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African Development Bank President Akinwumi Adesina was re-elected for another five-year term following a tumultous three months that divided shareholders.
He received 100% support, the Abidjan, Ivory Coast-based lender said in an emailed statement Thursday. “As shareholders, we strongly support the bank and will give him all the necessary support to carry forward and implement his compelling vision for the bank.”
The 60-year-old Nigerian was the sole candidate to head the continent’s biggest multilateral lender, in a virtual vote as a result of the coronavirus, at the end of its two-day annual meetings. The run-up to the election saw the AfDB survive a corporate governance test when unidentified whistleblowers accused Adesina of helping friends and relatives get jobs and contracts from the bank.
While he was cleared by internal investigation, the U.S. wanted an independent probe, a position supported by developed nations including the U.K., the Netherlands, Switzerland and Sweden. It was vehemently opposed by Nigeria, while Equatorial Guinea and Sierra Leone expressed their support for Adesina. An external review headed by former Irish President Mary Robinson last month cleared him.
U.S. Treasury Secretary Steven Mnuchin urged the AfDB to be more selective and cost-effective in its operations in remarks released on Wednesday to mark the annual general meeting.
“The bank must do more to manage its resources more wisely,” he said in a statement. “The independent oversight functions of the AfDB - including integrity, evaluation, and audit - must be given the resources and necessary freedom to operate effectively. The AfDB’s ethics and governance framework must also be updated to bring it up to the standards of its peers.”
