Oniha: New era at DMO

 

Th e Nigerian economy is set to be exposed to a fresh chapter of growth and development that would be as challenging as it would be rewarding with the appointment of Ms.

Patience Oniha Director-General of the Debt Management Offi ce (DMO).

Ms. Oniha began her career at Icon Limited Merchant Bankers in 1986, during which time she rose to the position of a Manager, before joining First Securities Discount House Limited (now FSDH Merchant Bank Ltd.) as a pioneer staff in 1992.

She rose to the position of General Manager/Director before joining Ecobank Nigeria Limited in 2000.

Between 2004-2008, Oniha was in Standard Chartered Bank Nigeria Ltd as a General Manager.

After a fulfi lling career in the banking sector spanning over 22 years, during which time she acquired skills in Credit, Marketing, Treasury and Investment Banking, Oniha made a career move to the public sectors.

She joined the DMO in 2008 as Director, Market Development Department.

In this capacity, Oniha brought her banking experience to bear on various aspects of the DMO’s activities.

Amongst her achievements during her eight years at the debt management offi ce was the introduction of Benchmark Bonds to develop the domestic bond market in order to improve liquidity and to create a sovereign yield curve which created opportunities for State Governments, Multilaterals and corporates to raise long term funds.

Th e purpose behind this drive was to create a debt capital market where the public and private sectors can access long term funds to fi nance Nigeria’s growth and development.

For sustainable development of the debt capital market, she actively engaged with local and foreign investors, regulators and other stakeholders to develop a large and diversifi ed investor base for FGN Securities and Bonds issued by other borrowers.

Oniha recorded quite a number of “fi rsts” during her time in DMO as she managed the successful issuance of Nigeria’s debut USD500 million Eurobond in January 2011.

Th e debut Eurobond opened a new source of funding for the Federal Government and Corporates.

Th us, it was not a surprise when in 2013, she also managed the issuance of the dualtranche USD1 billion Eurobond which was subscribed to the tune of about 400%.

A number of Nigerian banks also tapped into this funding window by issuing Eurobonds.

She was also responsible for the inclusion of FGN Bonds in the J.P. Morgan Government Bond IndexEmerging Markets (GBI-EM) in October 2012 which made Nigeria the second country in Africa, after South Africa to have its local currency sovereign bond included in the Index.

Th e inclusion of FGN bonds in this Index attracted foreign investors to the domestic bond market as a whole.

Th is was followed by the inclusion of FGN Bonds in the Barclays Capital Emerging Markets-Local Currency Government Bond Index (EM-LCBI) in March 2013.

While still at the DMO, Ms. Oniha was appointed as pioneer Head of the Effi ciency Unit at the Federal Ministry of Finance.

To execute the mandate of the Unit which was to moderate government’s Overhead Expenditure and generate savings from the procurement process, Ms. Oniha leveraged on her experience and global best practice to introduce a number of initiatives.

Amongst them were the issuance of seven circulars to control expenditure on specifi c overhead items and the negotiation of discounts with airlines.

Th ese delivered savings estimated at N17 billion to the Government.

She was working on the introduction of new processes for payment and procurements when she was appointed DirectorGeneral of DMO with eff ect from July 1, 2017.

Th is lady of distinction bagged a B.Sc.  Economics, First Class Honours from the University of Benin in 1983 and went on to earn an M.Sc. Finance from the University of Lagos in 1985.

She widened her scope and horizon by becoming a member of the Institute of Chartered Accountants of Nigeria in 1990 and a Fellow in 2008.

Ms. Oniha is also an Associate Member of the Chartered Institute of Taxation of Nigeria.

In recognition of her antecedents and as a resourceful and result oriented person, the news of her appointment was welcomed by stakeholders with encomiums and expression of confi dence on her choice to pilot the aff airs of the DMO.

Oniha’s performance at the DMO between 2008 and 2015 are a testament to her hard work and dedication towards the betterment of Nigeria.

Her emergence as Director-General, Debt Management Offi ce, recognizes her professional knowledge, notable focus and bold, unassuming disposition, qualities needed to provide critical leadership to a hugely important agency in a period where growth and development need to be achieved in spite of economic challenges facing the country.

Johnson wrote in from Channelkoos.

com

Leave a Reply