Arunma Oteh’s ascent from Nigeria’s ‘Iron Lady’ to Africa’s pride was not an easy one. Yet, Oteh, who joined the World Bank as its Vice President and Treasurer in September 2015, has proven that even if the proverbial glass ceiling exists for women, it can be broken – and how.
As Nigeria’s Director-General of the Securities &amp; Exchange Commission (SEC), Oteh, known for her competence and tough decision-making skills, had boldly driven the transformation of the country’s capital markets and helped grow investor appetite.
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At the World Bank, Oteh leads a large and diverse team responsible for managing more than $150 billion in assets. Her top priorities are to maintain the World Bank’s global reputation as a prudent and innovative borrower, investor and risk manager; manage an extensive client advisory, transaction and asset management business for the bank; engage, in her capacity as one of the World Bank’s key representatives, with outside stakeholders including global private sector financial institutions, the financial media and the sovereign debt and reserve managers in client countries, as well as ratings agencies; and collaborate extensively with the finance partners throughout the World Bank Group, expanding shared approaches, in particular around innovative financing for development and for key new projects.
In a statement, World Bank President Jim Yong Kim, had said on her appointment: “Arunma has deep knowledge of capital markets and tremendous experience as the former Treasurer of one of our partner development banks, we are very fortunate to be able to recruit an individual of Arunma’s obvious caliber.”
Oteh is a phenomenal powerhouse but in person, is warm and unassuming. I met her on a balmy Friday evening in Johannesburg in mid-2015.
Her five-year term at the SEC had ended in January, the same month she turned 50.
“Fifty is the new 16,” she laughed.
“I couldn’t have imagined how enjoyable it will be. It’s like I am walking on air.”
Oteh said her singular objective would be to continue to serve her country, and Africa.
“I come from a family [where] my parents have spent their lives serving, so I am usually attracted to opportunities that help me serve,” she said.
Oteh speaks with passion about Africa, about security, capital markets, infrastructure, e-commerce and governance. She also speaks keenly about topics such as women’s empowerment and youth.
“I want young people to realize their potential. I want to see Nigeria become truly one of the most industrious countries in the world. I want to see Africa be the place where no one writes those articles about wars, disease and famine, and [where] people are writing about being inspired by all the entrepreneurial opportunities here.”
Her first experience of capital markets was sitting around the dinner table with her father, who would make her read annual reports to him.
“I hated it, but God was planting a seed in me for what I have done today.”
Clearly, her parents were her greatest influences.
“I believe early foundations are critical to who you become. I also want more parents to spend more time bringing up their children. My emphasis on character and standing alone came from my parents.”
Other influences have been Nelson Mandela, Bill Gates, Madam Walker, Oprah Winfrey, Beyoncé and Bono. For Africa’s women, she too is now up there on that list.

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The Iron Lady  In Charge Of  $150 Billion

We meet Arunma Oteh on a Friday evening in Johannesburg. For a person whose day has started at 3AM and been relentless since – filled with high-level meetings and interviews – she is remarkably energetic. In fact, the former Director-General of Nigeria’s Securities &amp; Exchange Commission (SEC) is all charged up.
The canary yellow Tahari suit she is wearing ably complements her striking personality as she speaks with both alacrity and wit.
Her five-year term at the SEC ended in January this year, the same month she turned 50. How does she feel?
“Fifty is the new 16,” laughs Oteh.
“I have to say I knew I would enjoy being 50, but I couldn’t have imagined how enjoyable it will be. It’s like I am walking on air. You kind of feel you can literally do whatever you want!”
Going forward, Oteh says her objective will continue to be to serve her country, and Africa. She feels “blessed” for all the opportunities she has had so far to impact society. In her years at the SEC, she had driven the transformation of the Nigerian capital markets and helped grow investor appetite.
“I come from a family [where] my parents have spent their lives serving, so I am usually attracted to opportunities that help me serve,” she says.
Oteh speaks with passion about Africa, about security, capital markets, infrastructure, e-commerce and governance. She also speaks keenly about topics such as women’s empowerment, youth – and music. For the record, Oteh is a huge fan of American singer Beyoncé.
“My next Whitney Houston is Beyoncé. She is amazing and stunning. Look at what she has achieved!”
In this interview, Oteh speaks about Africa’s future and why she is so excited to be a part of its growth story. Excerpts:
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What does the future hold for you?
