Tag Archives: AfDB

AfDB president wants Nigeria be restructured; suggests ‘United States of Nigeria.’

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President of the African Development Bank Group (AfDB), Akinwunmi Adesina, has canvassed economic restructuring of the country and suggested a United States of Nigeria or Commonwealth of Nigeria to have a more viable nation.

Adesina said this during the second term inauguration lecture of Ondo State Governor, Oluwarotimi Akeredolu, in Akure yesterday, titled: Towards A New Nigeria: From Federal Fatherism To A Common Wealth.

He faulted Nigeria’s federalism, saying it was essentially a revenue sharing system compared to the United States of America federal system.

He argued that Nigeria’s system of government was a federalism of fiscal dependency, as most states of the federation have abundant resources that remain largely untapped due to bureaucracy.

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“That is the irony of Nigeria’s states. They are poor in the midst of plenty. They do not maximally explore or leverage what they already have in abundance. The Federal system of monthly grants or allocations, as they call it, has paralysed them.

“Our kind of federalism is fiscally unhealthy for the states and the Federal Government and it does not grow its constituent entities. It simply makes them perpetually dependent,” he said

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Adesina, who advocated more accountability and transparency, also decried some draconian tax administration by state governments across the country, lamenting that Nigerians pay one of the highest implicit taxes globally.

“This leads to inter-generational transfer of poverty, especially among the youths. Nigeria’s inequality is also extreme. Over 55 per cent of youths do not have jobs. Rural areas are now zones of economic misery with high rates of poverty and extremely high birth rates,” he lamented.

The former Minister of Agriculture and Rural Development, canvassed constitutional changes to devolve more economic and fiscal powers to the states, adding: “As a way out of the economic quagmire, much has been said about the need for restructuring.

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“Restructuring should not be driven by political expediency, but by economic and financial viability. Economic and financial viability are necessary and sufficient conditions for political viability.

“The resources in each state should belong to the states. The constituent entities should pay federal taxes or royalties for those resources.”

On unity of the nation, he argued that instead of a Federal Government of Nigeria, the citizens could think of the United States of Nigeria or the Commonwealth of Nigeria, insisting that the old should pass away for the new to emerge.

Chairman of the occasion and former Deputy Governor of Osun State, Iyiola Omisore, said the topic was apt since it was aimed at addressing the problems facing the country and exploring opportunities that abound.

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Governor Akeredolu, who declared today a public holiday to mark his second term inauguration, blamed the growing sectional activism, which he said, was gradually replacing national patriotism, on the faulty federalism being operated in the country.

He lamented that most Nigerians were losing faith in ‘Unity in Diversity,” mantra while urging that true federalism was the only opportunity to restore national consciousness.

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#Newsworthy

AfDB President, Adesina react to allegation against Gowon.

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Days after the allegation was leveled against the former Head of State, Nigeria’s Former Agriculture Minister and the current head of AfDB, Akin Adesina has decided to speak out.

Noble Reporters Media reported few days ago that the former Head of State, Gen. Yakubu Gowon had looted the CBN when he was in charge.

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The allegation which was leveled against him by the British Minister for Africa, who was represented by Mr James Duddridge.

In a tweet he made on his twitter handle, he warned Nigerians to be careful of misinformation.

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He went on and made it clear that Gen. Yakubu Gowon is indeed a man a great honour, decency, honesty, amazing simplicity, humility and integrity.

He made it clear that he knows his well, as he regarded him as an elder statesman of Nigeria.

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He ended by making bit known to all that his honesty and integrity is impeccable.

Akin Adesina might be right in all he has said about the former Head of State, General Yakubu Gowon.

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But since the statement was released against him, he has said little or nothing regarding that allegation.

Nigerians are still waiting to hear what he has to say as it regards that kind of weighty allegation.

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#Newsworthy

AfDB: Adesina will not disappoint Africa – Jonathan.

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Former President Goodluck Jonathan has joined other African leaders and financial experts to congratulate the President of the African Development Bank (AfDB), Akinwumi Adesina on his re-election.

The ex-President, who joined virtually, during Adesina’s swearing-in ceremony on Tuesday, said he is confident the AfDB President will not disappoint Africa and the shareholders in the bank.

