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Business News

U.S.A calls for an independent probe of AfDB president, Akinwumi Adesina

There were allegations of a certain number of appointments and departures deemed questionable and several contracts approved under Adesina’s leadership which were in violation of the bank’s statutory and ethical rules.

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AfDB partners DFID to unveil $80m infrastructure financing for Africa, ADB launches $3 billion “Fight COVID-19” Social Bond, US calls for an independent probe of AfDB president, Akinwumi Adesina, AfDB board denies asking Adesina to step down as Obasanjo says the bank risks being hijacked

This appears not to be the best of times for Akinwumi Adesina, the President of Africa Development Bank (AfDB), who is in the process of canvassing votes for a second term. This is because the United States Government is pushing for more investigation into his activities.

The U.S Treasury Secretary, Steven Mnuchin, has called for an independent probe into allegations by a group of whistleblowers against the AfDB President, thereby rejecting plans by the bank’s board to stop the investigation on the issue.

According to a monitored report from Bloomberg, a letter which was dated May 22 and addressed to the Chairperson of the AfDB board of directors, Niale Kaba, stated that the US Treasury Department disagreed with the findings by the bank’s ethics committee that cleared Adesina of any wrongdoing.

According to the US treasury secretary, “We have deep reservations about the integrity of the committee’s process. Instead we urge you to initiate an in-depth investigation of the allegations using the services of an independent outside investigator of high professional standing.”

It can be recalled that a group of anonymous staff had accused Adesina of multiple cases of abuse and breaches of the bank’s code of ethics. The allegations include various cases of alleged breaches of the code of conduct, unethical conduct, private gain, an impediment to efficiency, preferential treatment, and involvement in political activity, all affecting confidence in the integrity of the bank.

(READ MORE:AfDB, Asian Bank, others worsen poor nations’ debt problem – World Bank)

There were allegations of a certain number of appointments and departures deemed questionable and several contracts approved under Adesina’s leadership which were in violation of the bank’s statutory and ethical rules.

Although Adesina insisted on his innocence, having been cleared by the bank’s Ethics Committee of all charges brought against him, the whistleblowers expressed serious doubts about the ability of the African Development Bank to conduct an independent investigation. Therefore, they said they did not have enough confidence in the Ethics committee handling the case dispassionately.

The criticism by the United State Government, who is the biggest non-African shareholder, follows questions about the bank’s internal processes and comments by World Bank President, David Malpass in February that multilateral lenders including the AfDB tend to lend money too quickly, and in the process add to the debt problems in Africa. Adesina had refuted this claim, describing it as not fact based.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

13 Comments

13 Comments

  1. Nwaizu Ikechukwu

    May 25, 2020 at 10:46 am

    There is always a problem of finesse and integrity with mostly African Managers. I hope he has not compromised his principality tenure.

    • Bisi

      May 27, 2020 at 7:41 pm

      US of America….. They don’t want him for second tenure ….. He didn’t play their Ball … They want a man who will dance to their tune

  2. Ade

    May 25, 2020 at 2:23 pm

    If Adesina did not kowtow and bend and shiver before the self acclaimed world leader he will definitely be in trouble. I hope for his sake he is above board ! To stand up for what is best for Africa as he has been doing and not run into trouble against neocolonial interest he has to be!;

    • Solomon

      May 26, 2020 at 4:33 am

      What is your point? Is it making Africa’s development his main focus or listening to what Mnuchin and the corrupt elements in Donald Trump administration are saying. He has a choice to make

    • Martins

      May 26, 2020 at 7:19 am

      It has become the new normal that Africans are accused of corruption when the case is purely political.

      If he had been indicted by the ethics committee, that would have been the summary end of his career. But he was vindicated.

      What is the point of due process and justice if he is still presumed culpable regardless of that verdict?

      It’s sad that Nairametrics will use it’s platform to spread these flimsy allegations without an attempt to get direct comments from AfDB .

    • Anonymous

      May 26, 2020 at 7:57 am

      Ade, you are on point.

  3. WALE OLADEJI

    May 26, 2020 at 4:50 am

    Advanced slavery by western world. God deliver Africa from the enemies that want to keep the continent underdeveloped. Africa is fortunate to have the likes of Adesina! He is not a butt-kissing leader.

  4. Oluwole Akitunde

    May 26, 2020 at 7:17 am

    One hopes the allegations are eventually found to be untrue because he is held in high esteem.

    • Ike Nicholas

      May 26, 2020 at 3:01 pm

      Bro, nothing here . The thing is like he has made loans that will accelerate development some people want Africa to be underdeveloped so it will used to make money and her never have clout in the world

  5. Gbenga L

    May 26, 2020 at 7:37 am

    Anyone who is working for the benefit of his or her country is always regarded as a corrupted person by the west, especially the united states of America USA. If he wasn’t promoting inter trade amongst African countries and search, buy African products first, USA will not have an thing against him, not to mention investigating him. We (Africans with the love of Africa at heart )should investigate him themselves and give Akinwumi Adesina, should be given ample opportunities to defined himself from those interested in the enslavement of Africa.

