World Bank President, Jim Yong Kim, who announced
his resignation from the international bank, has revealed that he would go into
private business practice with Nigerian-born businessman, Bayo Ogunlesi.
Financial Times had reported that Kim would join
Ogunesi’s Global Infrastructure Partners (GIP), a New York-based private equity
fund, in a position where he would be barred from doing business with the World
Bank.
It was reported that Kim’s departure for GIP took
shape around the time of the G20 summit in Buenos Aires, Argentina, six weeks
ago, when conversations about the new position came up.
Kim started telling some World Bank senior staff,
including Sandie Okoro, the general counsel, that he intended to leave for GIP
last week, and then informed top executives of the bank at the weekend.
GIP is among a group of private investment funds
that have emerged as leading financiers of renewable power generation assets
replacing coal and gas plants.
GIP led a consortium of investors that bought
London’s Gatwick airport for £1.5billion in 2009.
Kim announced his resignation from the World Bank
last Monday after more than six years in which the institution’s shareholders
provided strong support for multiple initiatives to ensure that the bank group
retained strong leadership in global development.
His resignation will take effect from February 1,
2019.
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