Ngozi Okonjo-Iweala Biography – Profile, Net Worth And Family

REAL NAME: Ngozi Okonjo-Iweala
DATE OF BIRTH: Born 13 June 1954 [ age is 63 years old]
OCCUPATION: Economist, Finance Major
PLACE OF BIRTH: Ogwashi-Ukwu, Delta State, Nigeria
CHILDREN: Four children, including Uzodinma Iweala.
HUSBAND: Dr. Ikemba Iweala
PARENTS: Professor Chukwuka Okonjo is the Eze (King)

Her full name is Ngozi Okonjo-Iweala, she is a a top Nigerian politician, economist and the first female minister of Finance Nigeria as ever had. She is widely known as Okonjo-Iweala and one of the most respected and influential economist, policy maker and thinker on Finance and Economic Development in the country. Ngozi Okonjo-Iweala has served two terms as Finance Minister of Nigeria ( from 2003 to 2006, and from 2011 to 2015), she was also the previously Managing Director of the World Bank ( from 2007 to 2011).

The top Nigerian female politician is the currently chairs the Board of the Global Alliance for Vaccines and Immunization (GAVI) and the African Risk Capacity (ARC). Mrs Okonjo-Iweala is also a Senior Adviser at Lazard. She is the first female and black candidate to contest for the presidency of the World Bank Group in 2012.

Early Life , Background, Childhood, Education And Personal Life

Ngozi okonjo iweala was born into a royal family on 13th day of June 1954, she hails from Delta State of Nigeria. She was raised by her grand parents while her biological parents studied abroad. Her father Professor Chukwuka Okonjo is the Eze (King) from the Obahai Royal Family of Ogwashi-Ukwu. After they completed their education , they returned to Nigeria and she moved with them to reside in Ibadan South west of Nigeria. Her parents got a job at the then University College of Ibadan now University of Ibadan. She attended the girls school in Enugu and add a long break due to the civil war in Nigeria. She also attended the International School Ibadan and called he basic education a wrap at St Annes College in Ibadan. She proceeded to Harvard University, graduating magna cum laude with an AB in Economics in 1976, she also earned her PhD in regional economics and development from the Massachusetts Institute of Technology (MIT) in 1981 with a thesis title Credit policy, rural financial markets, and Nigeria’s agricultural development.

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Ngozi okonjo iweala earned an International Fellowship from the American Association of University Women (AAUW) that supported her doctoral studies. She is legally married to Dr. Ikemba Iweala, a neurosurgeon from Umuahia, Abia State, and their union is blessed with four healthy children.

Ngozi okonjo iweala : Career

Okonjo-Iweala has been in the Nigerian political background for a very long time, she served twice as Nigeria’s Finance Minister and also as Minister of Foreign Affairs. History has it that she was the first female to hold both positions. During her first term as Minister of Finance under President Obasanjo’s Administration, she spearheaded negotiations with the Paris Club of Creditors that led to the wiping out of US$30 billion of Nigeria’s debt, including the outright cancellation of US$18 billion. In 2003 she pushed a motion to improve Nigeria’s macroeconomic management including the implementation of an oil-price based fiscal rule where revenues accruing above a reference benchmark oil price were saved in a special account, “The Excess Crude Account” which helped to reduce macroeconomic volatility.

She was behind the introduction of a new practice whereby each state’s monthly financial allocation from the Federal Government of Nigeria are published in the newspapers. This development went a long way to increase transparency in governance. With a collaborative efforts from the World Bank and the IMF to the Federal Government of Nigeria, she set up an electronic financial management platform-the Government Integrated Financial Management and Information System (GIFMIS), including the Treasury Single Account (TSA) and the Integrated Payroll and Personnel Information System (IPPIS), bringing corruption to it bearest minimum . On the 31 December 2014, IPPIS platform was able to fish out 62,893 ghost workers from the system and saved the Nigerian government about $1.25 billion in the process.

She also played a significant role in helping Nigeria obtain its first ever sovereign credit rating (of BB minus) from Fitch Ratings and Standard & Poor’s in 2006. After serving her first term as Minister of Finance, she was appointed as a Managing Director of World Bank in December 2007. Meanwhile, she previously spent the first 21 years of her career as a development economist at the World Bank. She played a forerunner role in agenda by World Bank to assist low-income countries during the 2008 – 2009 food crises and later during the financial crisis. She was also a member of the Commission on Effective Development Cooperation with Africa during her time at the World Bank. This body was founded by the Prime Minister Anders Fogh Rasmussen of Denmark and they held meetings between April and October 2008.

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Fast forward to the year 2011, Okonjo-Iweala was reappointed as Minister of Finance in Nigeria with the expanded portfolio of the Coordinating Minister for the Economy by President Goodluck Jonathan. This time, she was serving her second term. She was well known and respected for strengthening Nigeria’s public financial systems and stimulating the housing sector with the establishment of the Nigerian Mortgage Refinance Corporation (NMRC). Other legacies include empowering Nigeria’s women and youth with the Growing Girls and Women in Nigeria Programme (GWIN). This programme initiated by her was named one of the most effective programmes of its kind globally by World Bank. While she was still a leader, the National Bureau of Statistics embarked on a rebasing exercise and it was the first in 24 years, it placed Nigeria on a spot of largest economy in Africa. She was heavily criticized for making plans to remove fuel subsidy  , the new Nigerian administration eventually removed the fuel subsidy in May 2016 which sparked missed feelings from citizens of the country.