To Jonathan, Adesina made a lot of achievements within the first five years of his first tenure as the AfDB boss.

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While thanking members of the board and shareholders for re-electing him for another five-year tenure, the ex-President recalled that when Adesina served as Minister of Agriculture during his administration, he (Jonathan) knew what he (Adesina) is made of.

He also expressed the confidence that Adesina will perform better when given the mandate to serve for another term in office.

“Let me first congratulate Adesina for making history, for the number of achievements he made within the first five years.

“Let me also thank all the shareholders for supporting him. I believe that in his second tenure, he will even do better.

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“Dr Adesina worked with me as my Minister for Agriculture and I know what he is made up of. I believe he will not disappoint the shareholders,” he said.

Jonathan’s remarks come after Adesina was sworn-in as the newly re-elected eighth AfDB President for a second term.

The event was attended by Heads of States, Governors, Nigeria’s former Vice President, Atiku Abubakar, and over 200 external stakeholders who joined physically and virtually.

The Chairperson of the AfDB board of Governors and Ghana’s Finance Minister, Kenneth Ofori-Attah, administered the oath of office.


#Newsworthy…

AfDB: Tinubu hails Adesina amid re-election.

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Nigeria’s Akinwumi Adesina has been re-elected as the President of the African Development Bank (AfDB).

The National Leader of the All Progressives Congress (APC), Bola Tinubu, has congratulated Nigeria’s former Minister of Agriculture, Dr Akinwunmi Adesina, on his re-election as the President of African Development Bank (AfDB).

He said Adesina’s re-election for another term of five years was an affirmation of Africa’s confidence in his ability and commitment to the development of the continent.

Dr Adesina was re-elected on Thursday last week by the Board of Governors of the AfDB Group at its 2020 Annual Meetings in Abidjan, the capital of Cote D’Ivoire.

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In a passionate letter forwarded to Adesina at the weekend and personally signed by him, Asiwaju Tinubu said, “By way of this letter, please accept my heartfelt congratulations over your election to serve a second five-year as President, African Development Bank at the recent 2020 Annual Meetings of the AfDB Group.

“Your unanimous re-election by the Board of Governors, coming after ill-defined attempts to block your continuance, shows that if we remain vigilant and true to the collective purpose of the economic progress of the African continent, then fairness and justice will win out in the end.”

Tinubu described Adesina as a globally renowned economist who has demonstrated outstanding competence and professionalism during his first term, adding that his re-election was an affirmation of Africa’s confidence in his ability and commitment.

According to him, the AfDB president distinguished himself in his first term by driving to reshape the bank to be a more active catalyst for Africa’s development.

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The APC leader noted that Adesina focused on five development priorities known as the High 5s – Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.

He said, “As AfDB President for another term, I urge you to continue in like manner. Continue to invest your cognitive abilities, immense skills, and robust energy in the development of Africa.

“Given the exigencies of the present moment due to the global pandemic, you must put your knowledge and creativity into fullest use that we work towards creating more employment for the people of this continent and remove them from the grip of poverty and its attendant difficulties.

“The AfDB must be at the policy and intellectual vanguard as we seek ways to contain both the public health and economic challenges of COVID-19.

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“For your re-election, we must also congratulate and applaud President Muhammadu Buhari and other present and past leaders in Africa who believed in you and worked assiduously for your success.

“This victory is not only yours, the AfDB group or Nigeria’s, it is victory for Africa itself. The continent deserves that our best and most able minds be able to serve and work for its betterment.

“I wish you an even more successful second term. May God be with you and may He help and guide you in the struggle against poverty and in our efforts to bring much-needed development to our continent and its people.

“Please rest assured of my highest regards always.”


#Newsworthy…

AfDB: ‘You Are A Pride To Yoruba, Nigeria’ – Makinde lauds Adesina.

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Oyo State Governor, Seyi Makinde, has congratulated the President of the African Development Bank, Dr. Akinwumi Adesina, following his re-election for another five-year term.

In a statement issued by his Chief Press Secretary, Taiwo Adisa, Governor Makinde said that the victory was well-deserved adding that the ‘world class technocrat’, remains a pride to Nigeria and the Yoruba race.

