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U.S. Insists on Fresh Investigation into Allegations Against AfDB’s Adesina

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6 years ago

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Despite being cleared of all allegations of impropriety and fraud by a board of directors, the President of the African Development Bank (AfDB), Akinwumi Adesina, still has another big hurdle to cross in his bid for re-election into office.

The United States government has demanded that a fresh and in-depth investigation be conducted into the allegations against Mr Adesina using an independent investigator.

On May 5, the ethics committee of the board of directors of the continental bank, headed by Takuji Yano, said in its report that Mr Adesina was not guilty on all counts.

Mr Yano is a Japanese executive director charged with the responsibility of investigating allegations by some concerned employees against the official.

The committee described the allegations that he (Mr Adesina) violated the code of conduct of the institution as “spurious and unfounded”.

In its petition, the concerned staff accused Mr Adesina of 20 breaches of the bank’s code of conduct, including “unethical conduct, private gain, an impediment to efficiency, preferential treatment, and involvement in political activities.”

The group, which noted their allegations were in line with AfDB’s whistle-blowing policy, said these activities adversely affected the confidence and integrity of the bank.

Jeune Afrique, which said in a report that it saw the board’s letter that exonerated Mr Adesina, quoted the chair of the board of governors, Niale Kaba, as saying the committee proposed “to adopt the conclusions of the investigation” after due consultations.

Regardless, the United States government expressed “deep reservations about the integrity of the committee’s process” and called for a fresh “in-depth investigation of the allegations.”

In a letter dated May 22, 2020 to Ms Kaba, the U.S. government, through the Secretary, Department of Treasury in Washington, D.C., faulted the decision of the committee to totally exonerate Mr Adesina of all allegations, saying it was not yet time to make such a declaration.

Excerpts of the letter signed by Steven Mnuchin is reproduced below:

“We have deep reservations about the integrity of the Committee’s process. Instead, we urge you to initiate an in-depth investigation of the allegations using the services of an independent outside investigator of high professional standing.

“We emphasise that undertaking an independent evaluation of facts, at any stage, is not at odds with a presumption of innocence.

“The allegations set out in the whistleblowers’ complaints submitted on January 19, 2020 raised significant issues that all relevant governing bodies of the Bank must handle with the utmost care, using all tools available to them.

“Had the Ethics Committee undertaken a proper preliminary examination that was in line with the Board of Governors Resolution B/BG/2008/11, standard practices at other international financial institutions, and the Bank’s own rules and procedures, it would have reviewed available facts that could be gathered by external counsel and found in internal Bank records.

“We fear that wholesale dismissal of all allegations without appropriate investigation will tarnish the reputation of this institution as one that does not uphold high standards of ethics and governance.

“This is a serious risk when we need strong confidence in the AfDB to play an influential role in the current global economic and health crisis, and when many shareholders are seeking legislative support for payments under the recently-concluded General Capital Increase.

“Therefore, the United States cannot support dismissing the allegations at this stage. We believe the Board of Governors must demonstrate that this institution takes governance, anti-corruption, and transparency seriously.

“We thus request that you take steps to initiate an impartial, independent investigation into these allegations. Whatever the outcome, the AfDB will emerge stronger for having taken seriously its obligations to uphold good governance.

“The United States sincerely wishes the AfDB to remain a high-quality institution with the capability to address the needs of the African continent, particularly at this critical time.

“Considering the scope, seriousness, and detail of these allegations against the sole candidate for Bank leadership over the next five years, we believe that further inquiry is necessary to ensure the AfDB’s President has broad support, confidence, and a clear mandate from shareholders.”

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UK PM Burnham Unveils 10-Year Plan, Begins Cabinet Overhaul

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17 hours ago

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July 21, 2026

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The new British Prime Minister, Andy Burnham, on Monday, unveiled a 10-year plan to tackle the country’s economic and social challenges as he began reshaping his government, with Chancellor Rachel Reeves among senior ministers leaving the Cabinet.

