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Tuesday, May 26, 2020

AfDB president Akinwumi Adesina Under Investigation By U.S Treasury For Nepotism

U.S. Treasury Secretary Steven Mnuchin rejected plans by the African Development Bank’s board to end an investigation into its president, Akinwumi Adesina, and called for an independent probe into allegations against him.
In a letter dated May 22 and addressed to Niale Kaba, chairwoman of the bank’s board of governors, Mnuchin said the Treasury disagrees with findings by the bank’s ethics committee that “totally exonerated” Adesina. Kaba confirmed receipt of the document and declined further comment.
The intervention by the Treasury, the AfDB’s biggest non-African shareholder, comes two weeks after the ethics committee found no evidence to support allegations of favoritism by Adesina.
The 60-year-old bank chief, who has repeatedly refuted the allegations, is the only candidate up for election as president at an annual general meeting scheduled for August.
“We have deep reservations about the integrity of the committee’s process,” Mnuchin said. “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.”
The U.S. Treasury didn’t immediately respond to an emailed request for comment.
Clear Mandate
Adesina was accused by a group of unidentified whistleblowers of handing contracts to acquaintances and appointing relatives to strategic positions at the Abidjan-based lender.
“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,” Mnuchin said.
U.S. criticism of the bank’s internal processes follows comments by World Bank President David Malpass in February that multilateral lenders including the AfDB tend to provide loans too quickly and, in the process, add to African nations’ debt problems. The bank rebutted the statements as “inaccurate and not fact-based.”
The AfDB is Africa’s biggest multilateral lender and has an AAA rating from Fitch Ratings, Moody’s Investors Service and S&P Global Ratings. Its shareholders are Africa’s 54 nations and 27 countries in the Americas, Europe, Middle East and Asia.
In March, the lender issued a $3 billion social bond to help African countries deal with the fallout from the coronavirus pandemic. Bids for the securities on the London money market exceeded $4.6 billion. The bank also launched a $10 billion crisis-response facility for African nations.
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FACEBOOK COMMENTS

Nwabueze Emeka Daniel

NIGERIA the shithole

Stoic Promise

This is just one out of many.they change public enterprise to Family Business.

Vinkano Vincent

Nigerians and nepotism! I won't even disagree with d whistle-blowers
1

Muhammed Ishaka

Every Nigeria has the tendencies of wanting to do good to his kinsmen once he is in position. That is just our way of life. All the fools calling Nigeria a shithole should point a country which is not a shithole
Edited1

Dan Comodore

Nepotism is killing us here most

Igwe Kenn-Chibuzo Oziereonye

Nepotism? He is a Nigerian and Buhari is still his president

Michael Chukwuebuka Victor

No no no...let them start with the pmb...the great grand father of nepotism
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