U.S. Treasury Secretary Steven Mnuchin has welcomed a decision by the African Development Bank allowing an independent re-examination of a probe into the lender’s Nigerian president, Akinwunmi Adesina.
Former Irish President Mary Robinson will head a panel that includes a top ex-South African prosecutor and Gambia’s chief justice to review an ethics committee report that found no evidence of wrongdoing by AfDB President Akinwumi Adesina.
“Undertaking an independent review is fully consistent with a presumption of innocence,” Mnuchin said in a statement July 2.
“International financial institutions must adhere to the highest standards of governance and transparency, and the decision to pursue an independent review demonstrates the strength of the African Development Bank,” Mnuchin said.
The AfDB announced plans to reassess the findings by the bank’s ethics committee, Thursday and said the review will be completed within the next four weeks.
Mnuchin had earlier called for an independent review of the work of the Bank’s Ethics Committee which exonerated Adesina from accusations labelled against him as he seeks to extend his five-year term at the bank’s annual general meeting next month.
The inquiry is the result of a compromise reached after some of the bank’s shareholders called for an independent investigation.
Nigerian President Muhammadu Buhari flew Adesina, 60, to his presidential villa from the Ivory Coast last month to offer his support. Buhari assured the AfDB head that he would mobilize backing from more African countries against the “onslaught led by America.”
Nigeria is the biggest shareholder of the lender.
The ethics committee conducted the investigation after whistleblowers accused Adesina of handing contracts to acquaintances and appointing relatives to strategic positions. Adesina has repeatedly denied the allegations.
The AfDB is Africa’s biggest multilateral bank. Shareholders of the lender include 54 nations on the continent and 27 countries in the Americas, Europe, the Middle East and Asia.
Since Adesina took charge, the AfDB has recorded tremendous success and growth by raising funds from donor countries of over $7billion for the Bank’s 15th funds replenishment for low income countries.
This year, he has led efforts in raising $3 billion, the biggest ever social bond to be listed in a capital market, to tackle the COVID-19 pandemic in Africa.