To Makinde, Adesina has raised the standards and brought about immense growth in the multilateral development finance institution, in the last five years of his first tenure.

The governor said he was not surprised that Adesina was re-elected to lead the bank for another term.

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While describing his leadership as insightful, Makinde said Adesina “could not have gone unnoticed by stakeholders and member-countries.”

President of the African Development Bank, Akinwunmi Adesina is being re-elected for another five-year term

“The victory is well-deserved, and it did not come to me as a surprise, because Dr. Adesina’s astute and visionary leadership at the bank, in the last five years, have been so convincing that member-countries cannot ignore them,” the governor was quoted as saying.

“As a technocrat and development enthusiast, Dr. Adesina deployed his wealth of experience towards raising standards across boards in the bank and these have translated into immense growth for the bank and development for member-countries.

“This victory, I am convinced, is a platform for Dr. Adesina and the AfDB to achieve more positive results and meet set targets. I wish him well in his endeavours.”


#Newsworthy…

AfDB: Buhari felicitate with Adesina on re-election.

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President Muhammadu Buhari on Thursday congratulated Akinwumi Adesina on his re-election as President of the African Development Bank (AfDB).

Adesina was unanimously returned as President earlier on Thursday during the bank’s 55th Annual Meetings, which is being held virtually due to COVID-19 restrictions.

In a statement signed by Presidential spokesman, Femi Adesina, President Buhari said news of the victory came during the Council of State meeting, which was attended by former heads of state, Senate President, governors, some Ministers, and senior government officials.

“He deserves it,” President Buhari said, leading a round of applause, after Secretary to Government of the Federation, Mr Boss Mustapha, announced the good news to the Council.

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“The President extends appreciation to the African Union for its endorsement of the AfDB President much earlier, and to shareholders of the bank who worked tirelessly to ensure the return of the visionary leader,” the Presidential statement said.

Adesina’s re-election was mired in controversy after he was charged with alleged ethical violations.

President Buhari met with Adesina in June 2020 amid investigation into the latter’s alleged ethical violations. He was later acquitted of all charges.

Amid the controversy, President Buhari endorsed Adesina, assuring him of the country’s support.

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And, after repeated investigations, the former Nigerian Agriculture Minister was cleared of all charges levelled against him, paving the way for his re-election.

“President Buhari believes Dr Adesina’s versatility, experience at both national and international engagements, will be further deployed to energize the pan-African financial institution, urging him to remain focused and steadfast in pursuing the noble goals of making life better for Africans through various development plans, already captured as High 5s,” the Presidency statement added.

“The President rejoices with family, friends and professional colleagues of Dr Adesina over the re-election, while commending members of staff and Board of Governors of the AfDB for their consistent support for the former Nigerian Minister of Agriculture and Rural Development, and his management team.

“While pledging full support of his government to ensure a successful tenure for the AfDB leadership, President Buhari prays that the Almighty God will continue to strengthen Dr Adesina and his team for greater good to the continent.”


#Newsworthy…

AfDB: Akinwumi Adesina thank supporters on his re-election.

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Nigeria’s Akinwumi Adesina has described his re-election as the President of the African Development Bank (AfDB) as historic and another call for selfless service to Africa.

Dr Adesina spoke about his re-election during the closing session of the 55th Annual Meeting of the bank which held virtually on Thursday.

“Of course, right now, the sound that is the loudest in my ears is the announcement of my re-election as President of the African Development Bank for a second term,” he said.

“We also made history by re-electing me by 100 percent votes. via a vote, I became the first President of the bank in its history to be re-elected by 100 percent votes of all its shareholders and I am most grateful and very appreciative.”

“This was very important; it shows the transparency of our bank, it shows your demonstrated weight of support behind my vision.

“It shows a very clear and strong mandate from all shareholders to go and implement the vision, it shows that all voices were heard, it shows that we are true to the constitutive test of our bank,” the AfDB president added.


#Newsworthy…

Akinwumi Adesina gets AfDB reelection as President.

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Akinwumi Adesina has been re-elected as President of the Africa Development Bank by its Board of Governors.

Presidential spokeswoman, Lauretta Onochie confirmed the news in a congratulatory tweet on Thursday.