I am looking at a number of incredible and exciting opportunities, and taking my time to deliberate and determine which one has the most impact. There is so much I want to do, and could do.
I thought about focusing on an initiative that helps people develop their financial capability, as I do think raising financially-responsible citizens has far-reaching impact. If you understand the discipline of managing your money, it’s almost like managing your life.
Also, can you imagine if this continent decided that by 2020, every African will be knowledgeable from a digital point of view? Can you imagine what it could do? It will accelerate the economic development of the continent.
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What does legacy mean to you?
Whatever you do, be the best you can be. It takes one person at a time to make a difference. I want young people to realize their potential. I want to see Nigeria become truly one of the most industrious countries in the world. I want to see Africa be the place where no one writes those articles about wars, disease and famine, and [where] people are writing about being inspired by all the entrepreneurial opportunities here.
I am currently angel-investing in companies that are owned by young people making a difference. Paga, a payments administration company, is one of them.
I like the e-commerce area. When I look at what has happened with innovation in the mobile phone space in Kenya, when I see examples of how certain sectors of Nigeria have transformed…I sort of think that you can be the next Obama, you can be the next Mark Zuckerberg, you can be the next Beyoncé. It’s really up to you to put in the effort. The common theme is hard work, vision and determination to change the world.
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You have previously co-edited a book, African Voices, African Visions. Is there another book in the offing?
Everyone says I should write a book – I am sure I will write several. I think writing books is a way to keep your legacy alive. I have very specific views on issues, and the way to communicate it globally is to write. I would like to write books on leadership. I also feel passionately about capital markets, and I do think not many people understand it.
My first experience of capital markets was sitting around the dinner table with my father, who would make us read annual reports to him. I hated it, but God was planting a seed in me for what I have done today.
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What is the way forward for capital markets in Africa?
So much needs to be done, so much has happened. I think we had eight or nine stock exchanges in 1989 and today, we have over 20. We have bond markets that are doing well around Africa in many places where we didn’t have bond markets. A lot of progress has been made. But the future is brighter than where we are, because we have got so much to do as a continent…And we are not going to be able to do it if we don’t have capital markets that can mobilize resources. We would not be where we should be as a continent if the ordinary person thinks the only way to save money is in a bank account or under the pillow, whereas there is the possibility of him being part owner of a company. We have not democratized ownership of shares; the average American owns a mutual fund that can fund the education of his children and issues of health. We are not there yet. So the possibilities for Africa are immense.
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When do you think this will happen?
There are a few factors that will either make us move quickly or slowly. The first one is the realization that domestic resource mobilization is what is going to help achieve some of those goals, so if you have leadership of countries that understand why capital markets are important, then we will make progress. If we have the right regulatory environment, you can attract both domestic and international investors&#8230;If we get security right, if we get the politics right, if we get the macroeconomic environment right, those things will happen.
The role of regulation is very critical. It should be tough because [the person then] feels his money is safe. Without creating a market where there is trust and integrity, it’s not going to happen.
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Who have you been most influenced by?
I was profoundly impacted by those who sacrificed their lives for the war against Ebola. My most memorable example is Dr Stella Ameyo Adadevoh. During my time as DG of SEC, and in 2012, we established an integrity award to a deserving Nigerian, and as a way to reinforce the importance of integrity to the development of world class capital markets. Dr Adadevoh was the 2014 awardee for SEC’s Integrity Award. She took risks with her life to limit the damage done by the first index Ebola case in Nigeria that arrived on a flight from Liberia.
I have also been influenced by Dr Ian Crozier who decided to go back to Sierra Leone after surviving the Ebola disease; as also the staff of Médecins Sans Frontières and other NGOs that work in difficult places when they don’t have to.
By a huge margin, my biggest influences were my parents. I believe early foundations are critical to who you become. I also want more parents to spend more time bringing up their children. My emphasis on character and standing alone came from my parents. Those who knew them said they were not surprised at how I reacted to the House of Representatives Committee on the Capital Markets inquisition in 2012.
Other influences have been Nelson Mandela, Bill Gates, Madam Walker, Oprah Winfrey, Beyoncé and Bono.

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‘The Possibilities For Africa Are Immense’

It takes weeks to secure an appointment with Nigeria’s high-profile Director-General of the Securities &amp; Exchange Commission (SEC). And when we do, it’s on a public holiday.
