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AfDB Bows to Pressure, Orders New Probe of Adesina

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  • AfDB Bows to Pressure, Orders New Probe of Adesina

Following the refusal of the United States to accept the just concluded investigation into the activities of the President of African Development Bank, the AfDB board led by Takuji Yano, the ethics committee, has ordered a fresh probe into the activities of Akinwumi Adesina at AfDB.

The ethics committee had cleared Adesina of any wrongdoing and described the allegations against him as ‘spurious and unfounded.’

However, the United States through Steven Mnuchin, the Secretary, Department of Treasure, rejected the committee’s report and requested an independent probe of the president.

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.

“We emphasise that undertaking an independent evaluation of facts, at any stage, is not at odds with a presumption of innocence.”

Africa’s largest multilateral lender has finally agreed to a fresh probe into the activities of one of Africa’s finest leaders in recent years.

A group of aggrieved staff called the concerned staff of the bank had accused Adesina of trying to Nigerianise the AfDB ahead of the Abidjan-based bank’s annual meeting, at which Adesina is the sole candidate to extend his five-year term.

“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,” S&P analyst Alexander Ekbom said before the decision of the probe was taken. “We don’t necessarily require such or we don’t advocate for such.”

The people familiar with the situation said Denmark, Sweden, Norway and Finland are among the shareholders that backed Mnuchin’s position and demands for professional outsiders to look into the allegations levied against the President.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.