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

EsomahJD:
One of the finest man from Sw is going down.
It better not be true

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.”

seunmsg:
Rubbish.

fallout87:
Also I strongly doubt Munchin wants an actual independent opinion. If anything he wants one from a source which will help whatever agenda he seeks to complete.

Coder2Client:
you follow him down

RuudVanNisteroy:

That is not how it works. The independent investigator will be chosen by the board of Adfb and will have to be approved by all the shareholders including USA.

RuudVanNisteroy:

Let the independent investigator come in and present their findings.

seunmsg:


The board already conducted an independent investigation. The US is simply saying they want him indicted at all cost irrespective of the truth. It won’t happen.

RuudVanNisteroy:

It was conducted by the Ethics Commission of Afdb and not an independent investigator.

omonnakoda:

They complain there are too many Nigerians . His tenure ends this year and is due for renewal.

America is saying Africans cannot manage their own affairs ?
They don't like the findings so a new investigation should take place to find as they wish?

RuudVanNisteroy:

It was conducted by the Ethics Commission of Afdb and not an independent investigator.

omonnakoda:

So?
What is American business
Why should it be independent

Are they to tell Africans what to do.?

Nigeria is the largest shareholder and Buhari is satisfied

Those people in the ethics committee are there to REPRESENT THE INTERESTS of the other shareholders


It is the business of the shareholders ALL OF THEM

RuudVanNisteroy:

Only Africans will be appointed head of Afdb. A clean hand fear no false allegation, even if they call for 20 different investigations.

If Akinwumi Adesina is above board, there is nothing that can be pinned on him.

omonnakoda:
They complain there are too many Nigerians.His tenure ends this year and is due for renewal.America is saying Africans cannot manage their own affairs? They don't like the findings so a new investigation should take place to find as they wish?

RuudVanNisteroy:

America is the largest non-African shareholder in Afdb, so it is their if processes are been circumvented.

RuudVanNisteroy:

It was conducted by the Ethics Commission of Afdb and not an independent investigator.

omonnakoda:

They are an insignificant shareholder
They had the option of pushing their position through on the inside. They could have called for an independent investigation at the beginning

Nigeria is the largest shareholder with 9% And Nigeria is content as are the majority of shareholders.

The question we should ask is what exactly are the allegations?

What is he supposed to have done

Racoon:

Akinwunmi Adeshina have done well hence to have nothing to fear.Well, there is need to allow independent investigators to investigate but the US is clearly on a witch-hunting.

Meanwhile, Africa will continue to suffer when they refused to develop their economies but choose to go cap-in-hand begging for economic aids & loans

seunmsg:


The board already conducted an independent investigation. The US is simply saying they want him indicted at all cost irrespective of the truth. It won’t happen.

RuudVanNisteroy:

The fact Nigeria is content won't pacify the Americans. They view our leaders as fantastically corrupt anyway, they just returned $311 million of Abacha loot, just a few weeks ago.

Only an investigation by a reputable independent investigator will pacify them.

DeLaRue:


The board of an organisation is part of the organisation. It is clearly not independent.

If the USA, which I suspect is one of the largest shareholders 'urge' the AFDB to appoint an external independent investigator, the AFDB has no choice.

The USA can mess up a lot of things for the AFDB irrespective of what China and other contributors decide to do.