This archive report was first published on 5 June 2020.
On Thursday, the African Development Bank launched an independent inquiry into allegations of embezzlement and preferential treatment against its President Akinwumi Adesina, who 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.
Adesina, a former Nigerian minister for agriculture, has been at the helm of the bank since 2015, making him the first Nigerian to lead the 56-year-old AfDB, one of the world's five major multilateral development banks.
Nigeria, the bank's biggest shareholder, has made little secret of its support for Adesina, with President Muhammadu Buhari recently telling him that the country 'will stand solidly behind' him in his bid to remain at the helm of the bank.
Adesina has repeatedly denied the allegations, insisting that they are trumped up and that the US call for a new probe is against the bank's rules.
Despite the allegations, the AfDB has continued to thrive under Adesina's leadership, raising $115 billion in fresh capital in October 2019, an operation deemed a personal success for the President.
The bank is the only African institution with a Triple-A rating by credit rating agencies.
Published on June 5, 2020, by Kenya Insights.
