Arunma Oteh has spent four decades at the highest levels of global finance, governance, and international development. A respected leader in capital markets, she has held major roles including Treasurer of the World Bank and Director General of Nigeria’s Securities and Exchange Commission, where she led sweeping reforms during a time of national crisis.
Today, Arunma is an academic at the University of Oxford, where her work sits at the intersection of innovation, sustainability, capital markets, and socioeconomic development. Her new book, All Hands on Deck, draws from personal experience to offer a compelling case for how courageous leadership and capital markets can drive national transformation.
In this interview, Arunma reflects on her 40-year leadership journey — from steering institutions through turbulent times to championing what she calls the “4Cs of leadership”: Character, Compassion, Competence, and Courage.
Q. What are some of the key systemic barriers women in leadership continue to face — particularly in male-dominated sectors like finance and governance?
Women in leadership positions face a distinct set of barriers and challenges, many of which are deeply entrenched in institutional culture, structural bias, or societal norms. These include the issue of underrepresentation and tokenism, gender bias and stereotyping, exclusion from informal networks, unequal access to mentorship and sponsorship opportunities, disproportionate work-life balance pressures, or the much-discussed topic of pay and promotion gaps. We see many cases where women leaders often face harsher judgment for professional missteps, with their mistakes more likely to be remembered or attributed to incompetence.
Another form of unique challenge is what researchers have termed “Glass Cliff Appointments”, a phenomenon where women are appointed to leadership roles during crises, or they are set up to lead in high-risk situations, with limited support – only to be blamed if things go wrong.
Q. What was it like to lead as a woman from Africa in global finance — and how did your background shape your leadership?
It is really hard to overestimate the underestimation that follows women leaders in boardrooms in New York and London or in parliamentary committee offices in Abuja. Leading as a woman from Africa in global finance often means navigating such environments that are male-dominated, but I believe my entire life and upbringing was the sort of unique preparation I needed to face those situations, whether those who were skeptical of the very legitimacy of my presence in the room, or at times outrightly challenging my authority.
Growing up in Nigeria, I was no stranger to adversity, and I was fortunate to have had the kind of parents who brought me up with values – some of which I discuss in my book, All Hands on Deck – which have enabled me to succeed at various stages of my life and career.
I came of age during a time of political instability, economic uncertainty, and the aftermath of a devastating civil war in Nigeria. I was however raised in a stable household that instilled discipline, courage, resilience, and a deep belief in the power of education. My parents – both dedicated public servants – instilled in me the belief that integrity is non-negotiable, and that courage must always be grounded in competence. They raised my sisters and I to believe, without question, that we could achieve anything we set our minds to, as long as we were willing to work hard – and that being girls was never a limitation to our personal or professional ambitions. I also learnt that excellence in all aspects of your work and life is the most potent weapon against discrimination.
Q. You’ve said the challenges you faced became the crucible that shaped your leadership. What strengths do women — particularly from the Global South — bring to finance and development today?
That confidence propelled me to study computer science in the early 1980s, a field few girls pursued at the time, and later to become the first Nigerian woman admitted to the Harvard MBA program – paving the way for the successful career I have had. The barriers I faced along the way were real, but they were not insurmountable. In fact, often they became the crucible in which my leadership was forged and nurtured.
I believe women in finance – especially those from the Global South – bring a richness of perspective, a moral clarity, and a grit that the world needs more than ever. It is why I continue to advocate for inclusive financial systems and to support young women leaders on their own journey to the commanding heights of finance.
Q. Mentorship seems to be a big focus for you now. What drives your commitment to mentoring the next generation?
In my current role at the University of Oxford, I dedicate a significant portion of my time to mentoring young people. Whether they come from Abuja, Cape Town, Delhi, Dubai, London, New York, Singapore or Zanzibar, many of these young people – particularly women – are definitely future leaders that carry dreams that can reshape their societies and our collective future. I know what it means to be underestimated, and I am committed to ensuring the current and next generations of women have the tools, confidence, and networks to proudly thrive.
Q. Your book All Hands on Deck calls for courageous leadership. Can you tell us more about the “4Cs of leadership” you write about?
At the heart of my approach are what I call the Four Cs of leadership: Character, Compassion, Competence, and Courage. These principles are not abstract ideals; they have been the guiding compass throughout my career, especially in the face of daunting financial reform efforts.
The book is a good resource for understanding what capital markets are and how they catalyze transformation. But at its core this is a book on leadership – the sort of leadership needed to build world class capital markets. I therefore dedicated a section of the book to describing the practical application of my leadership philosophy. Specifically, it took personal conviction and leadership to rally my team, and the entire market to stay the course – guided by Character, the commitment to doing what is right; by Compassion, the sense of duty to the everyday Nigerians whose savings had been lost in many cases to financial malpractice; by Competence, which gave me the technical grounding to defend our reforms; and most crucially, by Courage, the willingness to act despite fear from threats emanating from some powerful interests.
Q. You’ve worked at the highest levels of global finance and governance. How can today’s leaders — especially in emerging economies — balance sustainability, investment, and long-term economic resilience?
The key lies in aligning incentives with impact. Decision-makers in emerging economies should not prioritise short-term gains at the expense of long-term wellbeing, and must address difficult issues like social exclusion, environmental degradation, and institutional fragility. To build truly resilient economies, leaders need to embed sustainability and inclusive growth at the heart of policymaking. Sustainability is not a cost – it should be seen as an insurance policy for future prosperity.
Of course, no sustainable growth can occur without macroeconomic stability. Stable inflation, predictable exchange rates, and prudent fiscal management are essential for attracting long-term capital and shielding economies from shocks. During the 2008 global financial crisis, no economy was immune to volatility – but recovery only began once macroeconomic stability was re-established. Countries with deeper, more liquid capital markets recovered faster than those with less developed ones.
That’s why leaders should work to build robust local capital markets that can mobilise domestic savings for long-term investment in infrastructure, housing, education, and green technologies. Capital markets are a key reason sustainable finance is no longer niche – even in emerging economies. Morocco, for example, has issued green bonds to fund solar mega-projects like the Noor Ouarzazate complex, while Chile’s sovereign sustainability-linked bonds, tied to emissions targets, are a model for linking investment to accountability. Their first US$2 billion issuance in March 2022 was more than four times oversubscribed.
Resilience, however, isn’t just about infrastructure or finance – it’s about people. With Africa’s youth population set to double by 2050, urgent investment in education, healthcare, and skills is critical. It’s encouraging to see countries like Rwanda prioritising digital literacy and vocational training, while fintech ecosystems in Kenya, Nigeria, and Egypt show that innovation can thrive in low-resource settings.
Ultimately, governance is the glue that binds sustainability, investment, and resilience. Balancing them is not a trade-off – it is a triad. Leaders must see sustainability as a framework for smart, inclusive, future-proof growth. Domestic capital markets should be seen not as luxuries, but as lifelines. And above all, they must remember that economic policy is ultimately about people – their dignity, their wellbeing, and their hope.
