Why Adesina Was Re-elected As AfDB,President For Another Five Years In Office

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By Stephen Ubanna

When Stephen Terner Mnuchi, the 77th Secretary of Treasury  of the North American Country of the United States of American plotted against  Akinwumi Adesina, a former minister of Agriculture and Rural Developmen,t under former President Olusegun Obasanjo Administration the re-election  bid as President Of the 81 –member countries of the African Development Bank, ADB,  affiliated to the World Bank, , not many people  gave him opportunity of winning.

 But he  was reelected for another five years in office  at  the Bank’s last Thursday, Annual  General meeting, AGM, an indication that Mnuchi, the US , Secretary  of Treasury  attempts to frustrate the reelection bid   failed. Muhammadu uhari, has  said  that Adesina deserved to win his re-election bid because he has performed very  well in his first term in office  beyond expectations.

The Nigerian born AfDB, President was said to have been  unanimously   reelected  during the Banks’s 55th,AGM.  An appreciate Buhari, had thanked the member countries of the African Union, AU ,for its endorsement  of Adesina, and the shareholders  who worked  tirelessly  to ensure  his return  prior to the Bank AGM. The Kastina state born Nigerian President had described the AfDB, President as a ‘’visionary leader’’.

An elated Adesina who could not hide  his feelings over his reelection as the President of the AfDB ,  had described it ‘’as historic and another call for selfless service to Africa’’. He  noted that his reelection  has shown ‘’ the  transparency of the Bank and the demonstrated  weight  of support behind his vision’’. He stated further that ’’it shows  a very clear and strong mandate from all the  shareholders to go and implement the vision’’ for the development of the African Continent.  

 ‘’I’’ am grateful  for the Collective trust , confidence and support shown  by the governors and the others’’, he remarked. He was said to have promised to work  closely  with the governors and Staff  for the urgent and difficult task of supporting  Africa  to rebuild it better, smarter and boldly following  the  damage orchestrated by COVID 19.

President Buhari: Appreciative To AU, For Endorsement Of Adesina For A Second Term In Office

Some of the issues that were said to have come up at the meeting for discussion are the incoming African Continental Free Trade Agreement, AFTA, regional integration, climate change, gender , youth, job creation, debt sustainability in Africa and  provision of quality health infrastructure to build economic resilience in the Continent.

 Note that,  Mnuchi, the US, Secretary of Treasury, had cashed in on the trump up allegations of misconduct and favoritism,  impediment to efficiency and single handedly overruling decisions taken by the Directors, nepotism and political lobbying and use of Bank resources for  private gains raised by a whistle blower on January 19, 2020,  to call for his probe and removal.

The Bank’s ethic Committee had exonerated him of the allegations but Mnuchi, who has the backing of the Donald trump  government would not take it. ‘’We have  deep   reservations about the integrity  of the Committee processes’’, he was said  in a letter sent to Niale Kaba, the Chairwoman of the Bank Board of Directors.

He may have stated the position of the US , President   when he urged the  ADB  Board’’ to initiate  an in-depth investigation  of the allegations using the services of an  independent  outside investigator of high professional standing’’.  

 Recall that former Present Olusegun  Obasanjo ,who was not happy at the position taken by the US, Secretary of Treasury to  manipulate the AfDB, Board of Directors do their biddings by probing Adesina, the Bank President over trump up  allegations of  a  whistle blower. He was said to have writen a personal letter to 14 former African leaders to support the re-election bid of the Nigerian born ADB  President.

He was said to have outlined the achievements  and impressive Leadership and vision for Africa’s fast-paced  development, which  some  non –regional member countries of the AfDB, are trying to frustrate  Adesina’s reelection bid.  The elder Statesman warned, ‘’If we do not rise up  and defend the Bank, this might mean  the end of it ‘’ as its government  would be hacked  away from Africa’’.

Obasanjo : Started Mobilisation Of African Leaders To Support Adesina

The former Nigerian President  noted  that under Adesina’s Leadership,  ADB has been effectively  positioned as an effective  Financial Institution,  ranked fourth globally in terms of transparency  among  the 45  multi-lateral and bilateral Financial Institutions  by publish what you fund, an outfit that consists of 19 developed economies, including the US. He wondered why the same developed economies are now   opposed to the reelection of Adesina, an indication of their plan to draw the hand of the clock back in Africa.

He  was said to have cited one of the achievements of the embattled AfDB President   such as the successful launch at the G7  Summit  in Biarritz, France, the Affirmative Finance Action For Women, AFAWA ,to stabilise a $3 billion for women in  business Entrepreneurs in Africa, with strong support and resources  from the G7 leaders and nations.

According to him, Adesina leadership of the Bank has also substantially aligned  the Bank Financing and Operations to help accelerate  Africa agenda 63 and the High 5 agenda of the Bank in order to light up and power Africa, Feed Africa ,indudtrialise Africa, integrate Africa and improve the Quality  of life of the people of Africa.

It is estimated that over the last four years, the AfDB, under the close watch of Adesina, had succeeded  in  giving 18 million Africans access to Electricity supply, through the light up Africa programme, while 41  million  others  gained access  to improved Agricultural technologies for food security, through the Feed Africa, programme .

The Value News learnt that 13 million people  benefited  from access to funds to finance the private  sector investment projects, through the  Industrialise  Africa agenda. There are indications that additional 100 million people  benefitted  fromm access  to better Transport , through integrate Africa as 60 million others benefited  from improved access to water and sanitation, under the improved quality of life for the people of Africa.

There is no gain saying the fact that in less than five years of the AfDB , under Adesina,  its investments  had benefited and impacted  a total of 333 million Africans. With the outbreak of the  COVID 19, which had spread to Africa, the  ADB, Board, at the instance of Adesina, was said to have  approved $10 billion  Crisis Response Facility to support African countries .

 This in addition  to the successful launch  of the $3 billion , ‘’Fight COVID 19,’’, social impact bond on the International Capital Market. The Bank was said to have secured at 0.5 percent  interest rate  on loans  for African countries in order to fight the Pandemic.

The bond, according to the Bank sources has been listed in the London Stock Exchange Market  where it was said to have been   subscribed at $4.6 billion. All these achievements put together may have informed why the 54 African member nations of the AfDB, and the non- African shareholders  threw  their weight  to support Adesina reelection bid and he got it.   

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