NewStats: 3,261,641 , 8,174,603 topics. Date: Thursday, 29 May 2025 at 09:33 PM 1b4g6l

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 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 , 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 Mal 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.bloomberg.com/amp/news/articles/2020-05-24/u-s-treasury-urges-independent-investigation-into-afdb-head?__twitter_impression=true

Yoruba amaka

This is going to end well.

When Trump or any of his appointees accuse you of corruption forget it, you are corrupt.

The AFDB was becoming a Chinese lackey and corruption can it be ruled.

Akinwunmi goofed on this one.

We move! No time for jokers!

Let the better man take the office!

Hmmm..here too? Let's see how it all plays out.

One of the finest man from Sw is going down.


Nepotism infected country.

what's gonna be the aftermath of the investigation? Well, I guess it's gonna be exoneration?

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

you follow him down

No one is 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.

U.S. criticism of the bank’s internal processes follows comments by World Bank President David Mal 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.”

Rubbish. This is simply a witch-hunt and nothing else. A comprehensive investigation was already conducted and Adesina was cleared of all the allegations. The US government is simply trying to impose a stooge just to be able to control the ability of the bank to African countries. The extract in bold clearly exposes their intention. Hopefully, African countries will unite to prevent the attempt to hijack the bank.

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.

seunmsg:
Rubbish.

Let the independent investigator come in and present their findings.

Nothing will happen to him.

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.

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.

Coder2Client:
you follow him down

Did I share in his nepotic activities he's being accused of?

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.

Nigeria is the biggest shareholder.

Hmm
Giving contracts to acquiantaces
Appointing relatives

That would never happen in America

and America are not happy
https://www.theafricareport.com/26297/afdbs-latest-controversy-string-of-accusations-against-its-president-akinwumi-adesina/

RuudVanNisteroy:

Let the independent investigator come in and present their findings.

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.

The ethics committee found nothing on him.

But they must probe further, dig further just so to discover the stain.

The fact that he's the only candidate for such a post may be threatening for those who do not want him.

Akinwunmi should surrender himself for further scrutiny, finding him clean will further boost his image and credentials

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.

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

RuudVanNisteroy:

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

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?

In other words he must be indicted be all means. I truly hope he wasn't giving contracts wrongly but it seems it had more you do with his rebuttal of the World Bank boss false assertion. African must take ownership of institutions that have been helpful, before some racist fellows destroy the modicum of sanity we are managing

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?

Only Africans will be appointed head of Afdb. A clean hand fears 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.

RuudVanNisteroy:

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

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

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

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

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.

I agree but what authority does America have to call for this?

I believe this is to influence the choice of successor as he is up for renewal.

I know an IT contrac was issued to a Russian firm and also a French company ALSTOM was sanctioned.
So we must be mindful of context

It is a similar strategy to what we see with the disinformation against the Chinese with coronavirus

Just throw innuendos about.

The question is

What exactly is he alleged to have done

Just one thing exactly

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?

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

RuudVanNisteroy:

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

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

RuudVanNisteroy:

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

The investigation by the ethics committee was ordered by the board. Every organization has its internal process of investigating such issues. If the ethics committee of the bank find him clean, so be it. Why is the US government interested in finding him guilty at all cost?

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

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.

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

Why is there NEED for independent investigation

Explain that .
That is an automatic assumption with superficial plausibility

It is not necessarily true .

It does not happen automatically in Western multilateral organizations

The Afdb has long standing governance issues that the shareholders perhaps should sort out but the existing rules do not have a place for independent investigation.

Ultimately it is down to the shareholders to decide that.

They are not stupid

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.

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.

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.

It wont happen .That is not what would pacify them anyway

What would pacify them is that Adeshina does not return and Afdb contracts go to AMERICAN firms

They lost out to a Russian IT firm and are sour

I only wish we learn from them and defend our interests as robustly
If Adeshina returns the US will reduce and China will step in

I am not even ing Adeshina but I read the whole thing and I cannot get my head around the allegations
At worst they are charges of incompetence which are best decided by shareholders not inquiries

Other things are appointing TOO MANY Nigerians

I mean WTF?

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.

Not sure what you mean by independent

If there is a problem at any business it is the shareholders who decide how to sort it out not the public.

As a shareholder the US had their say but not their way

If there is a problem in Microsoft they sort it out INTERNALLY
The board is there at Afdb to REPRESENT shareholders

Is the US ON THE BOARD?

I am all for an investigation but on this I think we need to stand up to the US .
Buhari has already spoken on the matter.

The timing of this is calculated to stop his return

If an independent inquiry is started now when will it end?
His tenure is almost over.