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AfDB bows to pressure from U.S, orders an independent probe of Akinwumi Adesina

Chike Olisah by Chike Olisah
May 27, 2020
in Business News, Politics, Spotlight
e-Learning Platform, Africa Development Bank. AfDB develops Index to aid women empowerment , African Development Bank awards $1.1 million to boost food production in Africa , AFDB increases capital to $208 billion in bid to secure Africa’s future , African Investment Forum: AfDB eye $67 billion deals , ECOWAS backs Adewunmi Adesina’s re-election as AfDB election nears , AfDB bows to pressure from U.S., orders an independent probe of Akinwumi Adesina, Fitch rating agency affirms AfDB's AAA rating with stable outlook, Digital Nigeria e-Learning Platform registers 16,000 users in 24 hours - African Development Bank

Akinwunmi Adesina, President, Africa Development Bank (AfDB)

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The African Development Bank (AfDB) has succumbed to pressure from the United States Government by ordering a new and independent probe of the bank’s president, Akinwumi Adesina.

The board of African Development Bank (AfDB) decided to go for an independent probe after the U.S. Treasury Secretary, Steven Mnuchin, openly rejected the decision of the bank’s ethics committee to clear Adesina of all the allegations brought against him by some whistleblowers.

According to a monitored report from Bloomberg, inside sources who want to remain anonymous said that the AfDB, which is Africa’s largest multilateral development financial institution, gave in to the request of the U.S Government, by ordering an independent investigation into the activities of Adesina. Note that many other foreign governments such as Denmark, Sweden, Norway, and Finland supported the U.S treasury’s stand on the matter.

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The U.S Government, in its letter AfDB’s board of directors, appeared convinced that the ethics committee of the bank did not do a proper preliminary investigation in line with standard practices in the other international multilateral financial institutions and the bank’s own rules and procedures.

(READ MORE: World Bank’s statement on Africa’s debt status is inaccurate, misleading, AfDB replies)

He also raised concerns that the wholesale dismissal of all the allegations without appropriate investigation might tarnish the reputation of the financial institution, presenting it as one that does not uphold high standards of ethics and governance.

AfDB bows to pressure from U.S., orders an independent probe of Akinwumi Adesina
U.S. Treasury Secretary, Steven Mnuchin

This view of the United States Government, who is the second-largest shareholder after Nigeria, corroborates the earlier views of the whistleblowers, who claimed that several top officials of the bank including Adesina, worked towards sabotaging the activities of the ethics committee after initially sitting on the allegations for 6 weeks.

The independent probe is coming barely 3 months to the bank’s annual general meeting, where Adesina is expected to be ratified for a second term, having been the sole Presidential candidate.

READ ALSO: COVID-19: AfDB unveils $10 billion facility for Nigeria, others

Prior to the AfDB’s decision to order a fresh probe,  S & P analyst, Alexander Ekbom, was quoted to have said that “If there are questions from major shareholders on the appropriateness of an internal process, clearly it’s not harmful if that is put into a different light and looked at from the outside world with fresh eyes.”

It can be recalled that part of the accusations of the whistleblowers against Adesina include claims of giving contracts to acquaintances, appointing relatives and friends to strategic positions, and giving preferential treatment to Nigeria.

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Tags: AfDBAkinwumi AdesinaBusiness NewsNigeria NewsSteven MnuchinUS Federal Reserve

Comments 1

  1. Usman Nanjing says:
    May 30, 2020 at 5:05 pm

    This people doesn’t want to see Africa moving forward, all they are interested in is to hold the financial free of Africa Nations and control them. Financial slavery is equal to slave slavery. Up my president, up Africa Development Bank. Is time to be who we are not slave to other nations.

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