THE Heads of State of Economic Community of West African States (ECOWAS) on Saturday reaffirmed their confidence in the leadership of Dr Akinwumi Adesina as the head of the African Development Bank (AfDB).
In a statement on Saturday ECOWAS chairman and President of Niger Republic Mahamadou Issoufou reiterated the collective support of the group for Adesina’s election for a second term as the bank’s president.
The ECOWAS Heads of State and Government noted that the Ethics Committee of the Board of Directors rejected all the allegations against the bank’s president and completely cleared him.
The ECOWAS member countries and their people commended the AfDB for its efforts in building the continent’s economy.
The body said in the past five years of his first term, Adesina’s achievements have been impressive.
It said: “The ECOWAS note that for some time, whistleblowers have been trying to question the management and morality of the President of the AfDB, Dr Akinwumi Adesina. The allegations made relate to alleged unethical behaviour.
“Indeed, the African Development Bank enjoys a recognised credibility, in particular through rating, obtained from most prestigious rating institutions, and has maintained these for several years.
“To further convince you, the bank was awarded a triple A rating for its long-term privileged debt, and a double A + for his subordinated debt by Moody’s, Standard and Poor’s, Fitch and the Japanese Rating Agency. The outlook for all ratings is stable and reflects the strong support of the bank’s shareholders, good capital adequacy, its privileged creditor status and a balanced financial position.
“Better yet, the Heads of State and Government of ECOWAS note that the Ethics Committee of the Board of Directors rejected all the allegations against the President and completely cleared him.
“In their capacity, the member states of ECOWAS and their people commend the actions of the African Development Bank for their efforts in economic and social development.
“They note that the bank has launched several major initiatives for the reconstruction of infrastructure in the regions including, ‘Desert to Power Initiative’ to develop 10,000 megawatts of solar energy. This will provide electricity to 250 million people, railways, ports, airports, irrigation canals and information and communication technologies. The Bank is also working in close collaboration with the ECOWAS Commission on the historic Lagos-Abidjan road, a key project to improve trade in the region.
“ECOWAS notes that following his illustrious predecessors, the eighth elected President, Dr Akinwumi Adesina further strengthened and accelerated the development of the institution.”
AfDB Bureau of Governors exonerates Adesina
The Bureau of the Board of Governors of the African Development Bank (AfDB), made up of Finance Ministers from all 81 shareholding countries, upheld the conclusions of the Ethics Committee of the Board in favour of Mr. Adesina.
Following its June 4th meeting, the Board reiterated its agreement with the Bank’s Ethics Committee report in accordance with the applicable rule under resolution B/BG/2008/11 of the Board of Governors, adding that its Chairperson, Ms. Niale Kaba performed her role in also accepting the findings of the Ethics Committee in accordance with the said resolution.
According to the Board, an Independent reviewer will nonetheless review the process by which the Ethics Committee of the Board and the Bureau of the Board of Governors came to its rulings.
This will be followed closely by an independent and comprehensive review of the Bank’s Whistle-blowing and Complaints Handling Policy.
The Board said that the bank’s whistleblowers in contravention of bank rules, regulations and laws provided not a single piece of evidence compared to 250 pages of official supporting documentation by Adesina.
The whistle-blower policy review is therefore aimed at ensuring that the policy is properly implemented, and revised where necessary to avoid situations of this nature in the future.
In the words of the board, it is to ensure that “something like this never happens again”.
It was gathered that embezzlement was not part of the allegations against Mr .Adesina as earlier reported. (The Nation)
