₦airaland Forum

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.
https://www.bnnbloomberg.ca/u-s-treasury-urges-independent-investigation-into-afdb-head-1.1440584

Mnuchin has his info right on this one.

Akinwunmi should relax on this one he has lost it.

Time for a competent and stainless head.

Ezennwa:
hmm!


When you have no skeleton in your cupboard, you have nothing to fear.

The USA is the biggest non-African shareholder to Afdb. You can't easily sweep an allegation under the carpet and expect USA to accept it.

Ok

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


NEPOTISM IS IN THE BLOOD OF NIGERIANS

LIKE GMB, LIKE ADESINA

Scary

RuudVanNisteroy:
The USA is the biggest non-African shareholder to Afdb. You can't easily sweep an allegation under the carpet and expect USA to accept it.

You're not asking the right questions.

For one the US doesn't care for the most part about African (or foreign) interest unless they want to seize control or put their man in place.

Why is this so important to Munchin? Mind you Munchin is a man who doesn't care about middle class or poor here in the US..... talk much Africans.

fallout87:
You're not asking the right questions.

For one the US doesn't care for the most part about African (or foreign) interest unless they want to seize control or put their man in place.

Why is this so important to Munchin? Mind you Munchin is a man who doesn't care about middle class or poor here in the US..... talk much Africans.

There will always be international politics that will come into play. When the independent outside investigator conclude and present their finding, we will see if Afdb head, Akinwumi Adesina, is above board.

No one is really sure if the allegations are true but that seem like the Nigeria's Modus Operandi- Favouritism & Nepotism

I looked at the charges and they are very Nigerian

Investigation