September 28, 2007, Irish musician Bono was awarded the Liberty Medal. Bono donated the $100,000 prize to the Washington-based Debt AIDS Trade Africa, which he co-founded, and Okonjo-Iweala accepted the award on the organization's behalf.[16] Bono has been severely criticised for the purported works he is doing on behalf of African nations but which actual impacts are not being felt where they matter most.[17] Paul Theroux has correctly argued that (a) World Bank study has confirmed that the emigration to the West of skilled people from small to medium-sized countries in Africa has been disastrous and that it seems to have been Africa's fate to become a theater of empty talk and public gestures.[18]
Works
Chinua Achebe: Teacher of Light - a biography of Nigerian author Chinua Achebe, published by Africa World Press, (2003), co-authored with Tijan Sallah.
The Debt Trap in Nigeria: Towards a Sustainable Debt Strategy - an academic piece, published by Africa World Press, (2003), co-edited with Charles C. Soludo and Mansur Muhtar
Politics
Okonjo-Iweala has not expressed interest to contest political office in Nigeria in the current election circa 2011. However, from her vast expertise in World Economic circles and with a keen understanding of economic realities in developing countries (having served as a distinguished Minister in the Nigerian government), she has been vocal in her denunciation of the manner in which the country is currently accumulating huge debts.[19] Indeed the current presidential aspirants have been called upon to adopt or develop an Economic Action Plan that can be endorsed by notable economic experts like Okonjo-Iweala.[20]It is not easy to make the transition from being a political appointee to running for an actual political office in Nigeria. The appointments of Okonjo-Iweala by both the Obasanjo and Goodluck administrations did not stem from her intellectual prowess and managerial capabilities but rather as a means to an end; which basically is the unwritten understanding that as a political appointee, once she departs from the official government position regarding a policy, the other option is to resign from the government, which said option she opted for under the Obasanjo government. It is therefore curious that she would be unceremoniously transferred to the Foreign Affairs Ministry from the Ministry of Finance under the Obasanjo administration if her grasp of the nation's economic policies were sterling. It is widely believed that the appointments of Okonjo-Iweala and her likes are means to an end; that the satraps running the country would benefit from her well publicised connections, real or imagined, with the World Bank and its elements. That is why Okonjo-Iweala is seen as a pawn, both by the Nigerian overlords and her Western handlers such as the Brookings Institute et. al. The performance of Okonjo-Iweala therefore, which despite her much trumpeted foreign background in academic qualifications and professional experience working at the World Bank, has not displayed a proper understanding of the multivarious economic challenges facing the Nigerian society so far and there has been no real concrete workable policy capable of lifting the fiscal challenges of the country out of the woods apart from the effectless publications of revenues accruing to the various levels of government and working the talk-circuit. The effective management of the financial and economic resources of Nigeria needs more than these insignificant tweakings. The Ministry of Finance has not, under Okonjo-Iweala, come up with any credible model different from the tired IMF/World Bank panacea for developing nations. Her plattitudes upon resumption of office confirm these.[21] Her repeated hirings therefore have confirmed the suspicion that Nigerian politicians, clueless about and bereft of deep knowledge of modern economic thinking and the intellectual platform necessary for the application of autochtonous homegrown solutions to the peculiar problems of the nation, such as have been displayed by the BRIC nations, and desperate for credibility and legitimacy at all costs (as a result of the growing discontent from controversial electoral victories),[22] are fond of bringing foregin-based technocrats to head critical positions in the government as a means of acceptability to foreign governments. The final results are that these foreign-based professionals are out of tune with the realities of the economic policies required to jumpstart the economy of the country. Indeed, analysts have argued that it is inevitable that the policies these foreign-trained professionals would inevitably be against the general welfare and interests of the masses but favouring the western economies who would continue the hypocrisy of being seeing to be interested in African nations development but massively benefitting from the anti-people policies the likes of Okonjo-Iweala; Olusegun Aganga ex Finance Minister and currently the Minister for Trade and Investments (an ex-Goldman Sachs employee); Mustafa Chike-Obi Managing Director and CEO of Asset Management Corporation of Nigeria AMCON, another ex-Goldman Sachs employee, et.c would actively give support to and vigorously execute controversial policies like the agitation for the removal of the fuel subsidy; imposition of the Sovereign Wealth Fund currently tearing the Federal Government and the State Governments.[23][24] It is also noteworthy that Okonjo-Iweala has perfected the art of treating lawful summons by the National Assembly, the legislature with disdain and scorn. It is therefore highly debatable whether Okonjo-Iweala would be acceptable to the polity if she were to contest any political office rather than the political appointments she has been enjoying right from the Obasanjo administration.
