US targets removal of Akinwumi Adesina as AfDB boss, calls for independent investigation

United States of America has rejected AfDB’s exoneration of Akinwumi Adesina, the bank’s president calling for an independent probe of allegation levelled against him of nepotism, trying to Nigerianise the AfDB. The United States Department of Treasury in a letter to the board of the bank called for an independent probe of allegations levelled against Akinwumi Adesina. Bloomberg reports that Steven Mnuchin, US treasury secretary, rejected the findings of an investigation by the AfDB ethics board which exonerated Adesina of allegations of trying to Nigerianise the bank. Le Monde, a French newspaper, had reported that some employees of the bank submitted a petition against Adesina but the petition was reportedly spearheaded by an elected staff member to “discredit” Adesina’s candidacy for re-election.

In a May 22 letter and addressed to Niale Kaba, chairwoman of the bank’s board of governors, Mnuchin said the treasury disagrees with findings that “totally exonerated” Adesina.

“We have deep reservations about the integrity of the committee’s process,” Mnuchin said. Instead, we urge you to initiate an in-depth investigation of the allegations using the services of an independent outside investigator of high professional standing. Considering the scope, seriousness, and detail of these allegations against the sole candidate for bank leadership over the next five years, we believe that further inquiry is necessary to ensure that the AfDB’s president has broad support, confidence, and a clear mandate from shareholders.” Adesina is the sole candidate for the bank’s election that is scheduled to hold in August. The United States received your letter of May 5, in which you share your view that the board of governors of the African Development Bank should adopt the conclusions of the bank’s ethics committee and declare that the president is “totally exonerated of all the allegations made against him.” 

Our constituency cannot make such a declaration at this time. We have deep reservations about the integrity of the committee’s process. Instead, we urge you to initiate an in-depth investigation of the allegations using the services of an independent outside investigator of high professional standing. We emphasise that undertaking an independent evaluation of facts, at any stage, is not at odds with a presumption of innocence. The allegations set out in the whistleblower complaint submitted on January 19, 2020, raise significant issues that all relevant governing bodies of the bank must handle with the utmost care, using all tools available to them. Had the ethics committee undertaken a proper preliminary examination that was in line with the board of governors resolution B/BG/2008/l 1, standard practices at other international financial institutions, and the bank’s own rules and procedures, it would have reviewed available facts that could be gathered by external counsel and found in internal bank records.

We fear that wholesale dismissal of all allegations without appropriate investigation will tarnish the reputation of this institution as one that does not uphold high standards of ethics and governance. This is a serious risk when we need strong confidence in the AfDB to play an influential role in the current global economic and health crisis, and when many shareholders are seeking legislative support for payments under the recently-concluded general capital increase. Therefore, the United States cannot support dismissing the allegations at this stage. We believe the board of governors must demonstrate that this institution takes governance, anti-corruption, and transparency seriously. We thus request that you take steps to initiate an impartial, independent investigation into these allegations. Whatever the outcome, the AfDB will emerge stronger for having taken seriously its obligations to uphold good governance.

The United States sincerely wishes the AfDB to remain a high-quality institution with the capability to address the needs of the African continent, particularly at this critical time. Considering the scope, seriousness and detail of these allegations against the sole candidate for bank leadership over the next five years, we believe that further inquiry is necessary to ensure the AfDB’s president has broad support, confidence, and a clear mandate from shareholders. Please accept our regards and appreciation for considering our request.