By Fola James
The battle for the soul of the African Development Bank, AfDB has now reached a ticking point following the decision of prominent leaders from the continent to pull their weight behind the president of the bank, Dr Akinwumi Adesina who is currently embattled with the United States of America, USA over allegation of abuse of office.
“No nation, regardless of how powerful, has veto power over the AfDB, and no nation should have such power,” the leaders said.
Former President Olusegun Obasanjo and 14 other former head of state, yesterday warned the United states of interference the affairs of the bank, which they say in capable of eroding the independence of the bank.
Earlier, President Muhammadu Buhari has dismissed fresh attempt to probe the former minister.
The leaders said the continent is going through a tough time with the COVID 19 pandemic and cannot afford any distraction in the AfDB, which according to them is at the fore front of curtailing the novel virus.
The former African leaders, who jointly signed the statement are Liberia’s Sirleaf Johnson; Ghana’s John Kufuor; Nigeria’s Olusegun Obasanjo and Goodluck Jonathan; Boni Yayi (Benin Republic); Hailemariam Desalegn (Ethiopia); Joyce Banda (Malawi); Joaquim Chissano (Mozambique); Tandja Mamadou (Niger Republic); Tunisia’s Mohamed Marzouki (Tunisia); Ameenah Gurib-Fakin of Mauritius; Rupiah Banda of Zambia; Kgalema Motlanthe of South Africa and Jakaya Kikwete of Tanzania.
Addressed to the Board of the bank, the statement, which called for serious caution said: “Africa is facing an unprecedented challenge with the COVID-19 and all hands must be on deck to tackle the pandemic. The AfDB, under the leadership of Adesina, has been doing a remarkable job in steering the organisation.
The Bank announced a $10billion crisis response facility to support countries in Africa. The Bank also successfully launched COVID-19 social bond, the largest ever US dollar-denominated bond in world history.”
The leaders stated that Adesina has piloted the affairs of the bank in the right direction and that he needed to be rally round to achieve the vision of the bank for the continent.
It said “Powered by his vision and leadership, the shareholders of the Bank from 80 countries all approved a general capital increase of $115billion for the Bank, the largest in its history since establishment in 1964.
The Bank has been doing a lot for women, with a $3billion fund to provide access to finance to women, supported by G7 countries and Africa.
Across the continent, the Bank’s presence and work have been highly visible and impactful. In less than five years, the Bank’s High 5 agenda has impacted over 333 million people, from access to electricity, food security, access to finance via the private sector, improved transport and access to water and sanitation.
The Bank has maintained its stellar AAA rating among all global rating agencies. The shareholders of the Bank have all played very important roles in supporting the Bank to achieve these impressive results.”
They also deplored the current allegation, insisting that it was meant to distract the AfDB president.
And “This is why we are concerned with the recent developments at the Bank. Adesina, who some whistleblowers alleged to have violated the Bank’s Code of Ethics, has firmly and consistently declared his innocence of these allegations.
“The Ethics Committee of the Board of Directors, a legal oversight body of the Bank, made up of representatives of shareholders, cleared Adesina of all 16 allegations, declaring them as baseless and unsubstantiated and exonerated him completely.”
The US call for a fresh probe is an abuse of process and unnecessary after the AfDB president had earlier been cleared by the board.
According to the leaders “The Chairman of the Board of Governors, based on the report of the Ethics Committee, declared Adesina exonerated.
We understand that the Bank fully followed its rules, procedures and governing systems, which have served it well since African countries established it in 1964.
Governance is all about respecting and abiding by rules, laws and established governing systems of organisations.
In the case of the AfDB, while differences may exist among parties, the best way to address them is to first respect the rules, procedures and governance structures of the Bank.
To do otherwise will be tantamount to undermining the Bank and its long and hard-earned reputation, and that of its President.”
The leaders also called for all interested parties to sheathe their swords , insisting that unity is very important at this time to tackle the COVID 19 pandemic across Africa, warning the US to desist from disrupting the activities of the bank.
“The AfDB is a pride for all of Africa, and its President, Adesina, has taken the Bank to enviable heights. At this critical time that Africa is battling with COVID-19, the Bank and its President should not be distracted.
Differences will always occur, but we urge all shareholders work together. All shareholders should work with mutual respect, and honour the rules and procedures of the Bank and its governance systems that have served it well for 56 years,” the African leaders said.
The US is the single major shareholder of the bank outside the continent and has recently called for an independent probe of Adesina following a whistleblower corruption allegation against him.
Analysts insist that the decision by the leaders to foster a common front against the US, is one in the right direction, whether this will be able to stop the US from having its way is another thing.
Meanwhile, Adesina has described the allegation as a plot to stop him from leading the bank for a fresh five year term. I’m innocent of the allegation, he said.
