Former President Olusegun Obasanjo has written former leaders across Africa, calling attention to embattled Akinwumi Adesina’s sterling records as AFDB President and the need to speak with one voice against what he referred to as an attempt to hijack the governance of the bank.
It would be recalled that Adesina was accused by a group of unidentified whistle-blowers of handing contracts to acquaintances and appointing relatives to strategic positions at the Abidjan-based lender.
While Adesina, who is bidding for a second five-year term as the AfDB boss, has been cleared by the bank’s ethics committee, the U.S. in a letter dated May 22, rejected the findings of the Bank’s ethics committee and called for an independent probe into the allegations against him.
In a letter made available to KAFTAN Post, Obasanjo criticised the decision of the United States government and urged the Bank’s board to follow laid down processes to protect and preserve the integrity of the Bank.
The former president, who described the decision of the U.S. to call for independent probe as alien to the bank’s constitution said such decision are “outside of the rules, laws, procedures and governance of the systems of the Bank”.
While urging the African leaders to rise up to the occasion, Obasanjo said the steps being taken by the United States “is unprecedented in the annals of the African Development Bank Group.”
Obasanjo said should the continent fail to challenge what he referred to as foreign invasion of the Bank, “this might mean the end of the African Development Bank, as its governance will be hijacked away from Africa.”
Having commended the performance of the Bank under Adesina’s watch, Obasanjo said the Abidjan-based lender has continued to its Tripple A rating by all global rating agencies 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 its establishment in 1964.”
Obasanjo said under Adesina’s leadership, the AfDB had become an institution to reckon with in the 21st century.
“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 Fund, an outfit that consists of 19 developed economies.”
The former President said Adesina displayed leadership qualities amid the ongoing coronavirus pandemic, by swiftly putting together a $10 billion intervention fund for African nations.
“As Africa faces COVID-19, Dr. Adesina again, took bold measures to ensure the Bank can respond proactively to support African countries and got its Board of Directors to approve a $10 billion crisis response facility to support African countries.
“In addition, the Bank successfully launched a $3 billion “Flight COVID-19 social impact bond on the international capital market, secured at 0.75% interest rate,” Obasanjo wrote.
He stated further, that Adesina’s achievements prompted all countries that made up the African Union to endorse the AfDB President for a second term, urging the African leaders to issue a collective press statement to support the Bank’s laid down procedures.
“We should speak against the introduction of alien practices being recommended by some parties, given that such recommendation falls outside the laid down procedure, laws, rules and regulations of the Bank.
It is also critical that we emphasise the need for the AfDB to remain an African-focused development Bank rather than one which serves interests outside Africa,” Obasanjo advised.
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.
However, lack of support from the United States could threaten the 60-year-old bank chief’s re-election if amicable and timely solution is not found to the diplomatic impasse. The U.S. has a 6.5% stake in the lender, the largest shareholding after Adesina’s home country of Nigeria.
