This archive report was first published on 5 June 2020.
Published on June 5, 2020, the African Development Bank's board of governors has launched an independent inquiry into allegations of embezzlement and preferential treatment against its president Akinwumi Adesina.
Adesina, a former Nigerian minister for agriculture, is seeking re-election in August. The investigation follows calls for a probe by Washington and must wrap up within a maximum of four weeks as the institution prepares to elect a new head.
Whistleblowers submitted a 15-page report to the bank's governors in April detailing alleged embezzlement, preferential treatment for fellow Nigerians in senior appointments, and the promotion of people suspected or convicted of fraud and corruption.
Adesina has been a key figure in the bank's success, including a $115 billion capital raise in October 2019, which earned him a personal success. The bank is one of the world's five major multilateral development banks and has a Triple-A rating by credit rating agencies.
Nigeria, the bank's biggest shareholder, has expressed its support for Adesina, with President Muhammadu Buhari stating that the country will stand solidly behind him in his bid to remain at the helm of the bank.
