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

The board of African Development Bank (AfDB) has succumbed to pressure from the United States Government by 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 Akinwumi Adesina of all the allegations.

However, other foreign governments such as Denmark, Sweden, Norway, and Finland has support the U.S treasury’s stand on the matter, demands for professional outsiders to look into the allegations

Recalled the whistleblowers accused Adesina of giving contracts to acquaintances, appointing relatives and friends to strategic positions, and giving preferential treatment to Nigeria.

The U.S. Treasury Secretary believe 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.

Steven Mnuchin 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.

The investigation comes three months before the Abidjan-based bank’s annual meeting, at which Adesina is the sole candidate to extend his five-year term.

Shareholders of the AfDB include 54 nations on the continent and 27 countries in the Americas, Europe, Middle East and Asia. It has an AAA rating from Fitch Ratings, Moody’s Investors Service and S&P Global Ratings.

Adesina, who has repeatedly denied wrongdoing, may have to step back from the role until the probe is completed

United States Government is the second-largest shareholder after Nigeria.

Below are list of Regional member countries

Algeria,Egypt,Libya,Mauritania,Morocco,Tunisia,Benin,Burkina Faso,Cabo Verde,Côted’Ivoire,Gambia.

Others:Ghana,Guinea,GuineaBissau,Liberia,Mali,Niger,Nigeria,Senegal,Sierra,

Leone,Togo,Burundi,Comoros,Djibouti,Eri,rea,Ethiopia,Kenya,Rwanda,Seychelles,Somalia,Sudan,South Sudan,Tanzania,Uganda,Cameroon,Central African Republic,

Chad,Congo,Democratic Republic of Congo,EquatorialGuinea,Gabon,

Angola,Botswana,Lesotho,Madagascar,Malawi,Mauritius,Mozambique,Namibia,SãoTomé and Príncipe,SouthAfrica,eSwatini,Zambia,Zimbabwe

Non-regional member countries

Argentina
Austria
Belgium
Brazil
Canada
China
Denmark
Finland
France
Germany
India
Italy
Japan
Korea
Kuwait
Luxembourg
Netherlands
Norway
Portugal
Saudi Arabia
Spain
Sweden
Switzerland
Turkey
United Kingdom
United States of America
United Arab Emirates (ADF only)

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