Walking into Arunma Oteh’s office in the country’s capital Abuja is like walking into a trophy store: shiny medals, mementoes, plaques and trophies take up an entire wall.
One glance is enough to convey the success of Nigeria’s tough-talking chief capital market regulator. A career she couldn’t have imagined.
As a child, Oteh wanted to be an inventor. A proud workaholic, she puts her discipline down to her sound upbringing.
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“My parents were really stern but also loving, and for my two sisters and I, the constant quest for knowledge and excellence was firmly rooted in this background. They had such a great sense of character and the courage to be different and standing up for what was right regardless of the cost. I believe they instilled this in me. My childhood is really what has made me who I am today,” says Oteh.
It was tough being the daughter of a father who had exalted expectations. Once, she ran home elated, report card in hand. She had big news.
“Dad, I did it, I came first in class!”
One look at her report, and her father said: “Great, but next time, you have to be first plus plus.”
Such was Oteh’s family. They looked down on mediocrity and believed in brilliance. Hailing from the southeastern part of Nigeria, Oteh grew up in Kano, northern Nigeria.
Oteh’s mother, a nurse, wanted her to become a medical doctor, her father, an engineer, wanted her to take on his profession. But Oteh had other interests. She recalls fondly her obsession to become an inventor. Computer science was in its infancy in the 1980s; she loved the sciences and believed she could become a pioneer. So she studied computer science.
In 1984, Oteh graduated top of her class and faculty from the University of Nigeria in Nsukka, after which she taught computer science to first year university students as part of National Youth Service Corps (NYSC), a compulsory government program for Nigerian graduates.
After NYSC, she went to Lagos and was interviewed for jobs. The offers came thick and fast, and she decided to work for Centre Point, a stockbroking firm, because she admired Dennis Odife, the owner of the company and a highly respected businessman.
“I was impressed with what he had done with the company and what he had become. It was an amazing decision and defined what I ended up doing later in life. I was hired at the time to start the management information systems department but few months into that role, he thought it would be good for me to work in corporate finance. That’s how I got into finance and got really excited about it too,” says Oteh.
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Oteh’s fascination for her new found career grew and she explored the next step for growth. Her mentor, Odife, had been to the prestigious Columbia Business School in the United States. And she saw this as a must.
She started reading up about business schools and applying in her first year at Centre Point. The acceptance letters poured in. And she made it through the selection process at Harvard Business School.
“My father had always said, if you do well, you can always get what you want,” says Oteh.
Oteh worked in the United Kingdom for some time and flew to Harvard in September 1988. Here, she found herself surrounded by intelligent people and erudition.
“Business school was amazing. The case study methodology employed at Harvard also helped hone my skills in decision-making and problem-solving. This is an environment that prepares you to take on the world. I was very interested in finance. As the first Nigerian woman in the Harvard Business School MBA program, my class mates were quite wowed and thought I was a princess.”
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It all led to a career as Director-General of the SEC, a post she has held since January 2010.
This is merely one of the many hats she wears. She was also elected Chairperson of the Africa Middle East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) in June 2010. She is a member of the Nigerian Economic Management team and serves on the board of a number of organizations including the National Pension Commission (PENCOM) and Asset Management Corporation of Nigeria (AMCON).
Today, Oteh is charged with transforming the Nigerian capital markets and unlocking the country’s economic potential.
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Her appointment four years ago came at a crucial time, on the heels of the global financial crisis. Nigeria’s stock market had fallen 70% from its peak in March 2008. Investor confidence was low. There was need for change and a tough regulator.
By the time she started, Oteh already had a wealth of experience and believed she had the panacea.
Her message to the people was to save and invest wisely. To the policy makers, she preached against depending on short-term bank finance, and in favor of medium and long-term finance to fund infrastructure.
“Having that crisis helped, because people had seen what could go wrong. The environment to support a tough reform agenda was present as they could see the importance of a regulator that would do its job. When I joined, the vision was for the SEC to be the best regulator in Africa and I said, ‘best regulator in Africa?’ That’s not ambitious enough. Our aim should be to be the best regulator in the world. Nobody invests in a particular market because they love it. They are more interested in the safety and security of their funds. In that case, it is important to build a market that can stand globally acclaimed. This isn’t possible without integrity,” says Oteh.
Oteh was ready to put her money where her mouth was in an arduous revamp of the Nigerian capital markets.
It wasn’t going to be easy.
