World Bank Presidency: Kim Thrashes Okonjo-Iweala by Wide Margin

The west and its allies, South Korea, Russia, Mexico, and Japan joined forces to deny Nigeria’s Finance Minster Ngozi Okonjo-Iweala a shot at the institution she had served for pretty much three decades.

It was indeed mission impossible for the Nigerian minister as Japan and the United States control half the voting shares at the World Bank. Furthermore there is an unwritten agreement where a European heads the International Monetary Fund (IMF) and an American leads the World Bank.

Korean born United States health expert Jim Yong Kim, 52, was selected to begin a new 5-year-term at the multi-lateral financial institution. Kim has experience globally in fighting disease and providing developing countries with healthcare including helping Russia combat HIV in its prisons. His tenure will mark the first time the seat is not held by a professional politician, banker or diplomat.

The election was not unanimous in Kim’s favour as there was some resistance from other countries seeking to select the best qualified candidate for the job.

Analysts on social media and other platforms were of the opinion that Ngozi Okonjo Iweala most merited the position, yet it was not expected that the United States firm grip on the seat would be relinquished

Her nomination and campaign highlighted the veracity of the practice whereby the developed countries hold on to the leadership of the bank. Despite the widespread availability of human and financial capital available in developing countries.