  6. Ola Samuelson

    May 26, 2020 at 7:45 am

    The interest of the west is always anathema to the general good of African countries. The US is not really interested in the development of Africa but always looking for an ally who will do their bidding not minding damage it does to the Africans.The time is now when africa needs to be master of herself.

  7. Ese E. Ekama

    May 26, 2020 at 3:12 pm

    This is a ploy by western world to bring Africa down. What a pity.

  8. Chris

    May 26, 2020 at 4:56 pm

    Nigerians know how to make a news were there is no news. Let’s learn to write good of what is happening around us and not look for light things and blow them up as wrongs. The writer of this news , Chile Olisa should engage in more meaningful news.

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Corporate Press Releases

DISCLAIMER: Ex-Cavendish MD distances self from alleged statement on OML 110

Alhaji Ibrahim Mai Deribe, a former MD of Cavendish Petroleum Limited, has dissociated himself from an alleged statement on OML 110.

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PUBLIC DISCLAIMER

My attention has been drawn to a statement with respect to OML110 and published online. This libelous statement purportedly originated from Cavendish Petroleum Limited and was allegedly authored by me whilst also falsely claiming that I, Alhaji Ibrahim Mai Deribe signed in the capacity of Managing Director.

I, Alhaji Ibrahim Mai Deribe, wish to state the following:

  • i. I have not authored any such statement in any capacity – personal or otherwise. I have also not caused another to write on my behalf neither have I had any just or probable cause to author such false, misleading and malicious statements with respect to the revoked OML110.
  • ii. I had also ceased to be the Managing Director of Cavendish Petroleum for a long time so to attribute a statement from me in that capacity or otherwise should be seen for what it is – a disdainful, calculated attempt by unscrupulous agents to mislead, malign and impugn on my integrity and that of others so mentioned for whatever sinister reasons.
  • iii. I completely dissociate myself from the false statement attributed to me and subsequent malicious report published on some faceless online sites without any proof to back it up whatsoever. The statement is highly libelous in its entirety.
  • iv. As far as I am aware, these malicious statements and report are not reflective of my opinion, thoughts or the true state of things based on the facts available.
  • v. Further, to the best of my knowledge, neither Cavendish Petroleum or anyone associated with the company has authorized or caused the publication of the said false statements.

I therefore wish to inform the public and other stakeholders that the purported statement is malicious against the persons mentioned, false, misleading and did not originate from me in any capacity. I fully dissociate myself from the purported, false and malicious report and urge the unsuspecting public and all stakeholders to disregard the statement in its entirety as I will not hesitate to pursue all legal means to prevent and protect my name and reputation from any further misuse and/or misrepresentation – in any capacity.

 

SIGNED:

_____________________________

Alhaji Ibrahim Mai Deribe

Former Managing Director, Cavendish Petroleum

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Financial Services

Growing performances demands have necessitated Bank’s Balance Sheet Management practices – CWG Plc

Balance Sheet Management practices Is needed to embrace advanced platforms and technologies.

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CWG Plc

CWG Plc has stated that the growing demand by banks to improve performances, increase transparency and comply with complex regulations has necessitated Balance Sheet Management practices to embrace advanced platforms and technologies.

The platforms are expected to provide greater data navigation and analytic capabilities to manage Risk, Returns & Capital.

This was disclosed by Business Director, FSI, Abayomi Olomu, in a statement issued by CWG Plc ahead of its Balance Sheet of the Future: Risk-Data-Analytics Conference on Wednesday.

READ: How the CBN sourced the $25 billion (N10 trillion) it lent the FG

According to him, the conference, which is organised in partnership with Surya software, a global Financial Control & Risk Management solution provider, will host key players in the Banking and Financial Services industry.

He said, “There is need to explore the role of Balance Sheet Management and Asset Liability Management in future considering the volatile and dynamic markets and how technology can be leveraged to manage these areas.  

”Banks have increased demands to improve performance, increase transparency and comply with newer and complex regulations. 

“These growing demands have necessitated Bank’s Balance Sheet Management practices to embrace advanced platforms and technologies that provide greater data navigation and analytic capabilities to manage its Risk, Returns & Capital.” 

READ: What banks can do to improve Real Sector Lending in 2021

He added that the ‘Balance Sheet of the Future’ conference amplifies CWG and Surya software’s commitment to deploy versatile solutions and technology platforms within the Nigerian and Ghanaian Financial Services market.

What you should know

The keynote address of the event will be delivered by Her Excellency, Zainab S. Ahmed, Honourable Minister of Finance, Budget & National Planning. There will be a guest address from Mr Pravat Dash, Senior VP – Head of Market Risk, Axis Bank which is one of the top private sector banks in India.

Some of the thought leaders from the Nigerian Banking and Financial Industry will also participate in the conference to discuss and share their views on the subject matter.

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