Former President Olusegun Obasanjo, has written to 13 former African Heads of State, asking them to support the embattled President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, after the United States Treasury Secretary, Stephen Mnuchin, insisted that an independent investigation be carried out into allegations of nepotism levelled against him.
Obasanjo said the US insistence on an independent investigation is outside of the rules, laws, procedures and governance system of the bank. He said Mnuchin, disparaged the AfDB and ridiculed the entire system which has been in place since 1964 and that the action of the US was unprecedented in the annals of the bank and if African leaders do not rise up and defend Adesina, it might mean the end of the African Development Bank, as its governance will be hijacked away from Africa.
“As you are aware, the President of the Bank, Dr. Akinwumi Adesina has performed very well in this position over the past five years. In 2020, he 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 it established 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 per cent. “Under his leadership, the bank launched the Africa Investment Forum to mobilize massive flow of capital to Africa.
The inaugural launch of the AIF held in South Africa, secured 38.7 billion of investment interests within less than 72 hours. Africa has never seen these kinds of investments.
“The bank has been effectively positioned as an effective global institution, ranked 4th globally in terms of transparency among 45 multilateral and bilateral institutions by Publish What You Find, an outfit that consists of 19 developed economies.