The AfDB is currently holding its 55th Annual Meetings in Côte d’Ivoire virtually, due to COVID-19 restrictions.

Adesina’s re-election was mired in controversy after he was charged with alleged ethical violations.

However, after repeated investigations, the former Nigerian Agriculture Minister was cleared of all charges levelled against him, paving the way for his re-election.

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Adesina is the first Nigerian to hold the post of the bank’s President.

The AfDB, founded in 1964, is geared towards spurring “sustainable economic development and social progress” among member African countries.

Nigeria is the AfDB’s largest shareholder with 16.8 percent of rights, while Germany and the United States own 7.4 percent and 5.5 percent respectively.

AfDB president, Akinwumi Adesina

A Sense Of Duty And Commitment
On Wednesday, Adesina had made a case for his re-election to the AfDB’s Board of Governors, noting that he wanted to fulfil “his sense of duty and commitment.”

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“Five years ago, right here in Abidjan, you elected me president of the African Development Bank. It was a huge responsibility to shoulder. I promised that I would work tirelessly to accelerate Africa’s development. My vision, focused on the High 5 priorities, was my commitment, my promise, my compass,” Adesina said during a virtual session at the start of the Bank’s 2020 Annual Meetings.

“Time has passed so quickly,” he added, citing the Bank’s achievements in the five years of his presidency.

Some 18 million additional people now have access to electricity, 141 million people have received more advanced agricultural technology to improve food security, 15 million people have access to financing, 101 million now have access to improved transport, and 60 million people have gained access to water and sanitation, Adesina argued.

“Dear Governors, these Annual Meetings are my opportunity to offer you my services and seek a second term as President of the African Development Bank,” he said. “I do so with humility. I do so with an acute sense of duty and commitment. I do so to serve Africa and our Bank.”


#Newsworthy…

AfDB: Former Liberian president Ellen Sirleaf congratulates Adesina

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A former Liberian President, Ellen Sirleaf is the latest in the list of those congratulating the President of the African Development Bank (AfDB), Dr Akinwunmi Adesina after he was cleared of corruption allegations levelled against him by an anonymous group.

Sirleaf said the declaration of Adesina as innocent, came as expected, according to a tweet on her official handle, Thursday night.

“We rejoice that, as expected, AfDB President Akinwumi Adesina has been declared fully innocent of all accusations by the Independent Panel headed by Mary Robinson,” the former Liberian leader said.

Earlier in the week, President Muhammadu Buhari had in his message to the AfDB chief, said Adesina’s exoneration is further validation of his competence and integrity to lead the institution.

The Nigerian leader said the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period and serve as an impetus for more diligence in handling responsibilities while fuelling the zeal to deliver on the promises of a greater Africa.

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Cleared Of Corruption Charges

An independent panel of experts, headed by former Irish president Mary Robinson, on Monday completely cleared Adesina of all charges in an investigation that has spanned seven months.

A file photo of President Buhari (right) and AfDB president, Adesina.

The panel of three experts also had the Gambia’s Chief Justice Hassan Jallow and the World Bank’s integrity vice president Leonard McCarthy as members.

Dr Adesina became the first Nigerian to helm the AfDB in 2015 — but a 15-page report in January claimed that under his watch the bank had been tarred by poor governance, impunity, personal enrichment, and favouritism.

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In May, the Ethics Committee of the Board of Directors of the African Development Bank (AfDB), charged with investigating the charges cleared Adesina.

But the United States, which is one of the bank’s biggest shareholders, demanded an independent investigation into the allegations.

The outcome of that investigation was the same – Adesina was exonerated.

“The Panel concurs with the Committee in its findings in respect of all the allegations against the President and finds that they were properly considered and dismissed by the Committee,” Monday’s report concluded.


#Newsworthy…

AfDB boss, Adesina gets Buhari’s congratulatory message

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President Muhammadu Buhari has congratulated the President of the African Development Bank (AfDB), Dr Akinwunmi Adesina after he was cleared of all corruption allegations levelled against him by an anonymous group.

His exoneration, the President said, is further validation of his competence and integrity to lead the institution.

