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Sidi Ould Tah assumes office as 9th President of the AfDB
Dr. Sidi Ould Tah has taken oath-of-office, at the helm of Africa’s premier development finance institution AFDB succeeding Dr Akinwumi A. Adesina who has completed his two terms. Côte d’Ivoire’s President Alassane Ouattara, and his Mauritanian counterpart President, Mohamed Ould Ghazouani, graced the elaborate high-level ceremony held at the Sofitel Abidjan Hôtel Ivoire. Former African Development Bank Group Presidents Dr. Akinwumi A. Adesina, and Dr. Donald Kaberuka, as well as the Bank Group’s Board of Governors, including Executive Directors, staff and international dignitaries were in attendance to witness the change of leadership. The Republic of the Congo’s economy minister Ludovic Ngatse in his capacity as Chair of the Board of Governors of the Bank presided over the swearing in-ceremony.
Dr. Ould Tah, 60, who hails from the Islamic Republic of Mauritania, was elected on 29 May 2025 with over 76% of shareholder votes—the highest margin for a first-term president in the Bank’s history. President Ouattara termed the change of leadership a “milestone which comes at a historic moment in the life of our pan-African institution” and “paves the way for a new era of hope for the Bank.” In his congratulatory remarks delivered immediately after the swearing-in ceremony President Ghazouani noted that, “Dr. Sidi Ould Tah has this heavy responsibility to ensure that the Bank enhances its key role in promoting the economic and social development of the continent, for it to remain a full lever in terms of fulfilling the aspirations of African people to peace, prosperity and development.” President Ghazouani expressed confidence in the Bank’s new president to deliver for the continent.
“We will be the Bank that bridges divides-between regions, between ambitions and execution, between public and private, between urgency and bureaucracy. Let us move forward together – with urgency, with unity, and with unwavering accountability.” Ould Tah said in his well-received inaugural speech. Dr. Ould Tah outlined his Four Cardinal Points which include, listening intently; launching a fast-track reform agenda; deepening partnerships and accelerating real solutions as the core priorities which will guide his presidency in the first 100-days of office. The new President reiterated that the Bank will be “attentive, responsive, and capable of setting priorities that matter.” He went on to note that the Bank will enhance partnerships by working closely with governments, the private sector, and international partners, “so that together we create a financial framework that serves Africa on its own terms.” Dr Ould Tah acknowledged the presence of Bank partners including Finance in Common, the Alliance of African Financial Institutions, the International Development Finance Club, and the Arab Coordination Group, and pledged his readiness “to expand the Bank’s partnership to new players such as sovereign funds, pension funds and others”. Additionally, he made a commitment to “urgently revisit our investment models to include a dedicated pillar for investment in peace.”
President Ould Tah affirmed his intention to organise a Townhall “in the coming days” for Bank staff, whom he described as the “institution’s most valuable resource.” Envisioning a vital role for the Bank as a guide for a continent confronting the 21st century challenges of demographics, technology and climate change, Ould Tah said: “Africa must look North, South, East and West—not to imitate, but to draw wisdom and strength from every direction while defining its own course. Like a navigator guided by the compass, the Bank should help Africa navigate the megatrends toward increased self-reliance, ambition, and agency,” he said. However, he stressed, this important leadership role in crafting universal solutions “shaped by African perspectives, African priorities, and African agency” must be approached in a selective manner, saying, “The African Development Bank should not aim to be everything to everyone. It should focus on where it can move the needle most, always with the spirit of partnership.” Dr. Ould Tah is the former President of the Arab Bank for Economic Development in Africa (BADEA), where he oversaw a landmark institutional transformation. Under his leadership, BADEA’s assets grew from $4 billion to nearly $7 billion, annual approvals increased twelvefold and disbursements eightfold; and the institution achieved AA+/AAA credit ratings.
He brings to the Presidency of the African Development Bank Group over four decades of distinguished experience in development banking, economic policy, and institutional transformation. He also previously served as Minister of Economy and Finance of Mauritania between 2008 and 2015, and Mauritania’s Governor on the Boards of the African Development Bank, World Bank and the Islamic Development Bank, among others. Fluent in Arabic, English and French, with working proficiency in Portuguese and Spanish languages, President Ould Tah holds a PhD in Economics from University of Nice Sophia Antipolis, France, and advanced degrees from Paris VII-Jussieu and University of Nouakchott. Dr. Ould Tah inherits a pan-African institution with robust fundamentals: $318 billion in capital, AAA credit ratings maintained for 10 consecutive years, and the world’s highest transparency score for a sovereign portfolio, at 98.8%. Over the past decade, the Bank has approved $102 billion in development financing. The audience at the swearing-in ceremony included representatives of international institutions and development partners, private sector, civil society, diplomats, members of the Bank’s Board of Directors, and staff. Three of the candidates who contested for the Presidency alongside Dr. Ould Tah—Ms. Bajabulile Swazi Tshabalala, Mr. Amadou Hott and Dr. Samuel Munzele Maimbo—were also in attendance.
A new technology transfer agreement between the Nigeria–China Strategic Partnership (NCSP) and the Presidential Implementation Committee on Technology Transfer (PICTT) is expected to open more job opportunities, improve local skills, and expand access to advanced technology for ordinary Nigerians.