Wednesday, December 7, 2011
Saturday, June 18, 2011
Alicia Keys' on Song in a Strapless Black Gown
Alicia Keys' on Song in a Strapless Black Gown
Alicia Keys looked stunning in a black feathered gown on the red carpet at her annual Keep A Child Alive Black Ball event in London yesterday
DAILY MAIL
Singer Alicia Keys never misses a beat musically. And she was typically glamorous in a dramatic black feathered gown and gold studded belt at her annual charity event, the Keep A Child Alive Black Ball in London tonight.
The Grammy award-winning singer, 30, accessorised with her husband, producer Swizz Beatz, 32, who wore a co-coordinating all-black tuxedo, and finished off her look with a slick of hot pink lipstick.
The New Yorker was joined on the red carpet by her producer husband Swizz Beatz, 32, who she married in Corsica last July. The event was a rare night out for the couple, who have an eight-month-old baby boy Egypt together.
As well as performing on stage, Keys co-hosted the lavish ball with DJ Mark Ronson. Paloma Faith - who arrived in a typically quirky gold creation by grande dame Vivienne Westwood - performed, as did Boy George and rapper Tinie Tempah - who arrived looking suave and sophisticated in his tuxedo without his trademark geek glasses.
But there was disappointment for the attendees, many of whom had paid £1,500 per ticket as illness forced headlining act George Michael to pull out of his performance tonight.
George was forced to pull out of the event after he was struck down with a tooth infection. He wrote on Twitter: 'Hi boyz n girls....bad news im afraid... This tooth ain't getting better in time for tonight, not enough to sing anyway.....
George was forced to pull out of the event after he was struck down with a tooth infection. He wrote on Twitter: 'Hi boyz n girls....bad news im afraid... This tooth ain't getting better in time for tonight, not enough to sing anyway.....
Swizz Beatz and Alicia married in July last year and have an eight-month-old son together
The event was held to raise money and awareness for the Keep A Child Alive charity, which aims to provide support and treatment for children and families affected by HIV and AIDs in Africa and India.
Guests paid £1,500 for a ticket for dinner and the concert, with a platinum gala table for 10 people going for £20,000. Arriving at the ball, Mrs Keys praised co-host Ronson for his DJing skills.
She tweeted: 'Mark Ronson is SMASHING the music 4 the Blackball 2011!!!! What an incredible night! @keepachildalive does it again!' Mrs Keys told the MailOnline that her new role as a mother had made her even more passionate about the charity she founded eight years ago.
She said: 'Now becoming a mother makes me understand more about activism, and being a musician enables me to have a voice to speak to people, and I think that they all feed into each other. 'Like with anybody, my mother was a single mother and she balanced it and was able to raise me too. 'You know I think there's always a way when you have the will.
Paloma Faith wore a heavily sequinned gold creation by dame Vivienne Westwood, and Noisettes singer Shingai Shoniwabn shone in electric blue and a gold headwrap
She added: It's such an important thing for me to do this work and for us to have a voice for the voiceless, so many people out there are having to head their households, and they're a child. Imagine having to raise your brothers and sisters and having to worry about putting food on the table. She also paid tribute to her fans in the UK for supporting the work she does.
Rapper Tinie Tempah dispensed with his glasses, and Actress Naomie Harris wore a fashion-forward look of lace shorts and blouse
She said: The people here get involved, they feel it passionately and they are about it. Everybody who's here tonight are incredible to me, and I'm really so proud of them for giving their time like this.'