“That led us to alleging that 260 individuals and entities had carried out different forms of market abuse. The second thing was to focus on the Exchange. Nigeria had one operational exchange and being a visible symbol of our market, it was very important to ensure that we address the challenges of the Exchange because then, we develop the industry of fund and asset managers and develop the fixed income bond market to the point where it became easier for people
to borrow.”
Thanks to her efforts, today, she has the likes of the International Finance Corporation (IFC), which launched a successful bond last year. She has also been able to regulate over-the-counter markets.
“We have two platforms, the National Association of Securities Dealers (NASD), which targets unlisted securities so there is more efficient trading in those securities or the platform sponsored by the financial market dealers association which does wholesale trading in Federal Government bonds. Also, introducing new instruments like Islamic finance products, and encouraging real estate investment trusts,” she says.
With all these feats and more under her belt, Oteh believes there is still more to do, and with careful execution, it’s only a matter of time before all her boxes are ticked.
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There have also been some dark days along the way for Oteh, as in 2012, the board of the SEC had directed her to go on compulsory leave, following a probe into the near collapse of the capital markets and allegations of misappropriation of funds and disharmony in the apex capital market regulator.
Oteh fought the system tooth and nail and went to great lengths to expose inadequacies in the structure, accusing the Chairman of the House of Representatives of the Nigerian capital market of corruption and unaccountability in a heated exchange at the public inquiry.
Following a two-month suspension, Oteh was cleared of all allegations and went back to her job as Director-General.
“I was angry that a system that is so well-endowed was being managed irresponsibly. I had also built a longstanding career and reputation over 22 years anchored on excellence. I knew there would be risks attached to fighting back and that I would be misunderstood but I also felt that standing up for what was right, far outweighed any costs attached for me. If I didn’t do it, who would?” she told FORBES WOMAN AFRICA.
Prior to her appointment at the SEC, Oteh was Vice President of the African Development Bank (AfDB), and was at the forefront of internal reforms that scaled up the bank’s response to Africa’s development challenges.
She had also served as the bank’s Group Treasurer for five years, managing a portfolio of assets and liabilities worth billions of dollars. In her years at AfDB, she restored its ‘AAA’ rating by Standard &amp; Poor’s.
“Some of my most fascinating experiences were that people were just so excited to hear about Africa – there was such a curiosity about the continent. At the time, AfDB was a ‘AAA’-rated institution and we would go to sell AfDB bonds in Japan. People were relatively familiar with why we were so highly rated. So, most people felt very comfortable with the credit when you sold bonds – they knew there was no risk,” she says.
Oteh had also started the Euro currency programmes while at AfDB.
This great adventure with AfDB began post-Harvard, following a year’s project with the Harvard Institute for International Development assessing the competitiveness of manufacturing in West Africa. She had interviewed at AfDB where she got hired into the West and North Africa portfolios in 1992. She covered Nigeria, Egypt, Ghana and Sudan, traveling in these countries.
After being away from her home country for 22 years, Oteh, a proud patriot, believes there is no place like Nigeria. She is highly optimistic.
“There are no countries that have taken the bold steps we have in the financial sector in the last few years,” she says.
As her current term draws to an end in January 2015 – and that’s also when she will be turning 50 – Oteh and her team, are working tirelessly still, raising the bar and repositioning the face of the Nigerian capital market globally. It is yet to achieve demutualization and this is a direction the institution would like to steer towards.
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Oteh is also passionate about mentoring young girls, and advocacy. She holds a strong view on women’s place in society, drawing attention to the low number of women in key positions and boards.
“Equal opportunities should exist in the work place. A meritocracy where the best suited and qualified individual gets the job is also as vital.”
She also believes in a great support system and that young women should have self-belief.
“Successful leaders should pave the way for younger women to climb the corporate ladder through mentorship and coaching,” she says.
On career and family, Oteh, who acknowledges devoting her life to career, says she wouldn’t do it differently.
They call her the ‘Iron Lady’ for her tough decision-making.
“If leading change, being passionate, resilient and decisive about a great course is what makes me an iron lady, then I proudly raise my hand up high to that tag,” says Oteh.
She has come a long way from Kano. Oteh is not telling us what her plans are post her current assignment, but we are sure to hear more about her in the news.

From College Princess  To Queen  Of The Markets

We need to start running this country differently,” says Arunma Oteh.
