AfDB yields to U.S. pressure, begins fresh probe of Adesina

The board of the African Development Bank (AfDB) has promised to conduct an independent investigation of its chief, Akinwunmi Adesina.

This came following U.S. Treasury Secretary, Steven Mnuchin’s decline of an initial inquiry bordering on favouritism conducted internally by the lender, Bloomberg reported Tuesday, citing two informants as the source.

AfDB initiated the probe following a pledge of support from many foreign governments for Mnuchin’s disapproval of the investigation carried out at the bank, the insiders said on condition of anonymity as the details are yet to be publicly declared.

Africa’s biggest multilateral lender refused to comment. So also did Mr. Adesina who did not answer an email requesting a response to the issue while it was impossible to reach him via phone on account of connection failure.

The planned probe emerges three months before the election into the AfDB’s presidency which has Adesina as its only candidate for a five-year term.

Last October, 80 shareholders of the Abidjan-based bank vowed to lift its capital base to $208 billion, representing over a hundred per cent increase.

The two sources confirmed countries supporting the scrutiny to include Norway, Denmark, Finland and Sweden.

Mnuchin had informed the AfDB last week, that he found the integrity of the lender’s ethics committee, which conducted the earlier investigation, questionable after it vindicated Adesina.