According to a statement by the Special Adviser on Media and Publicity to the President, Femi Adesina, President Buhari called on Dr. Adesina to remain steadfast as he continues to lead the institution.

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Apart from Dr. Adesina, the President also hailed AfDB’s Board of Directors, the Ethics Committee and members of staff for their courage, maturity and patience in following through the process of investigations, and acceptance of the report of independent experts, which reviewed the Report of Ethics Committee of AfDB, and Dr Adesina’s response.

Also, the President commended the eminent personalities, consisting of Mary Robinson, Justice Hassan B. Jallow, and Leonard F. McCarthy, who handled the review of the report of the Ethics Committee, and their professionalism in rejecting support services, and providing a unanimous report.

President of the African Development Bank (AfDB), Dr Akinwunmi Adesina

He believes that the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period and serve as an impetus for more diligence in handling responsibilities while fuelling the zeal to deliver on the promises of a greater Africa.

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Adesina Cleared Of Corruption Allegations

An independent panel of experts, headed by former Irish president Mary Robinson, on Monday completely cleared Adesina of all charges in an investigation that has spanned seven months.

The panel of three experts also had the Gambia’s Chief Justice Hassan Jallow and the World Bank’s integrity vice president Leonard McCarthy as members.

Dr Adesina became the first Nigerian to helm the AfDB in 2015 — but a 15-page report in January claimed that under his watch the bank had been tarred by poor governance, impunity, personal enrichment, and favouritism.

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In May, the Ethics Committee of the Board of Directors of the African Development Bank (AfDB), charged with investigating the charges cleared Adesina.

File Photo of Dr. Akinwunmi Adesina, and President Muhammadu Buhari at the Presidential Villa in Abuja

But the United States, which is one of the bank’s biggest shareholders, demanded an independent investigation into the allegations.

The outcome of that investigation was the same – Adesina was exonerated.

“The Panel concurs with the Committee in its findings in respect of all the allegations against the President and finds that they were properly considered and dismissed by the Committee,” Monday’s report concluded.


#Newsworthy…

Just in: AfDB chief ‘cleared’ of corruption charge

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An independent panel of experts, headed by former Irish president Mary Robinson, has cleared the beleaguered leader of the African Bank of Development (AfDB) of corruption, according to a report obtained by AFP.

Akinwumi Adesina, 60, a charismatic speaker known for his elegant suits and bow ties, became the first Nigerian to helm the AfDB in 2015 — but a 15-page report earlier this year claimed that under his watch the bank had been tarred by poor governance, impunity, personal enrichment and favouritism.

The panel of three experts, led by Robinson alongside Gambia’s Chief Justice Hassan Jallow and the World Bank’s integrity vice president Leonard McCarthy, cleared Adesina of all charges alleged by whistleblowers.

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“The Panel concurs with the Committee in its findings in respect of all the allegations against the President and finds that they were properly considered and dismissed by the Committee,” Monday’s report concluded.

The African banking institution and Adesina — who is the sole candidate for the bank’s August’s presidential elections — has been battered by the rollercoaster of allegations after the whistleblowers’ complaints were leaked to the media in April.

The former Finance Minister had always stated he was “innocent” of the charges.

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Robinson — who led Ireland from 1990 to 1997 before serving as the United Nations High Commissioner for Human Rights until 2002 — dismissed the 16 whistleblower allegations against Adesina.

The panel did not investigate the charges themselves, as that was not within their mandate.

The AfDB plays an important if the largely behind-the-scenes role in African economies, financing projects in agriculture, health, energy, education, transport and other development sectors.


#Newsworthy…

COVID-19: AfDB approves $138m for Madagascar, others

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The African Development Bank (AfDB) has approved $138 million as COVID-19 response support for Malawi, Madagascar, Mozambique and Sao Tome and Principe.

According to the AfDB in a tweet on its official handle, the money will help finance the national actions of the four countries in combating the impact of the pandemic.

“African Development Fund approves $138 million COVID-19 response support for Malawi, Madagascar, Mozambique and São Tomé and Príncipe,” the agency said.

“The package will help finance the national actions of the four countries in mitigating the impact of the pandemic.”

