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.
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’’.
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.