SAN FRANCISCO, June 04, (THEWILL) – Recent developments at the 56-year-old African Development Bank is really worrisome. The insidious attempt at rubbishing the unprecedented achievements of the President of the Bank, Dr. Akinwumi Adesina, in the past five years, through what we believe are trumped-up allegations, is mischievous.
The United States’ rejection of the verdict of the Ethics Committee of the Bank, which dismissed the allegations of misconduct against Adesina, saying they were “not based on any objective and solid facts,” after a thorough investigation in accordance with the rules of the bank, indeed, calls for concern.
The insistence by Washington, which is the second largest shareholder after Nigeria supported by Denmark, Norway, Finland and Sweden to have an independent investigation into the allegations undermines the integrity of the AfDB and is thus highly condemnable. This call for an external investigation is a clear departure from the laid down corporate governance code of the institution. It is also the highest form of treachery against the African state coming from a member country with no veto power.
It is on record that America did not support the election of Adesina, Nigeria’s former Minister of Agriculture, as AfDB President in 2015, and has consistently opposed his African-centred policies at the Board level. Though President Donald Trump, at a point, was impressed by Adesina’s performance and had to send his daughter and adviser, Ivanka Trump, to represent him at the launch of an investment fund for African women in 2019, some conservatives in his government appear to have other plans.
It is therefore not a surprise that the man behind the so-called whistle-blower group that raised the false allegations, and subsequently leaked the official memo to the press, is no other than Steven Dowd, the American executive director and representative of the American Government at the Bank.
The allegations are coming at a time Adesina is being celebrated across the world for transforming the AfDB into a global financial powerhouse with a focus on Africa’s development. He was also sure of being re-elected for a second term following his endorsement by all the African member countries who appreciate his immense contributions to the continent through the bank. He is presently the only candidate standing in the election slated for later this summer.
Adesina’s achievements at the AfDB include raising the capital of the bank from $93billion to $208billion, a 123 per cent increase, described as the highest in the history of the bank. The President also launched the African Investment Forum and was able to secure $37.7billion investment interests in less than 72 hours of the inaugural launch in South Africa.
Other milestones chalked by Adesina include the consistent maintenance of the AAA rating for the bank and its recognition as a viable financial behemoth, compared with the World Bank, providing huge investments for African countries. However, his tenure has been rocked by conspiracies from the Western bloc as he is seen as an unrepentant Pan Africanist with genuine interest in Africa’s development.
It is therefore not a surprise, though disgusting, that Dowd, from all indications, must have been working on a well-written script right from the time Adesina assumed office and must have been waiting for the right time to strike. Now that the stellar performance of Adesina has surpassed the expectations of the United States and its allies on the Board, against all odds, Dowd thought it fit to come up with the malicious allegations, especially as Adesina is poised to take another shot at the office as the unopposed candidate for re-election.
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Dowd found a willing partner in the mischievous plan to scuttle Adesina’s second-term bid in Steven Mnuchin, the U.S. Treasury Secretary, who openly rejected the AfDB Ethics Committee’s report in a letter to the board that called for an independent investigation.
While we support the insistence on due diligence and maintenance of good corporate governance for the bank, it must be noted that an independent investigation is alien to AfDB and resorting to it to achieve a hidden agenda would be setting a bad precedent.
It is crystal clear that America is no longer comfortable with Adesina despite his outstanding achievements and is therefore determined to force him out of office under the guise of independent investigation despite the fact that the AfDB President has always maintained his innocence.
While we declare an unflinching support for Adesina at this very challenging time, we are very proud of his stellar performance at the helm of affairs at the bank. We also commend the efforts of former President Olusegun Obasanjo, who rallied 14 other former African presidents in supporting the AfDB President. Top Nigerian government officials, including the Minister of Finance, Zainab Ahmed, have all expressed confidence in him. They have urged Adesina to continue his good works and not be distracted by the American ploy.
We urge the 54 African leaders and 26 other shareholders of the bank to rise to the occasion, speak with one voice and challenge the bully and arrogance of the U.S. as it is evident that America is now struggling with its fading glory as a world leader. The ongoing grandstanding might also be part of the plan to pull out of the AfDB just as it recently did at the World Health Organisation.
While we hope that the voice of reason would eventually prevail at the AfDB, we are happy that some American top politicians are already speaking their mind against the irrational actions being taken by the Trump Administration.
Will Hurd, a Republican member of the House of Representatives from Texas, while faulting the U.S. exit from the W.H.O in a recent article in The New York Times, said the pulling out from the global health body would send a message to the world that the U.S. cannot be counted on or trusted.
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Maintaining, “We can disagree with the leadership of an organisation while supporting their mission,” Hurd stressed that “Our allies also want answers, and to get them, we need to show global leadership and work with like-minded nations, not to take our ball and go home.”
We therefore urge the Washington to listen to this voice of reason and end its crisis with the Ivory Coast based AfDB instead grandstanding in a bid to fulfill a sinister agenda.
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