Meanwhile Tinie revealed he is keen to work with singer and friend Adele, and band The Script who he toured with. He said: 'Prince William came to a show of mine last year, it's amazing the power of music that it can bring anybody together.
'I watched the wedding from the comfort of my hotel room in Atlanta, and it would have been an honour to perform for them, but I was glad one of my best mates in music Ellie Goulding got to.'
Mrs Keys' ball comes a night after she performed to a sell-out crowd at the Royal Albert Hall. Meanwhile, Mrs Keys is preparing to release a deluxe and collectors' edition of her debut album Songs In A Minor to celebrate the 10th anniversary on June 27.
Chelsea owner Roman Abramovich will give Guus Hiddink a £150million war chest and tell him: Make Chelsea champions of Europe.
Roman Abramovich will give Guus Hiddink a £150million war chest and tell him: Make Chelsea champions of Europe.Now, we can take this report for what it's worth, but from what we've seen from Stamford Bridge in the past, it might not be far from the truth.
The Stamford Bridge owner is ready to fork out £12m simply to prise Hiddink from his post as manager of Turkey as soon as possible.
But that will be just the start of a spending spree with the sole aim of Chelsea finally winning the Champions League.
Chelsea owner Roman Abramovich is ready to hand new boss Guus Hiddink a £150m war chest to buy the players he wants to finally deliver the Champions League trophy. On his hit-list are Carlos Tevez, Neymar, Wesley Sneijder, Luka Modric, Romelu Lukaku, Christian Eriksen and Kevin de Bruyne.
Chelsea has no idea what it's doing in terms of building a competitive team that can bring young players into the fold, continuing any success the veterans create.
The Yankees didn't start winning again until they put an emphasis on improving the farm system, and that's what Chelsea needs to start doing.
Chelsea Transfer Rumours Focus on A Possible Offseason Spending Spree
George Steinbrenner would be proud of Chelsea.
The Blues aren't afraid to saturate the market with money and see what happens from there.
It is a strategy that has worked in the past, but as teams like Manchester United have also focused on cultivating young talent, the gap has widened at the top of the Premier League.
However, it hasn't stopped Stamford Bridge from making it rain all over the transfer market.
City Battling Utd for 'better than messi' striker.
THE Chile star at the centre of a tug-of-war between Manchester's two clubs can be better than Lionel Messi.
So says Alexis Sanchez's national team boss Claudio Borghi, who also coached the winger, 22, at club level.SunSport revealed yesterday how United chief executive David Gill had flown to Spain to steal Sanchez from under City's noses after the clubs had gone head-to-head in a battle to sign the £30million-rated Udinese ace.
And Borghi said: "Alexis can be even better than Messi - physically he can do much more.
The mini maestro has the potential to be even better than Barcelona forward Messi, that’s according to the Chilean head coach
"Alexis can be even better than Messi - physically he can do much more."I do not wish to talk nonsense, but Alexis will be one of the world's best. Messi already is."
Untied are favorites to land the midfielder but Italian outfit Udinese are holding out for around £30million. Barcelona have reportedly offered £22million plus out of favor striker Bojan, but Udinese have opted for the full amount in cash.
City had placed Sanchez at the top of their wish list this summer, but the Chilean international favors a move to either United or Barca.
Chelsea's Lastest Transfer Rumour
Chelsea transfer rumours have abounded in recent weeks, as the Stamford Bridge club looks to get younger and more athletic.Issues in the midfield plagued the Blues last season, as did the prolonged slump suffered by megatransfer striker Fernando Torres, which combined to see the Blues finish runner-up to Manchester United in the Premiership, and fall apart in the Champions League quarterfinals.
But, owner Roman Abramovich has pledged to find the team the youth and talent they need to contend for yet another Premiership crown, as well as the team's first Champions League title.
In honor of what could well be a massive summer overhaul of the Stamford Bridge roster (not to mention the currently vacant managerial position), we're breaking down all of the latest scuttlebutt surrounding the Blues' summer plans. We're analyzing the big rumblings and grumblings, and figuring out whether the moves are smart, whether they'll actually happen, or whether they're just wild speculation.
So, let's get to the gossip, shall we?
Wednesday, October 13, 2010
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