The African Development Bank’s board agreed to an independent investigation of its president, Akinwumi Adesina, after US Treasury Secretary Steven Mnuchin rejected an internal investigation that cleared him of allegations of favouritism
Africa’s largest multilateral lender decided on the inquiry after several foreign governments backed Mnuchin’s criticism of a bank-led examination into the allegations, the people said, asking not to be identified because details aren’t public.
The AAA-rated lender’s 80 shareholders last October pledged to provide funding that will help to more than double its capital base to $208 billion . The scope and detail of the allegations are serious enough for a further inquiry to ensure the AfDB’s shareholders have confidence in the bank’s leadership, Mnuchin said in the May 22 letter addressed to Nialé Kaba, the chairperson of the bank’s board of governors.The US is the AfDB’s biggest shareholder after Adesina’s home country of Nigeria.
Shareholders of the AfDB include 54 nations on the continent and 27 countries in the Americas, Europe, the Middle East and Asia. It has an AAA rating from Fitch Ratings, Moody’s Investors Service and S&P Global Ratings.
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