The journalists scribble and the cameras flash. Then Oteh accuses the chairman of the House of Representatives of the Nigerian Capital Market of corruption and unaccountability. This was the 2012 public inquiry into the near collapse of the Nigerian Capital Market.
Oteh has been the director general of the Nigerian Securities Exchange Commission since January 2010. She believes there are no sacred cows in the dispensation of justice.  This conviction has driven the reformation of the Nigerian Capital Market.
“I was brought up to always stand up for the right thing, even if it means standing alone. For me, it was standing up for the right thing in spite of the costs. I was angry that a system that is so well endowed was being led irresponsibly. I have had the power to make choices over the years – we all do. I have always chosen excellence over anything else. I had built an international career, reputation and standing for 22 years anchored on this. I knew there would be risks that I would be misunderstood, but I also felt the benefits to society far outweighed any costs attached for me.
“If I didn’t do it, who would?”
It was one of many questions Oteh pondered upon her appointment, and in her role as chief regulator of Nigeria’s Stock Exchange.
“I wanted to contribute my own bit to realizing Nigeria’s potential. I believed Nigeria was a well-kept secret that was often misunderstood in terms of its opportunities and potential. There wasn’t a good understanding of the role the capital markets played in transforming the economy – I was prepared to change this,” she says.
With a vocabulary peppered with words like transparency, good governance and accountability, Oteh fought market rigging, the pumping and dumping of shares, and wash sales. She steered the Nigerian Capital Market towards demutualization and capital adequacy.
“I was bent on creating a broader understanding of the value of a world-class, functioning capital market in the transformation of the economy. Wealth is in very few hands. What the capital market does is to create an opportunity for fairer equitable wealth distribution. This can only happen under a thorough structure. I wanted to set an indelible example for the Nigerian public sector. Integrity is so crucial while developing this framework, however, and it was important to rebuild investors’ trust and confidence in the system again,” says Oteh.
This is nothing different from how Oteh normally operates. As a high school student she wanted to become an inventor, but graduated in computer science from the University of Nigeria, Nsukka. Her first corporate job involved being responsible for corporate finance at a stockbroking firm. She completed her MBA at Harvard Business School and worked for the Harvard Center for International Development. In 1992 she joined the African Development Bank (AfDB) as a senior capital investment officer and group treasurer, responsible for fund raising and investments in international capital markets. Oteh was appointed vice president for corporate management at AfDB in 2006.
How does one keep this track record? Oteh believes she has happened upon the right opportunities. She wants more women to access these structures.
“I think a lot of women have exceeded expectation in Africa, in terms of commitment and approach to their jobs.”
Oteh believes the challenge lies in women being equally involved at different levels of decision making. Girl must have access to the same opportunities as boys, so these opportunities are later present in the workplace. Creating a meritocracy in the workplace, where the best suited and qualified individual gets the job, is vital. Successful women should focus on developing upcoming leaders. Women should pave the way for younger women to climb the corporate ladder, through mentorship and coaching. Oteh wants to develop the entrepreneurial spirit among women.
“A number of women helped and supported me in my journey too. They believed in me and instilled the notion that the sky is the limit. You can really go as far as you want to go in life.”
Women also face a lack of access to finance. These are economic issues that act as deterrents to the growth of the economy.
“I believe when given the right opportunities, women excel at their respective roles,” says Oteh.
She has won the admiration of many, especially after ruffling a few feathers, but Oteh faced much resistance in the reformation she championed.
“Some people preserve the status quo because of the benefits the status quo has for them – we can change that. There are no countries that have taken the bold steps we have made in the financial sector in the last few years. It was interesting to see the public opinion on this too. I think people realize that Nigerians are good people who like the right things to be done. I think we just need to stand up more for what is right,” she says.
Her resilience and cutthroat decision-making have earned her the title of the Iron Lady.
“This is not a negative tag for me. The only other person I remember being called that, was Margaret Thatcher, and I found her to be a bold, decisive transformer, who influenced the UK economy positively. She fought fiercely against the status quo. So, if leading change, being passionate, resilient and decisive about a great course is what makes me an Iron Lady, then I proudly raise my hand up high to that tag.”
The Nigerian Stock market crashed from a peak of N12.6 trillion ($78.7 billion) in March 2008 to N4 trillion ($25 billion) in 2009. It has recovered since and closed at N13 trillion ($81.2 billion) in late 2013.
Oteh did not become an inventor, but she is re-inventing a system that was once tainted.

Tag: Arunma Oteh

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