Jobs/Appointments
World Bank President David Malpass To Vacate Seat in June
By Adedapo Adesanya
In an unexpected turn of events, the President of the World Bank Group, Mr David Malpass, announced his intention to step down from his position by the end of the bank group’s fiscal year on June 30.
In the position he served for more than four years, he focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens.
He said, “It has been an enormous honour and privilege to serve as President of the world’s premier development institution alongside so many talented and exceptional people.”
“With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact. The last four years have been some of the most meaningful of my career.
“Having made much progress, and after a good deal of thought, I’ve decided to pursue new challenges. I want to thank our staff and boards of directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times,” he added.
Mr Malpass, who was recommended by former US President, Mr Donald Trump, for the position, over the last four years spearheaded the bank group’s five institutions (IBRD, IDA, IFC, MIGA, and ICSID) responses to global crises. He mobilised a record $440 billion in response to the COVID-19 pandemic, the war in Ukraine, the sharp global economic slowdown, unsustainable debt burdens, climate change, and food, fertilizer, and energy shortages.
With developing countries under severe financial pressure, Mr Malpass frequently met with world leaders to discuss supportive policies, including debt reduction, to break the cycles of unsustainable debt.
Under his leadership, the group more than doubled its climate finance to developing countries, reaching a record $32 billion last year.
Mr Malpass also led efforts to enable and increase private sector investment and trade and contributed thought leadership to the Bank Group’s analytical products on fiscal and monetary policy, currency systems, and governance reform. He also strengthened the institution’s management and personnel and will leave the Bank Group with solidified finances and fundraising to support its AAA credit rating.
“The Bank Group is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises,” said Mr Malpass.
“This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges, facilitate private investment, sharpen its focus on global public goods, and maintain strong momentum on operational delivery and portfolio performance for client countries,” he added.
Among some of his achievements are – the Climate Change Action Plan to better integrate climate and biodiversity with development and growth; $30 billion in projects to address the food, fertilizer, and fuel crisis facing developing countries; and the launch of the Pandemic Fund to improve preparedness, with initial pledges of $1.6 billion from 25 countries and donors among others.
His administration has not been without pressure as Special Adviser to the United Nations Secretary-General on Climate Change, Mr Selwin Hart, in 2021, called out the World Bank for not doing enough for climate action.
Pressure on Mr Malpass was reignited last September when he did not provide the expected answer within the scientific consensus around climate change, which drew condemnation from the US government.
So far, some names have emerged to take over the position, including the head of the US Agency for International Development (USAID), Ms Samantha Power, the President of Rockfeller Foundation, Mr Rajiv Shia, and the deputy secretary of the US Treasury, Mr Wally Adeyemo.
By Adedapo Adesanya
Global blockchain ecosystem behind the world’s largest digital asset exchange by trading volume and users, Binance, has appointed its co-founder, Ms Yi He, as its co-CEO.
“Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company’s vision, culture, and bottom-up business strategy,” said Binance CEO, Mr Richard Teng. “This appointment is a natural progression and she will continue to guide the organization from strength to strength.”
“We remain dedicated to being the most trusted and regulated exchange in the world, always putting our users first. Yi plays a critical role in growing our community and driving product innovation as we work to reach one billion users. Together, we are focused on building the Web3 infrastructure and promoting financial freedom, empowering people to participate in a more open and fair financial system,” added Mr Teng.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days,” said Ms He. “Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”
Binance remains one of the world’s largest players in crypto trading, and leadership changes within the company continue to draw attention due to its scale and influence.
The appointment of a co-CEO adds structure during a period when global exchanges emphasize compliance, operational clarity and more formal management frameworks.
The company did not announce changes to its product lineup or platform priorities alongside the leadership update, and no financial terms were disclosed. The addition of a co-CEO role reflects an internal effort to distribute responsibilities as the firm works with regulators and seeks stability in a competitive and closely watched industry.
By Adedapo Adesanya
The African Petroleum Regulators Forum (AFRIPERF) has chosen Nigeria as its official headquarters and also elected the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, as its chairman.
Recall that in September, 16 countries, led by Nigeria, gathered in Accra, Ghana, to witness the signing of the charter establishing the forum, which seek to harmonise oil regulation in Africa.
Others include Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, and Togo among others.
The decisions were announced at the inaugural executive committee meeting of the forum which took place virtually on December 2, 2025. The meeting which was attended by the 16 African countries, was convened to pick its leadership, headquarters and logo.
Prior to his endorsement as the substantive pioneering chairman, Mr Komolafe acted in interim capacity.
Also, Mrs Eyoanwan Ndiyo-Aiyetan also emerged as the secretary of AFRIPERF.
According to a statement on Wednesday, NUPRC notes that the development affirms Nigeria’s central role in the African petroleum regulatory space and as Africa’s largest producer of crude oil.
In his acceptance speech, Mr Komolafe thanked his African counterparts for the trust and honour, promising to ensure that no member country is left behind.
AFRIPERF aims to strengthen regional petroleum governance by fostering collaboration, cooperation and coordination among member regulators.
Its mission includes creating standards, enhancing transparency and addressing cross-border challenges such as gas trade, emissions, and digitalisation while making the African continent energy sector attractive for crucial investments.
By Adedapo Adesanya
The immediate past Chief of Defence Staff (CDS), General Christopher Gwabin Musa, has been nominated by President Bola Tinubu as the new Minister of Defence, replacing Mr Mohammed Badaru Abubakar.
The erstwhile minister resigned from his position with immediate effect for health reasons, the president’s spokesman, Mr Bayo Onanuga, had said on Monday night.
The 63-year-old’s departure coincides with a period of heightened security challenges across Nigeria, with the government under pressure to deal with a spate of mass kidnappings.
In a letter to Senate President, Mr Godswill Akpabio, President Tinubu conveyed Mr Musa’s nomination as the successor to Mr Abubakar, according to statement on Tuesday by Mr Onanuga, the Special Adviser to the President on Information and Strategy.
The 58-year-old retired military chief is described as a distinguished soldier who served as the CDS from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
Born in Sokoto in 1967, Mr Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
He was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments included General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.
In 2021, Mr Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed CDS by President Tinubu in 2023.
In the letter to the Senate, Mr Tinubu expressed confidence in Mr Musa’s ability to lead the Ministry of Defence and further strengthen Nigeria’s security architecture.
If confirmed by the upper legislative chamber, he will take up the ministry at a crucial time when security challenges including terror and kidnappings are plaguing the country.
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