Federal Government, Obasanjo, Others Counter US Over Akinwunmi Adeshina’s Re-Election As President of AfDB Say; “He Has Been Cleared Of Allegation of Wrongdoing By The Bank”

The Federal Government, former President Olusegun Obasanjo, former Emir Of Kano, who was also an ex-governor of the Central Bank of Nigeria (CBN) and others have thrown their weight behind the reelection of the President of the African Development Bank (AfDB), Dr. Akinwunmi Adeshina.

It will be recalled that the United States of America had, through the US Treasury Secretary, written a public letter (that was also distributed to the Press globally) to disagree with the conclusions of the Ethics Committee of the Board of Directors and the Chairman of the Board of Governors of the Bank over issues bothering on favouritism brought against Adeshina.

Reports indicates that instead of accepting the exoneration of the President of the Bank, the US called for an “independent investigation,” against Adeshina, which is said to be outside of the rules, laws, procedures and governance systems of the Bank.

The Federal Government of Nigeria had defended Dr. Akinwunmi Adeshina through a letter signed by the Minister of Finance, Mrs. (Dr.) Zainab Shamsuna Ahmed and dated 28th May, 2020

The letter was addressed to the Chairman of the Board of Governors of African Development Bank Group, Honourable Mrs. Kaba NIALE.

The letter is titled; “Re-Ethics Committee report and decision of the Chair of the Board of Governors on whistleblowers allegations against the President of the Bank.”

The Minister noted that the Nigerian government had been following the matter very closely subsequent to the conclusion and submission of the formal report of the Ethics Committee and the decision of the Chair of the Board of Governors, Honourable Minister Kana NIALE of Cote d’Ivoire.

Shamsuna stated that the Nigerian government welcomed the conclusion of the Ethics Committee and the decision of the Chair of the Board of Governors.

“The Ethics Committee in carrying out its work, as clearly stated in their report, called on oversight organs of the Bank (Anti-Corruption, Auditor General, Human Resources) to answer question and provide any relevant information related to the allegations.

“They did so and these were clearly stated in the Ethics Committee report. The Committee also called on the whistleblowers to submit any additional evidence, facts and documents to buttress their allegations but they did not.

“The Ethics Committee has conducted and completed its work following the rules, laws, procedures and guidelines as laid down by the Resolution of the Boars of Governors. That Resolution calls for the Ethics Committee to submit its report, and supporting document, to the Chair of the Board of Governors,” she said.

The Federal Government added that the call for an independent investigation of the President of the Bank is outside of the laid down rules, procedures and governing system of the Bank and its Articles as it relates to the Code of Conduct on Ethics for President.

The Federal Government said that Dr. Adeshina has contributed immensely to the success of the bank and has delivered impactful programs and impressive results for the Bank.

They recalled that one of his major accomplishments is securing a General Capital Increase of $115 Billion, the largest ever in the history of the Bank.

“To fight the Coronavirus Pandemic, he led the Bank to develop a $10 Billion Crisis Response Facility for Africa.

“Dr. Adeshina also led the Bank to launch a $3 Billion “Fight COVID-19” social bond, the largest US dollar denominated social bond ever in world history.

“The African Union has endorses his candidacy for reelection, following his endorsement by the ECOWAS Heads of State and Governments,” she said.

In a letter addressed to some former African President dated 26th May, 2020, former President Olusegun Obasanjo said that President of African Development Bank, Mr. Akinwunmi Adeshina has performed very well in the position over the past five years and that he has taken the bank to get heights.

Obasanjo said in the letter, which he personally signed, that in 2020, Adeshina led the Bank to achieve a historic general capital increase, raising the capital of the Bank from $93 Billion to $208 billion, an increase of $155 billion, the highest in the history of the Bank since its establishment in 1964.

“I have been made to understand that the Bank also successfully raised funds from donor countries of over $7 billion for the African Development Fund 15th replenishment for low-income countries, an increase of 35&.

