African Development Bank Succumbs, As AfDB Orders Independent Probe Of Adesina

The African Development Bank (AfDB) has bowed to pressure from the United States Government by filing for an independent probe of the apex bank’s president, Akinwumi Adesina.

Brandnewesday gathered that the board of African Development Bank succumbed to the call by the U.S Government. Ordering for a new and an independent probe by the AfDB board. Following the U.S. Treasury Secretary, Steven Mnuchin’s rejection of the outcome of the former investigation made by the African apex bank’s ethics committee clearing Adesina of all the allegations levelled against him by some ‘whistleblowers.’

Recall that a ‘Group of Concerned Staff Members,’ at the AfDB were said to have hurriedly thrown the request of Adesina’s probe. Demanding an investigation into his governance, human resources, deals and management.

African Development Bank Akinwumin Adesina’s Crime

The AfDB President was accused of ’Nigerianisation’ of the bank, specifically handing contracts to an acquaintance and appointing relatives to strategic positions. Also, Adesina was alleged of easily granting lines of credit to Nigerian companies.

However, the allegation was debunked by facts on the bank’s website, which revealed that Senegal, Cameroon, Tanzania, Rwanda, Namibia and others are key beneficiaries of about 75 projects worth $64.5billion.

According to a monitored report from Bloomberg, inside sources who sought for anonymity disclosed that the AfDB, gave in to the request of the U.S Government, by ordering an independent investigation into the activities of Adesina. Noting that many other foreign governments such as Denmark, Sweden, Norway, and Finland supported the U.S treasury’s stand on the matter.

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

The U.S. Treasury Secretary, who joined the African Development Bank in September 2017 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.

READ: Uncovering The Atrocious Plot To Tarnish Mr Adesina’s Legacy At African’s Development Bank

Meanwhile, the United States Government is the second-largest shareholder after Nigeria. The US aligned with the allegation raised by the whistleblowers, who claimed that several top officials of the bank including Adesina, worked towards sabotaging the activities of the ethics committee despite the outcome of the initial finding on the allegations for 6 weeks.

Nigeria’s former agriculture minister, Adesina who currently stood unopposed to be reelected for the second term in the coming election. The bank’s annual general meeting scheduled to hold later in August.