AfDB Bows To US Pressure, Agrees To External Probe Of Adesina

The board of the African Development Bank (AfDB) has succumbed to the demand of the United States requesting for an independent investigation of its president Akinwumi Adesina.

The development is coming against the backdrop of Steven Mnuchin, US treasury secretary,  rejection of the investigation and report of the bank’s ethics board which exonerated Adesina of allegations of nepotism.

According to Bloomberg, the board agreed to an independent probe after several foreign governments backed Mnuchin’s castigation of a bank-led scrutiny into the allegations.

Denmark, Sweden, Norway and Finland were reported to be among the countries that wrote to the AfDB board backing Mnuchin.

Adesina may be required to step back from the position pending the conclusion of investigation, the newspaper also quotes its sources to have said.

In a May 22 letter and addressed to Niale Kaba, chairwoman of the bank’s board of governors, Mnuchin said the treasury disagrees with findings that “totally exonerated” Adesina.

 

Also read: COVID-19: AfDB Approves $2m Emergency Assistance For WHO

 

“We have deep reservations about the integrity of the committee’s process,” Mnuchin said.

“Considering the scope, seriousness, and detail of these allegations against the sole candidate for bank leadership over the next five years, we believe that further inquiry is necessary to ensure that the AfDB’s president has broad support, confidence, and a clear mandate from shareholders.”

Le Monde, a French newspaper, had reported that some employees of the bank submitted a petition against Adesina.

However, an email seen claimed that the petition was instigated by an elected staff member to “discredit” Adesina’s candidacy for re-election.

Adesina is the sole candidate in AfDB’s election that is scheduled to hold in August.

The Abidjan-based bank, in February 2020, debunked claims made by David Malpass, World Bank president, that some multilateral development banks, including the African Development Bank, had a tendency of lending too quickly and in the process, add to Africa’s debt problems.

The AfDB currently has an AAA rating from Moodys, Fitch and S&P Global Ratings.