“Under his leadership, the Bank launched the Africa Investment Forum (AIF) to mobilise massive flows of capital to Africa. The inaugural launch of the AIF held in Johannesburg, South Africa, secured 38.7 billion of investment interests within less than 72 hours. The AIF event held in 2019 went even further and secured $40.1 billion of investment interest in less than 72 hours. Africa has never seen these kinds of financial and investment interests,” he said.

Obasanjo said that the achievements of Adeshina were commendable and that the Bank has been placed in a strategic position to fast track Africa’s development, and that under Adeshina the Bank has continued to maintain its Triple A (AAA) rating by all global rating agencies over the past five years.

He also recalled that as Africa faces COVID-19, “Dr. Adeshina again took bold measures to ensure the Bank can respond proactively to support African countries and got it’s Board of Directors to approve a $10 Billion crisis response facility to support African countries.”

He added that in addition, the Bank successfully launched a $3 billion “Fight COVID-19” social impact bond on the international capital market, secured at 0.75% interest rate.

The former Nigerian president emphasised that “given these great achievements, Dr. Adeshina was unanimously endorsed for reelection for a second term as President of the Bank by all Heads of and Governments of the ECOWAS region. At the Africa Union Summit in February of 2020, all 55 African countries endorsed him for reelection for his second term, as the sole candidate as President of the African Development Bank.”

Obasanjo then wondered why some allegations were made “by some whistleblowers that alleged that Dr. Adeshina violates Code of Ethics as President. Dr. Adeshina strongly denied the allegations as fabrications and misinformation to disparage and discredit him.”

He stated that Dr. Adeshina has been exonerated by the Ethics Committee of the Board of Directors of the Bank as he said that they dismissed the allegations as baseless without any substantiation.

“Unfortunately, the US Government, through the US Treasury Secretary, has written a public letter (that was also distributed to the Press globally) to disagree with the conclusions of the Ethics Committee of the Board of Directors and the Chairman of the Board of Governors of the Bank.

“Instead of accepting the exoneration of the President of the Bank, they called for an “independent investigation.” This is outside of the rules, laws procedures and governance systems of the Bank.

“The US Treasury Secretary disparaged the Bank and ridiculed the entire governance systems of the Bank, which has been in place since 1964,” he said.

He then urged the stakeholders in the Bank to issue a press statement to support the laid down procedures of the Bank and to recommend that the Boars of Governors as well as Ethics Committee of the Bank should firmly stand by their process and its outcomes.

He said: “we should speak against introduction of alien practices being recommended by some parties given that such recommendation falls outside the laid down procedure, laws, rules and regulations of the Bank.”

On his part, Muhammadu Sanusi II, the former emir of Kano, urged Africans and friends of the continent to stand up to ensure that laid-down rules are respected in the African Development Bank (AfDB) Group.

“The excellent letter written by the finance minister says it all and I am pleased that President Obasanjo has weighed in on the matter. Every well-meaning African or friend of Africa should speak up on this matter,” he told TheCable.

“It is a simple adherence to global best practices in governance. AfDB has clearly defined rules and processes for investigating and dealing with allegations of misconduct. Everyone is innocent until proven guilty.

“Since those processes were duly followed it is unheard of for the rules to be changed because someone does not like the outcome.”

“I have watched him at AfDB and his stellar performance is there for all to see. This is not about defending a Nigerian or a friend,” he said.

In a press statement, which he personally signed and which was dated May 27, 2020, Dr. Akinwunmi Adeshina said that in spite of the “unprecedented attempt by some to tarnish my reputation and prejudice, the Bank’s governance procedures, I maintain my innocence with regards to trumped up allegations that unjustly seek to impugn my honor and integrity, as well as the reputation of the African Development Bank.

“I sincerely appreciate the support of the Bank’s shareholders.”

The press statement in entitled; “Recent News Reports Ams The African Development Bank.”

Adeshina stated that he was confident that fair, transparent and just processes that respect the rules, procedures and governance system of the Bank, and the rule of law, will ultimately prove that he had not violated “the Code of Ethics of this extraordinary institution.’