WORLD Bank Managing Director and former Finance Minister under the Chief Olusegun Obasanjo administration, Dr. Ngozi Okonjo-Iweala, is the second highest paid official of the bank, says a report.

If she is eventually appointed as a minister by President Goodluck Jonathan, as her name has been mentioned in some quarters for such, then, she will be leaving her job in the world financial body with a pay package worth more than $351,740 (net) yearly.

Speaking yesterday in Washington DC, the United States (U.S.), a Media Relations Officer of the World Bank, Ms. Alexis Obrien, however, said it is unlikely that the bank would make any public comment yet on the purported nomination of one of its managing directors for a job as a minister in Nigeria.

But, she confirmed that the salaries of top management executives of the bank are, indeed, public information contained in one of the bank’s formal annual reports.

While she was minister under Obasanjo, Dr. Okonjo-Iweala received a dollar-denominated salary alongside the then Foreign Affairs Minister, Ambassador Olu Adeniji.

She left the Federal Government in August 2006 and rejoined the World Bank as Managing Director in October 2007.

She had been Corporate Secretary and Vice President of the bank before Obasanjo named her a minister.

Previous media reports had indicated that when she was recently contacted initially to be nominated this time around by The Presidency, she reportedly made a similar request on pay before she was prevailed upon to set the request aside.

Part of the arguments for Dr. Okonjo-Iweala’s dollar salary demands before she accepted Obasanjo’s offer in 2003, according to former Federal Capital Territory (FCT) Minister, Nasir El Rufai, who addressed the issue publicly at a law dinner in New York, U.S., in 2004, included the fact that she had children and wards in U.S. schools and universities.

Close family sources said currently, two of her children are still in universities while, two others have since graduated.

World Bank records and reports on the top executives’ pay indicate that apart from the salary Dr. Okonjo-Iweala is receiving, which was determined in 2008 after an upward review of the pay of all the bank’s executive management team, she is also entitled to $76,996 as the bank’s contribution to her pension.

This is besides another $77,735 for other benefits.

The only World Bank official who is paid above her, according to the report, is the President, Robert B. Zoellick, whose yearly take home is $441,980 (net) based on the 2008 review.

Zoellick who appointed Dr. Okonjo-Iweala as Managing Director also receives $67,181 as contribution to his pension and $191, 825 as other benefits.

The other World Bank Managing Director, Graeme Wheeler’s pay sets him below Dr. Okonjo-Iweala, although both of them have different regional areas to oversee at the bank. Wheeler takes $347, 050 (net) yearly salary, about $4,000 lesser than Dr. Okonjo-Iweala’s.

But, his total extra benefits, when added together, are higher than Dr. Okonjo-Iweala’s. For instance, Wheeler earns an additional $75, 969 in pension contribution from the bank and $88,498 as other benefits.

While Wheeler, a New Zealand citizen, is the World Bank’s Managing Director in-charge of Operations, Dr. Okonjo-Iweala is in-charge of several regions covered by the bank.

As an American citizen, Zoellick has an additional allowance apart from the stated salary to cover his U.S. taxes.

But, Wheeler and Dr. Okonjo-Iweala’s salaries are not taxable, as they are both considered expatriate workers.

A Court of Appeal ruling in Nigeria had, indeed, imposed a fine on Dr. Okonjo-Iweala and Adeniji as repayment of the dollar salaries under the Obasanjo presidency after the salaries were declared illegal by the court.

But, the duo are yet to pay the fines, according to sources, because they have both appealed the judgement to the Supreme Court.



http://www.compassnewspaper.com/index.php?option=com_content&view=article&id=9119:okonjo-iweala-is-world-banks-second-highest-paid-official-says-report&catid=308:headlines&Itemid=600

Am so proud of this woman

Great igbo woman. Where is patricia etteh?

No wonder the world economy refuses to improve. Uk and America suffering from her poor policies. Where Aganga?

seanet02:

No wonder the world economy refuses to improve. Uk and America suffering from her poor policies. Where Aganga?

There is non of your ngbatis anywhere in the world earning half that amount. You are so, so full of shyte

ZnO:

There is non of your ngbatis anywhere in the world earning half that amount. You are so, so full of shyte

I hope you know where Aganga works and how much he earns? Retract that statement before i tore you to pieces

seanet02:

I hope you know where Aganga works and how much he earns? Retract that statement before i tore you to pieces

Buhahah! Aganga is Edo. Stop claiming him. Even at that, can you show us Aganga's salary so we can see for ourselves?

Even Obi Ezekwesili another Igbo at the World Bank (as VP for Africa) will pay for your entire village for 50 years. Poor you.

When i have Otedola to cook her for lunch

seanet02:

When i have Otedola to cook her for lunch

Both Otedola and the Glo man are fronting for military northerners. Nothing for them.
Add to that, they are both heavily indebted to banks too.
Wait until those retired military men from hausa/fulani collect their investments back. Oloshi, broke a/ss malu.

lmao @ ZnO comparing Goldman Sachs salary to World Bank salary

ekt_bear:

lmao @ ZnO comparing Goldman Sachs salary to World Bank salary

The guy is orignial Odikwa risky.

@ZnO
Please do a google search. the base salary for a managing director at GS is over 200K. This is just pocket money when you add the bonus to it, the guy is in the 400-500K range.

I know, wish you had done finance? Well at least you get to hang out with lots of plants!!

