New Telegraph

Oniha: A reward for effective service at DMO

She manages one of the most controversial government parastatals in the country. Her office has been the centre of all eyes since the President Mohammadu Buhari administration began the massive borrowings for infrastructure and Nigeria’s economic fortunes began to dwindle.

 

Yet, Ms. Patience Oniha has remained focused on the job, managing what would have been a dangerous portfolio. Last week, Buhari rewarded her for what he called her achievements in the office. He renewed her tenure for another five years.

 

In a statement by Garba Shehu, the president’s special assistant on media, the presidency said the renewal was in accordance with Section IV (9-i) of the Debt Management Office (Establishment ETC) Act, 2003 and takes effect from July 1, 2022.

 

The statement added that her appointment for a second term was based on the significant achievements recorded by the DMO in the last five years, under her leadership.

Amongst the achievements listed are the introduction of Sukuk and Green Bonds to finance the development of infrastructure where there is a huge gap.

 

Under her watch, as part of the initiatives to improve the sustainability of the public debt and opening up avenues for raising long term funds for corporates, the DMO introduced long term Bonds with tenors of 30 years in the dome s t i c and international markets.

 

T h i s is aside from attracting diverse i n v e s – t o r s i n c l u d – ing retail i n v e s t o r s to the FGN Bond Market. Internally, Ms Oniha introduced reforms to strengthen the DMO, as a critical agency in the public finance ecosystem of the country. Oniha was first appointed the director general for the Debt Management Office, DMO in July 2017.

She replaced Abraham Nwankwo who retired from service. Until her appointment, Ms. Oniha served as the pioneer Head of the Efficiency Unit created by the then Minister of Finance, Kemi Adeosun, to help government cut costs of governance, moderate overhead expenditure and generate savings from the procurement processes. She came with an experience spanning over 22 years in the banking and financial sectors of the economy.

She began her banking career at Icon Merchant Bank Limited in 1986, rising through the ranks to become a Manager. She later joined First Securities Discount House Limited (now FSDH Merchant Bank Ltd.) as a pioneer staff in 1992, rising to the position of General Manager/Director before joining Ecobank Nigeria Limited in 2000.

 

Between 2004 and 2008, Ms. Oniha worked with Standard Chartered Bank Nigeria Limited as General Manager. During her stint in the banking sector, Ms. Oniha acquired enormous management skills in Credit, Marketing, Treasury and Investment Banking.

 

In 2008, she joined the public service as Director, Market Development Department of the DMO. Ms. Oniha holds a 1983 Bachelor of Science degree in Economics, First Class Honours, from the University of Benin and a Master of Science degree in Finance from the University of Lagos in 1985.

 

A member of the Institute of Chartered Accountants of Nigeria (1990) and a Fellow, 2008, Ms. Oniha is also an Associate Member of the Chartered Institute of Taxation of Nigeria.

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