Tweet link

“Under the package, known as the Multi-Country COVID-19 Response Support Program (MCRSP), Malawi will receive a concessional loan of UA17.87 million and a grant of UA15.03 million; Madagascar, a concessional loan of UA30 million; Mozambique, a combined grant of UA30 million; and São Tomé & Príncipe, a grant of UA7.5 million,” the AfDB explained in a blog post on its website.

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“The programme is financed through African Development Fund resources, the concessional window targeting low income countries, and was made possible by the robust backing of Bank shareholders to its 15th replenishment, which came into effect this month.”

Dr Josephine Ngure, Bank Acting Director General for Southern Africa was quoted as saying on the AfDB’s website that “We are delighted with the approval of this crucial cash injection to support the COVID response plans in Madagascar.

“Mozambique, Malawi and Sao Tome. During this unprecedented challenge, it is essential that Governments in the region act in a coordinated manner to protect the most vulnerable in society and set the foundation for a speedy post-pandemic recovery.”


#Newsworthy…

AfDB vice president resign amid Adesina’s proposed ‘Probe’

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The Vice President for Agriculture, the Human and Social Development at the African Development Bank (AfDB), Dr. Jennifer Blanke, has resigned her position.

The bank’s Communications and External Relations Department made this known in a statement yesterday, saying Blanke’s resignation would take effect July 4, 2020.

She was quoted as saying: “I am leaving purely for family reasons to rejoin my family in Switzerland, after a very fulfilling time at the bank. I will miss the bank and the excellent team we have built. I will continue to strongly support the bank from wherever I am.

“I thank President Akinwumi Adesina for his strong leadership, guidance, and support which have undoubtedly motivated and helped my team and me to play a key role in the transformation of the bank. I feel privileged to have been given an opportunity to contribute to the bank’s agenda for accelerating Africa’s social and economic transformation.”

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AfDB President, Dr. Akinwumi Adesina, expressed delight to have worked with Blanke over the past three years.

“She has demonstrated genuine leadership skills and moved the needles on so many fronts, especially in the areas of food security, women’s financial empowerment, and job creations. I wish her all the best and look forward to continued partnerships and engagement with Jennifer,” Adesina said.

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The AfDB boss wished her all the best and looked forward to continued partnership and engagement with her.

Blanke joined the bank in early 2017 and has overseen a number of its programmes, according to the statement.


#Newsworthy…

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AfDB succumb – Set to allow Adesina’s probe.

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The African Development Bank has agreed to a private probe of its president, Akinwumi Adesina, even after an internal review found no evidence of misconduct.

AfDB’s decision comes as the outcome of a meeting by its Bureau of Board of Directors on Thursday.

The agreement to privately review Adesina’s conduct comes on the heels of a call by the United States, pressing for an independent probe into charges by whistleblowers.

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These charges which had been declared as unfounded by an internal inquiry, include alleged embezzlement and favoritism under Adesina’s watch, a situation which puts some pressure on the bank’s president who is bidding for a second five-year term.

Some African leaders have pledged to support Adesina, and have kicked against the probe, saying that the call negates the ethics of the AfDB.

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However, at the end of its meeting on Thursday, the Bureau of Board of Governors issued a communique, agreeing with the U.S and authorizing an independent review of the ethics committee’s report.

The communique, signed by the Chairperson of the Bureau of the Boards of Governors, Niale Kaba, reads as follows:

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“The Bureau reiterates that it agrees that the Ethics Committee of the Boards of
Directors performed its role on this matter in accordance with the applicable rule under Resolution B/BG/2008/11 of the Board of Governors.

“The Bureau also reiterates that the Chairperson of the Bureau of the Board of
Governors performed her role in accepting the findings of the Ethics Committee in accordance with the said Resolution.

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“However, based on the views of some Governors on the matter and the need to carry every Governor along in resolving it, the Bureau agrees to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations considered by the Ethics Committee and the submissions made by the President of the Bank Group thereto in the interest of due process.

“The Independent Review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank Group’s electoral calendar into account.

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“The Bureau agrees that, within a three to six month period and following the independent review of the Ethics Committee Report, an independent comprehensive review of the implementation of the Bank Group’s Whistle-Blowing and Complaints Handling Policy should be conducted with a view to ensuring that the Policy is properly implemented, and revising it where necessary, to avoid situations of this nature in the future.”

