Nigeria’s financial sector has long been dominated by men, with only a few women breaking through its barriers. One of the most distinguished among them is Arunma Oteh, who didn’t just shatter the glass ceilings but has also paved the way for others to rise, SONIA OKERE writes
From earning a First Class degree in Computer Science to being appointed Vice President and Treasurer of the World Bank, Arunma Oteh’s journey reflects determination, brilliance, and visionary leadership.
Roots of purpose
Born in 1964 in Abia State, Arunma Oteh was raised in a family that valued education above all else. Her parents nurtured her love for learning, and by the time she attended Federal Government Girls’ College, Owerri, she stood out for her intelligence, discipline, and curiosity. That foundation carried her to the University of Nigeria, Nsukka, where she graduated with a First Class degree in Computer Science. Eager to grow further, she pursued a Master’s in Business Administration from Harvard Business School, where she sharpened her analytical and leadership skills.
Arunma’s contributions have earned her recognition both at home and abroad
Redefining Nigeria’s capital market
Arunma’s career began at the Harvard Institute for International Development and Centre Point Investments Limited in Nigeria. In 1992, she joined the African Development Bank (AfDB), where she spent nearly two decades building her reputation as a financial strategist. By 2006, she had risen to the position of Vice President for Corporate Management at AfDB. Her role included overseeing consulting, human resources, and information management, and she earned recognition for her reform-oriented leadership.
In 2010, Arunma was appointed Director-General of Nigeria’s Securities and Exchange Commission (SEC). It was a time of market manipulation and regulatory failure, but Arunma’s leadership brought much-needed reform. She restructured the capital market, tackled powerful interests, and implemented sweeping changes that restored trust in Nigeria’s financial system. Her bold approach mirrored international best practices and advocated corporate governance in an industry once known for its opacity. While her actions drew both praise and criticism, history would remember her as the regulator who stood firm in the face of opposition.
Becoming a global leader
In 2015, Arunma was appointed Vice President and Treasurer of the World Bank, making her the first Nigerian woman to lead both a national financial regulatory agency and a major department at the World Bank.
history would remember her as the Securities and Exchange Commission regulator who stood firm in the face of opposition
At the World Bank, she managed over $200 billion in assets, and was overseeing investment portfolios with a focus on sustainable finance. Her leadership was defined by integrity and innovation. She also advocated for financial practices that balanced economic growth with environmental responsibility. Arunma used her position to champion fairness, accountability, and opportunities for underrepresented regions. After her time at the World Bank, she shifted her focus to sharing her knowledge and mentoring the next generation of leaders.
She became an academic scholar at St Antony’s College, Oxford, and an executive-in-residence at Saïd Business School. Meanwhile, her commitment to Africa’s growth remained strong, and since 2019, she has been serving on the board of Ecobank. In 2022, she joined the board of FSD Africa, where she continues to inspire change and open new paths for others.
Recognitions and awards
Arunma’s contributions have earned her recognition both at home and abroad. In 2011, the Nigerian government honoured her with the title of Officer of the Order of the Niger (OON) for her pivotal role in transforming the country’s capital markets. That same year, she received the Distinction in Public Service award from the Commonwealth Business Council. In 2014, she was named Business Woman of the Year for West Africa at the CNBC Africa All Africa Business Leaders Awards.
In 2020, her influence was again acknowledged when Forbes named her one of the 50 Most Powerful Women in Africa, and she was also listed among New African Magazine’s 100 Most Influential Africans. Then in July 2021, she embraced another opportunity to serve by becoming chair of the Royal African Society, a position that reflects her deep commitment to Africa’s development and global voice.
Beyond the accolades, Arunma Oteh is admired for the principles she lives by. She represents a kind of leadership rooted in integrity, and her legacy continues to inspire those who seek not just success, but lasting impact.
