African Development Bank president Akinwumi Adesina. PHOTO | FILE | NATION MEDIA GROUP
African Development Bank president Dr Akinwumi Adesina's hopes
of securing a second term hang in the balance after the United States
government demanded an independent probe into his conduct.
Although
Dr Adesina seemed certain to secure another five-year term at the helm
of Africa's foremost development finance institution after receiving
endorsement from African heads of state, the decision by the US Treasury
is a major road-block.
The US
Treasury Secretary Steven Mnuchin in a letter addressed to the bank’s
board chairwoman Niale Kaba, has rejected the findings of an internal
investigation that exonerated Dr Adesina against accusations of multiple
abuses and breaches of the bank's code of ethics.
In the letter dated May 22, seen by news agency Bloomberg,
Mr Mnuchin said the US Treasury disagrees with findings of the bank’s
ethics committee that “totally exonerated” Dr Adesina against
accusations of breaching the bank’s code of con-duct, unethical conduct,
private gain, impediment to efficiency, preferential treatment,
adversely affecting confidence in the integrity of the bank and
involvement in political activity.
The
US is AfDB’s second largest shareholder after Nigeria with a 6.5 per
cent stake, giving it significant voting powers. Nigeria is the biggest
shareholder with 9.2 per cent and has been at the forefront of pushing
for Dr Adesina’s reelection with endorsements from among others South
Africa that controls a 4.8 per cent stake.
“Considering
the scope and seriousness of these allegations against the sole
candidate for bank leadership over the next five years, we believe that
further inquiry is necessary to ensure the AfDB's president has broad
support, confidence and clear mandate from shareholders,” said Mr
Mnuchin.
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