In a press statement reaching Vanguard on Friday, the MoU aims to strengthen industrial development, support local content, and create clearer pathways for Nigerians to benefit from China’s growing investments in the country.
PICTT Chairman, Dr Dahiru Mohammed, said the partnership will immediately begin coordinated programmes that support local participation in infrastructure and industrial projects.
Special Adviser to the President on Industry, Trade and Investment, Mr John Uwajumogu, said the deal will help attract high value investments that can stimulate job creation and strengthen Nigeria’s economy.
NCSP Head of International Relations, Ms Judy Melifonwu, highlighted that Nigerians stand to gain from expanded STEM scholarships, technical training, access to modern technology, and collaboration across key sectors including steel, agriculture, automobile parks, and cultural industries.
The NCSP Director-General reaffirmed the organisation’s commitment to measurable results, noting that the partnership with PICTT will prioritise initiatives that deliver direct national impact.
The MoU signals a new phase of Nigeria–China cooperation focused on practical delivery, local content, and opportunities that improve everyday livelihoods.
EU regulators launched an antitrust investigation into Meta Platforms on Thursday over its rollout of artificial intelligence features in its WhatsApp messenger that would block rivals, hardening Europe’s already tough stance on Big Tech. The move, reported earlier by Reuters and the Financial Times, is the latest action by European Union regulators against large technology firms such as Amazon and Alphabet’s Google as the bloc seeks to balance support for the sector with efforts to curb its expanding influence.
Europe’s tough stance – a marked contrast to more lenient U.S. regulation – has sparked an industry pushback, particularly by U.S. tech titans, and led to criticism from the administration of U. S. President Donald Trump. The European Commission said that the investigation will look into Meta’s new policy that would limit other AI providers’ access to WhatsApp, a potential boost for its own Meta AI system integrated into the platform earlier this year.
EU antitrust chief Teresa Ribera said the move was to prevent dominant firms from “abusing their power to crowd out innovative competitors”. She added interim measures could be imposed to block Meta’s new WhatsApp AI policy rollout. “AI markets are booming in Europe and beyond,” she said. This is why we are investigating if Meta’s new policy might be illegal under competition rules, and whether we should act quickly to prevent any possible irreparable harm to competition in the AI space.”
A WhatsApp spokesperson called the claims “baseless”, adding that the emergence of chatbots on its platforms had put a “strain on our systems that they were not designed to support”, a reference to AI systems from other providers. “Still, the AI space is highly competitive and people have access to the services of their choice in any number of ways, including app stores, search engines, email services, partnership integrations, and operating systems.” The EU was the first in the world to establish a comprehensive legal framework for AI, setting out guardrails for AI systems and rules for certain high-risk applications in the AI Act.
Meta AI, a chatbot and virtual assistant, has been built into WhatsApp’s interface across European markets since March. The Commission said a new policy fully applicable from January 15, 2026, may block competing AI providers from reaching customers via the platform. Ribera said the probe came on the back of complaints from small AI developers about the WhatsApp policy. The Interaction Company of California, which has developed AI assistant Poke.com, has taken its grievance to the EU competition enforcer. Spanish AI startup Luzia has also talked to the Commission, a person with knowledge of the matter said.
Marvin von Hagen, co-founder and CEO of The Interaction Company of California, said if Meta was allowed to roll out its new policy, “millions of European consumers will be deprived of the possibility of enjoying new and innovative AI assistants”. Meta also risks a fine of as much as 10% of its global annual turnover if found guilty of breaching EU antitrust rules.
Italy’s antitrust watchdog opened a parallel investigation in July into allegations that Meta leveraged its market power by integrating an AI tool into WhatsApp, expanding the probe in November to examine whether Meta further abused its dominance by blocking rival AI chatbots from the messaging platform. The antitrust probe is a more traditional means of investigation than the EU’s Digital Markets Act, the bloc’s landmark legislation currently used to scrutinize Amazon’s and Microsoft’s cloud services for potential curbs. Reuters
The spouses and children of billionaires inherited more wealth in 2025 than in any previous year since reporting began in 2015, according to UBS’s Billionaire Ambitions Report published on Thursday. In the 12 months to April, 91 people became billionaires through inheritance, collectively receiving $298 billion, up more than a third from 2024, the Swiss bank said. “These heirs are proof of a multi-year wealth transfer that’s intensifying,” UBS executive Benjamin Cavalli said.
The report is based on a survey of some of UBS’s super-rich clients and a database that tracks the wealth of billionaires across 47 markets in all world regions. At least $5.9 trillion will be inherited by billionaire children over the next 15 years, the bank calculates.
Most of this inheritance growth is set to take place in the United States, with India, France, Germany and Switzerland next on the list, UBS estimated. However, billionaires are highly mobile, especially younger ones, which could change that picture, it added. The search for a better quality of life, geopolitical concerns and tax considerations are driving decisions to relocate, according to the report.
In Switzerland, where $206 billion will be inherited over the next 15 years according to the bank, voters on Sunday overwhelmingly rejected 50 per cent tax on inherited fortunes of $62 million or more, after critics said it could trigger an exodus of wealthy people.
Switzerland, the UAE, the U.S. and Singapore are among billionaires’ preferred destinations, UBS’s Cavalli said. “In Switzerland, Sunday’s vote may have helped to increase the country’s appeal again,” he said. Reuters
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