She officially joined Lazard as a Senior Advisor in September 2015, she was appointed Chair of the Global Alliance for Vaccines and Immunization (GAVI) the following year 2016. Okonjo-Iweala is co-chair of the Global Commission for the Economy and Climate, with Nicholas Stern and Paul Polman. The wealthy female politician was appointed as the independent non-executive director at standard Chartered PLC in July 2017, this office is said to be effective from November 1, 2017.

Okonjo-Iweala is Chair of the Board of the African Union’s African Risk Capacity, an innovative weather based insurance mechanism for African countries. She is also the Chair of the Board of the Nelson Mandela Institution, an umbrella body for the African Institutes of Science and Technology . She is also Chair of the Board of the African University of Science and Technology in Nigeria. Okonjo-Iweala is an active member of numerous boards and advisory groups, including

  • the Rockefeller Foundation,
  • the University of Oxford’s Blavatnik School of Government’s International Advisory Board,
  • the Harvard University Advisory Council,
  • the University of Oxford Martin School’s Advisory Council,
  • the Asian Infrastructure Investment Bank International Advisory Panel,
  • the International Commission on Financing Global Education (Chaired by Gordon Brown),
  • the Center for Global Development,
  • the Mercy Corp Global Leadership Council,
  • the Women’s World Banking,
  • Results for Development Institute,
  • the World Economic Forum Young Global Leaders Foundation,
  • the B Team (Co-chaired by Sir Richard Branson),
  • the Commission on the New Climate Economy (co-Chaired by President Felipe Calderon and
  • Lord Nicholas Stern) and
  • the Global Development Network amongst others

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Okonjo-Iweala previously served as the co-Chair of the Global Partnership for Effective Development Cooperation and Chair of the World Bank’s Development Committee in 2004. She also identifies with the following bodies;

  • the International Monetary and Finance Committee of the IMF (2003-2006 and 2011-2015),
  • the United Nations’ Secretary General’s High-Level Panel on the Post-2015 Development Agenda,
  • the Danish-Government-led Commission on Africa,
  • the World Economic Forum Global Leadership Council on Transparency and Corruption,
  • the renowned Commission on World Growth, led by Nobel Prize winner Professor Michael Spence.
  • She has served on the advisory board of the Clinton Global Initiative and the ONE Foundation.
  • She is behind the Center for the Study of Economies of Africa (C-SEA), which is a development research think tank based in Abuja, Nigeria’s capital and she is also behind Nigeria’s first indigenous opinion-research organization, NOI-Polls.

Awards And Honors

  • Africa Investor Magazine, Finance Minister of the Year, 2014
  • Forbes Magazine, 100 Most Powerful Women in the World, 2014
  • Forbes Magazine, 100 Most Powerful Women in the World, 2011
  • Forbes Magazine, 10 Most Influential Women in Africa, 2011
  • Forbes Magazine, 100 Most Powerful Women in the World, 2013
  • Devex, Women Power with Purpose, 2016
  • Fortune,50 Greatest World Leaders,2015
  • David Rockefeller Bridging Leadership Award, 2014
  • TIME, 100 Most Influential People in the World, 2014
  • The Guardian UK Newspaper, 100 Women in the World, 2011
  • Newsweek Magazine, Top 150 Women in the World, 2011
  • Forbes Magazine, 100 Most Powerful Women in the World, 2012
  • Forbes Magazine, 3 Most Powerful Women in Africa, 2012
  • Silverbird Woman of the Year. 2012
  • Foreign Policy, 100 Global Thinkers, 2012
  • Foreign Policy, 100 Global Thinkers, 2011
  • President of the Italian Republic Gold Medal by the Pia Manzu Centre, 2011
  • Women Deliver, 100 most inspiring people in the World Delivering for Girls and Women, 2011
  • Who’s Who in Anioma, 2011,Columbia University School of International and Public Affairs,
  • Global Leadership Award,2010
  • Bishop John T. Walker Distinguished Humanitarian Service Award, 2010
  • THISDAY, 50 Most Notable Nigerians Who Have Contributed the Most to 50 Years of Nigerian Development, 2010
  • Condé Nast International Business Intelligence Magazine, 73 “brilliant” business influencers in the world, 2008
  • Nigerian of the Year 2006
  • Emerging Markets Magazine, Finance Minister of the Year for Africa and the Middle East, 2005
  • This Day Nigeria Minister of the Year 2005
  • Euromoney Magazine Global Finance Minister of the year 2005
  • Financial Times/The Banker African Finance Minister 2005
  • Time Europe Hero 2004
  • This Day Nigeria Minister of the Year 2004
  • Honorary Doctorate from Yale University, New Haven, Connecticut, USA
  • Honorary Doctorate from University of Pennsylvania, Philadelphia PA, USA
  • Honorary Doctorate from Abia State University, Uturu, Nigeria
  • Honorary Doctorate from Oduduwa University, Ile-Ife, Nigeria
  • Honorary Doctorate from Babcock University, Illishan-remo, Nigeria
  • Honorary Doctorate from Brown University, Providence, RI, USA
  • Honorary Doctorate from Northern Caribbean University, Mandeville, Jamaica
  • Honorary Doctorate from Amherst College, Amherst, MA, USA.
  • Honorary Doctorate from University of Port Harcourt, Nigeria
  • Honorary Doctorate from Obafemi Awolowo University, Ife, Nigeria
  • Honorary Doctorate from Trinity College, University of Dublin, Ireland
  • Honorary Doctorate from Colby College, Maine, USA

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