Business Maverick

Business Maverick

African Development Bank Says President Not Asked to Step Down

epa04762377 A general view of the headquarters of the African Development Bank offices in Abidjan, Ivory Coast, 22 May 2015. The launch of the joint annual report on Africa's economic performance produced by the African Development Bank, the OECD Development Centre and the UN Development Programme is to take place in Abidjan, Ivory Coast on 25 May 2015. EPA/LEGNAN KOULA

The African Development Bank’s top governing body says President Akinwumi Adesina hasn’t been asked to step down from his position while it continues to review the fallout of a whistleblower complaint.

The African Development Bank’s top governing body, the Bureau of the board of governors has said it ” informs the public that it has not taken any decision,” its chair, Niale Kaba, said in a statement. “Everyone must allow the Bureau to do its work and allow due process to reign. All governors will be carried along in resolving the issue.”A group of governors agreed on May 26 on an independent probe of the lender’s president, after the U.S. rejected an internal investigation that cleared him of allegations of favoritism, Bloomberg reported Tuesday, according to two people familiar with the deliberations on the matter.

Adesina, who has repeatedly denied wrongdoing, may have to step back from the role until the probe is complete, they said at the time. Adesina, 60, said in a statement Wednesday that “fair, transparent and just processes” would vindicate him, without denying or confirming a new probe.

Denmark, Sweden, Norway and Finland are among countries that wrote to the AfDB to back U. S. Treasury Secretary Steven Mnuchin’s demands for professional outsiders to look into the allegations, the people said. A representative for the Nordic countries declined to comment. The U.S. is the AfDB’s biggest shareholder after Adesina’s home country of Nigeria.

Read more: Demands Independent Probe of African Bank President

“I must emphasize that there is no governance or constitutional crisis at the African Development Bank Group,” Kaba said in the letter which confirms the May 26 meeting and the reception of shareholder letters “expressing various views.”

A town-hall meeting with Adesina meant to take place Friday was canceled Thursday, according to employees of the bank.

In March, the lender issued a $3 billion social bond to help African countries deal with the fallout from the coronavirus pandemic. The bank also launched a $10 billion crisis-response facility for African nations.


Please peer review 3 community comments before your comment can be posted


This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.

Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.