Under-fire bank boss investigated

– The African Development Bank (AfDB) on Thursday launched an independent inquiry into allegations of embezzlement and preferential treatment against its embattled president, Akinwumi Adesina, who is seeking re-election in August, its board of governors said.

The investigation into Adesina, a former Nigerian minister of agriculture, follows calls for a probe by Washington, and must wrap up within a “maximum” of four weeks as the institution prepares to elect a new head, the board said in a statement.

In April, whistleblowers submitted a 15-page report to the bank’s governors detailing alleged embezzlement, preferential treatment for fellow Nigerians in senior appointments, and the promotion of people suspected or convicted of fraud and corruption.

Adesina – who was recently exonerated by an internal inquiry – is the first Nigerian to be in charge of the 56-year-old development bank, one of the world’s five major multilateral development banks.

Nigeria, whose stake makes it the bank’s biggest shareholder, has made little secret of its support for Adesina.

On Tuesday, Nigerian President Muhammadu Buhari told Adesina that the country “will stand solidly behind” him in his bid to remain at the helm of the bank.

The bank chief repeated to Buhari his insistence the allegations against him were trumped up and that the US call for a new probe was against the bank’s rules.

In October 2019, the AfDB raised $115 billion (R1.9 trillion) in fresh capital – an operation deemed a personal success for Adesina.

It is the only African institution which has a Triple-A rating by credit rating agencies.

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Abidjan

The country will stand solidly behind you in your bid to remain at the held of the African Development Bank.

Muhammadu Buhari President of Nigeria