Adesina is yet to make any comment as regards the latest development, however, he has at other times denied that he partook of any corrupt practice.

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The AfDB President in a recent press statement described the allegations as “unprecedented attempts” by some to tarnish his reputation.

He declared that he will continue to work with each and every one of the bank’s shareholders.

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“I maintain my innocence with regard to trumped-up allegations that unjustly seek to impugn my honour and integrity, as well as the reputation of the African Development Bank,” Adesina said.

The AfDB’s latest position on the matter can be download below.


#Newsworthy…

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Jonathan, Obasanjo, Other attack US on AfDB presidency probe request


Former Presidents Olusegun Obasanjo, Goodluck Jonathan, among other ex-leaders have backed Adesina Akinwumi, the President of African Development Bank (AfDB).

The United States had called for his fresh probe despite his clearance by the Ethics Committee.

Adesina, Nigeria’s former Minister of Agriculture, had since denied all allegations against him.

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In their joint statement gathered by NobleReporters from Obasanjo’s spokesman, Kehinde Akinyemi, they said Africa is facing unprecedented challenge with the COVID-19 and that all hands must be on deck to tackle the pandemic.

The former leaders said Adesina has been doing a remarkable job in steering the organization.

They recalled that the Bank announced a $10 billion crisis response facility to support countries in Africa.

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The ex-presidents noted that AfDB successfully launched a $3 billion “Fight COVID-19 social bond, the largest ever US dollar-denominated bond in world history.

“Powered by his vision and leadership, the shareholders of the Bank from 80 countries, all approved a general capital increase of $115 billion for the Bank, the largest in its history since establishment in 1964. The Bank has been doing a lot for women, with a $3 billion fund to provide access of finance to women, supported by G7 countries and Africa”, they said.

The leaders said across the continent, the Bank’s presence and work have been highly visible and impactful.

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According to them, 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, improve transport and access to water and sanitation.

They noted that AfDB has maintained its stellar AAA rating among all global rating agencies and that the shareholders have all played very important roles in supporting the Bank to achieve these impressive results.

The leaders said Adesina, “who some whistleblowers alleged to have violated the Banks’ Code of Ethics, has firmly and consistently declared his innocence of these allegations”.

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The statement stressed that governance is all about respecting and abiding by rules, laws and established governing systems of organizations.

“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.”

They described AfDB as pride for all of Africa, and that Adesina has taken the Bank to enviable heights.

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The former leaders added that Africa is battling with COVID-19 and that the Bank and its President should not be distracted.

Ex-presidents who signed that the statement were Olusegun Obasanjo, Goodluck Jonathan, Boni Yayi, Hailemariam Desalegn, John Kufour, Joyce Banda, Joaquim Chissano, Tandja Mamadou, Mohamed Marzouki, Benjamin Mkapa, Ameenah Gurib-Fakin, Rupiah Banda, Kgalema Motlan and Jakaya Kikwete.


#Newsworthy…

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Presidency, AfDB kick as US demand probe.


Akinwumi Adesina, President of African Development Bank (AfDB), says he is innocent of allegations of corruption against him.

The former Minister of Agriculture in Nigeria said this in a statement he signed on Wednesday.

The United States Department of Treasury had called for an independent corruption probe of Adesina after he was cleared by the bank’s ethics committee.

Adesina noted that he was overwhelmed by the tremendous support received from around the world.

The president reiterated his absolute confidence in the integrity of the AfDB, its governance systems, rules and procedures.

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Appreciating shareholders’ support, Adesina said he remained positive that ultimately, the bank will emerge stronger than before and continue to support Africa’s development drive.”

Adesina disclosed that he draws great inspiration from his heroes, Nelson Mandela and Kofi Anan whose lives showed that people grow through pain.

“I am confident that fair, transparent and just processes that respect the rules, procedures and governance systems of the bank, and the rule of law, will ultimately prove that I have not violated the code of ethics of this extraordinary institution.”

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He assured that he will continue to work with all shareholders to ensure that AfDB maintains its global reputation and that its credible institutional and governance systems are reinforced.

