Foreign companies and investors interested in doing business in Africa received more assurance that their investments and resources will be better protected when the immediate past Director General of Nigeria’s Debt Management Office (DMO) joined the firm of Menes Konsult Limited.  Dr. Abraham Nwankwo, who recently retired as the DMO’s Director General became the newest member of Menes Konsult’s Board of Advisors.  The Board is tasked with advising and working closely with the firm’s President to ensure that foreign companies and investors venturing into Africa are provided the best advice and services that will help make them profitable and successful in the continent.      

Nigeria’s Debt Management Office is responsible for coordinating the management of the country’s debt.  It was established as an autonomous agency by the National Assembly of the Federal Republic of Nigeria and its duties include: ensuring that the country engages in good debt management practices that make positive impact on economic growth and national development; prudently raising funds for the federal government; improving the nation’s borrowing capacity and its ability to manage debt efficiently; promoting a good image of Nigeria as a disciplined and organized nation, capable of managing its assets and liabilities; and achieving positive impact on the country’s overall macroeconomic management, including monetary and fiscal policies.

Attorney Jay Menes of Menes Konsult (left) and Dr. Abraham Nwankwo (right)

Dr Nwankwo was one of Nigeria’s longest serving public servants and was the DMO’s Director General for ten years.   Before being appointed as the DG of the Debt Management Office, he worked at the World Bank as Senior Advisor to the Executive Director. 

As the Director General of the DMO, Dr. Nwankwo’s significant achievements included conducting Debt Sustainability Analysis on every State in Nigeria to decide whether or not to approve each request for new borrowing. The analysis led to a drastic curtailment and mitigation of risk of over-borrowing by the States.  Dr. Nwankwo also shepherded the issuance of Nigeria’s first Euro Bond, first Diaspora Bond, first Sukkuk fund, and the first Federal Government of Nigeria Saving Bond (FGN Savings Bond). He also was part of the top team that worked with Nigeria’s Ministry of Environment to develop the framework for converting Nigeria’s debt into the Green Bonds market.

Before joining the Public Service, Dr. Nwankwo worked in Nigeria’s banking and finance sector where he held top management positions.  He also worked as an Economics lecturer at the University of Nigeria as well as an Economics journalist with the New Breed Organization.  He obtained all his University degrees from the University of Nigeria: B.Sc. Economics (1980) – where he won the Prize for the best Economics degree; M.Sc. Economics (1983); and PhD Economics (1985) – Winning the University Prize for outstanding PhD research. He was the first PhD graduate in Economics produced by the University of Nigeria, 25 years after the institution was established.

Dr. Nwankwo, who is also the Executive Chairman of Abraham Strategies Limited, is committed to the overall development of Africa through fostering of better business relations between Africa and foreign companies and investors.  His current work focuses on helping state and federal governments in Africa to ensure that they adhere to principles of good fiscal responsibility.  He is currently working with various governments to restructure and refinance their debts and also ensure that borrowed funds are used for infrastructural and social development that will uplift the lives of citizens.

It should be recalled that Menes Konsult was formed through collaborative efforts of African professionals in the United States who are committed to promoting development of African countries by facilitating funding and execution of viable projects.  The firm partners and collaborates with strategically positioned and financially connected American, European, and Asian companies that have the ability and resources to unlock and access funds needed for development projects in qualified African countries.  It prides itself in its ability and capacity to arrange and facilitate funds for execution of projects that are not only potentially profitable to investors but will also improve the lives of Africans.  As African professionals in the Diaspora, the founders of the firm effectively leverage their background, expertise, experience, and connections to ensure that all contracts/arrangements and operations are well-balanced and fair to both their foreign partners (EPC companies and project funders) and to Africa.  On the other hand, their foreign partners rely on them to effectively and successfully navigate the unique challenges of doing business in Africa so as to avoid real or perceived risks, including fraud, corruption, and other local issues, often associated with the continent.

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