Here is some help:

http://www.jobnob.com/goldman-sachs-co-salary

Eko wo ni eleyi ko wa?

ekt_bear:

lmao @ ZnO comparing Goldman Sachs salary to World Bank salary

Where in my post was such a comparison made? I know you are blind.
My point is that the guys is not Yoruba.
And, asking to see Aganga's salary happens to be comparison to you
How do I compare Aganga's salary that I have not seen to a WB salary that is mentioned here?
All these ijebu ijesha university students with half a brain.

ZnO:

Where in my post was such a comparison made? I know you are blind.
My point is that the guys is not Yoruba.
And, asking to see Aganga's salary happens to be comparison to you
How do I compare Aganga's salary that I have not seen to a WB salary that is mentioned here?
All these ijebu ijesha university students with half a brain.

You giving Ekt Bear too much credit. i think he went to Ogun State Polytechnic, Ibarra, Abeokuta.


This thread is going smoothly so far. Keep up the good work.

BTW, Ogunlesi makes more money than Iweala and 'shakashili' eze combined.

seanet02:

No wonder the world economy refuses to improve. Uk and America suffering from her poor policies. Where Aganga?

Impressive.

[size=18pt]ROFLMAO[/size]



Very nice!

Aunty Ngozi is too much!

Most of these men in government are not even worthy of holding her sandals.

Respect someone whose credentials surpasses your own.

She is Ivy League educated for a reason.

Zn0 with hydroponics economics. I dey laugh o. Can you now agree that Aganga is more valued than your isi ewu mother

ZnO:

Where in  my post was such a comparison made? I know you are blind.

ZnO:

Buhahah! Aganga is Edo. Stop claiming him. Even at that, can you show us Aganga's salary so we can see for ourselves?

This is not an attempt to compare the salary of a Goldman Sachs employee to a World Bank employee? Hehe, you sure love backpedaling, don't you.

BTW, in case it isn't clear to you. . . Aganga is not the only person earning massive salary at investment banks. There are a fair # of Yoruba folk doing this.

My point is that the guys is not Yoruba.

That was one of your points. The other was that no Yoruba are earning what she is. . . which is obviously a moronic thing to say. Nobody goes to the World Bank to get paid.

And, asking to see Aganga's salary happens to be comparison to you

Pray tell, what else is it? Backtracking, o thou hydroponics expert?

How do I compare Aganga's salary that I have not seen to a WB salary that is mentioned here?

Are your hands not functional? Can you not use google? Or better yet, ask people you know who work in the industry for what the pay scales look like? Our job isn't to feed you common knowledge.

All these ijebu ijesha university students with half a brain.

Hehe. Indeed, just as you did, I also went to a 3rd rate university in Nigeria. Not a 1st-rate one within the US

Even my grandfather from what I'm told got his teaching certificate from somewhere reasonably OK. And this was a man whose father was a stark illiterate. You may not even be on the same level credential-wise with my grandfather, talk less of me 

We are not mates, professor of crop production and hydroponics.

ekt_bear:


Hehe. Indeed, just as you did, I also went to a 3rd rate university in Nigeria. Not a 1st-rate one within the US

Even my grandfather from what I'm told got his teaching certificate from somewhere reasonably OK. And this was a man whose father was a stark illiterate. You may not even be on the same level credential-wise with my grandfather, talk less of me 

We are not mates, professor of crop production and hydroponics.

This is like Jon Stewart taking down the 'Faux' guys.

Impressive. Now, how is Ijebu Ijesha University?

I'd love to send my kids there.

Nobody goes to the World Bank to get paid.

Speaking of that, why cant she even take a pay cut? I personally would be thrilled to have the opportunity to serve Nigeria in any capacity with significant paycut ( na lie but lets say hypothetically ). Definitely not a selfless woman. Why do you have to pay someone in dollars- is she an expatriate??

As much as I respect her seems like the woman has oju kokoro sha. She is greedy sha  

And look at her pension fund?? Which kain pension be that

Whaddya want to do with all that money when you are old?? Not like she can go clubbing or pop a bottle of moet

iragbijile:

This is like Jon Stewart taking down the 'Faux' guys.

Impressive.  Now, how is Ijebu Ijesha University?

I'd love to send my kids there.

I thoroughly enjoyed my time there  I learned to speak Ijesha dialect fluently, double majored, and also went home on the weekends to tend my grandfather's farm  Best four seven years of my life!

SEFAGO:

Speaking of that, why cant she even take a pay cut? I personally would be thrilled to have the opportunity to serve Nigeria in any capacity with significant paycut ( na lie but lets say hypothetically ). Definitely not a selfless woman. Why do you have to pay someone in dollars- is she an expatriate??

As much as I respect her seems like the woman has oju kokoro sha. She is greedy sha  

Not sure I agree with this. I mean, how much do you want her to earn? Whatever it is will represent a fraction of her World Bank salary, which itself is a fraction of what she could likely get in the private sector. If you are suggesting say a salary of $100K, that means she is giving up like $1 million+ over a 4 year period to serve her country.

And who wants to serve Nigeria if it is that expensive to do so?  I sure wouldn't.

If she were worth like $50 million and thus most of her income were generated from her personal wealth rather than her salary, then sure, she might be willing to make that sacrifice. But for her, a substantial portion of her income comes from her salary rather than say returns shed off of investments.

If Iweala was a thief, she'll leave the world bank and come and steal like most ministers do. She is just an honest woman.

jumobi1:

If Iweala was a thief, she'll leave the world bank and come and steal like most ministers do. She is just an honest woman.

Correct!

It has been long this woman has been ''eating'' dollars.

She deserve it
Congrats to her