The finance expert added that he would continue to work collectively with other stakeholders to fulfil the mission of the bank’s founders to accelerate and transform Africa’s development.


#Newsworthy…

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AfDB – Africa has no business borrowing, with $1.8trn pension, sovereign funds


The President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, said on Tuesday that, with Africa’s $1.8 trillion in pension and sovereign wealth assets, the continent has no business borrowing from overseas sources to fund its projects.

According to him, investing in other countries’ sovereign wealth funds and going back to borrow “your own money” does not make a lot of sense. N.Rs learnt


The AfDB President, who met with Nigerian President Muhammadu Buhari at the Presidential Villa, Abuja, to discuss security issues as well as how to address the country’s infrastructure gaps, among other matters, advised governments on the continent to invest the $1.8 trillion in pension and sovereign wealth assets on the development of infrastructure in Africa.

He noted that Africa has an infrastructure gap of $68 billion to $108 billion which could be adequately addressed by utilising the $1.8 trillion accrued pension and sovereign wealth funds.


Adesina, a former Minister of Agriculture, reiterated the need for African leaders to invest in infrastructure development.

According to him, doing so would be a case of “charity begins at home,” instead of going elsewhere to seek funds for development.


The AfDB head explained that with good infrastructure, Africa would be better positioned to compete favourably with trading partners from other continents.

“Today, Africa has an infrastructure gap of about roughly $68 billion to $108 billion infrastructure financing gap. At the AfDB, we have been working so hard to close that particular gap,” Adesina stated.


“When it comes to the issue of attracting capital to do that, there are three things that I will say; first, we have to also look at home. Today, in Africa, the size of the sovereign wealth fund and pension fund and insurance pull of fund (mutual funds) is about $1.8 trillion.

“If we can just tap a little part of that, we will close very quickly the infrastructure gap that we are talking about. But, you see a lot of sovereign investment funds being invested in other sovereigns outside the continent.


“So, they become the sovereign wealth of others and then you go back and borrow back your own money; it doesn’t really make a lot of sense. I say that charity always begins at home.”

The AfDB President assured that the Bank would continue to support development on the continent, especially now that its shareholders had strengthened it with $115 billion.


Speaking on the proposed single currency for the Economic Community of West Africa sub-region, the Eco, Adesina described it as a good development for West African countries.

He noted that with the African Continental Free Trade Area Agreement (AfCFTA)coming on board, a common currency for the sub-region means it would be better placed to compete with the rest of Africa.


“I support the Eco fully,” he said, adding that the AfCTA is “the biggest thing to happen to Africa.

“That free trade area itself is worth over $3.3 trillion in terms of trade. Obviously, it’s not optimum to trade in so many currencies.

Dr Akinwunmi Adesina (Left) Muhammadu Buhari (Right)


“So, it makes common sense to have a unified currency… I support Eco greatly. I think it’s a great idea…

“But, obviously, there are a number of convergence criteria that will have to be met and I am sure that our President is talking with other presidents to be sure that they can meet those criteria and the region can be fully integrated,” he said.


#Newsworthy…

AfDB: FG set to secure $500m fund for technology innovation.

…ensuring credit access to 10 million

The Federal Government has initiated moves to secure a $500 million African Development Bank (AfDB) fund for technology innovation, the Minister for Industry, Trade and Investment, Mr Richard Adebayo, has said.

Speaking in an opening address at the 11th meeting of the National Council on Industry, Trade and Investment in Uyo on Monday, the Minister said the government would also work towards the realisation of one agro processing zone in each senatorial district to encourage farmers in the country.

He expressed government’s commitment to ensuring credit access to 10 million Micro, Small and Medium Enterprises (MSMEs), at single digit interest rate and to fully activate the private sector in six special zones in Lekki, Enyimba, Funtua, Ibom, Kano and Benue.

Adebayo explained that the policies were meant to boost the Federal Government’s strategy towards taking 100 million Nigerians out of poverty over the next 10 years. He said that the ministry had already initiated and implemented the One Local Government One product Programme expected to generate over 4,900 new jobs and had established three facilities to help revamp MSMEs in Sokoto, Aba and Minna. “The National Enterprises Development Programme being implemented is generating 1,000,000 jobs annually.

#Newsworthy…