In his first speech outside 10 Downing Street, Burnham said his government would introduce measures to ease the cost-of-living crisis, end rough sleeping, build more council homes and devolve more powers away from Westminster.

“This moment will be a circuit breaker for Britain,” Burnham said, adding that details of the government’s cost-of-living package and how it would be funded would be announced from Tuesday.

According to the BBC, Reeves announced on X that she was stepping down as Chancellor of the Exchequer, describing it as “the privilege of my life” to have served in the role. The broadcaster reported that Burnham had offered her another senior cabinet position, but she declined.

The cabinet reshuffle also saw Foreign Secretary, David Lammy, Housing Secretary, Steve Reed and Business Secretary, Peter Kyle leave government as Burnham assembled his own team.

Speaking to reporters after his Downing Street address, Burnham said he would examine the tax-free personal allowance ahead of his first Budget in the autumn but acknowledged that raising the threshold would have significant fiscal implications.

He also pledged to reform England’s social care system, saying he did not want to leave office without fixing a problem that had persisted for decades, while reaffirming his commitment to existing fiscal rules.

The BBC also reported that Burnham held his first conversation with a foreign leader after taking office, speaking with U.S. President Donald Trump.

The resignation of the outgoing Prime Minister Keir Starmer saying he was leaving office “with good grace” and “a smile.”

Burnham is expected to continue announcing appointments to his new Cabinet as his administration takes shape, according to the BBC.

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Finance Minister Oyedele Defends Nigeria’s Rising Debt

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17 hours ago

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July 21, 2026

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has clarified the sharp increase in Nigeria’s public debt.

Speaking before the Senate Committee on Finance on the state of the nation’s economy on Monday, Oyedele attributed the increase to naira depreciation and accounting adjustments rather than fresh borrowing by the Bola Tinubu administration.

Oyedele was responding to questions from the senator representing Kebbi Central, Adamu Aliero, over claims that the current administration had borrowed about N80 trillion in addition to the N75 trillion public debt it inherited.

According to the minister, comparing the country’s debt stock at the start of the administration with the current figure without accounting for exchange rate movements created a misleading impression.

“When this administration came into office, public debt was around N75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.

“However, it is important to note that, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in Naira. That accounting adjustment alone added more than N40 trillion to the public debt figure,” he said.

He added that the securitisation of the Ways and Means advances inherited from the previous administration also contributed significantly to the increase in the debt stock.

The minister further said that much of the government’s domestic borrowing was used to refinance existing debt rather than accumulate new obligations.

According to him, the Tinubu administration had adopted a prudent borrowing strategy focused on infrastructure and long-term economic growth.

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ADC Tells Tinubu to Resign As World Bank Reveals 139million Nigerians Live in Poverty

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2 days ago

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July 20, 2026

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The African Democratic Congress (ADC) on Saturday asked President Bola Ahmed Tinubu to resign rather than seek re-election, asserting that the World Bank’s recent report showing that 139 million Nigerians live below the poverty line is his scorecard.

The ADC, in a statement by its spokesperson, Bolaji Abdullahi, said the World Bank’s report, which also estimated that 17 million Nigerians are at risk of starvation, was “disturbing.”

“The evidence of 139 million people living in poverty and 17 million at risk of starvation is President Tinubu’s scorecard,” the party said. “On account of this catastrophic failure alone, President Tinubu should be contemplating resigning from office rather than seeking re-election.”

It decried that the “catastrophic” situation was occasioned by the Tinubu administration’s policies, which it said, “have favoured money over people and statistics over survival.”

The opposition party maintained that the economic growth Mr Tinubu’s government has repeatedly boasted of as a result of its economic reforms is “meaningless” if the livelihoods of people at the grassroots have yet to improve since 2023, when he assumed office.

“Instead of changing course, the government has stubbornly stuck with its ruinous economic policies and even continues to market recklessness as courage and wickedness as ‘necessary pains.’

“However, three years down the line, it is now clear that the chicken has come home to roost,” the ADC said.

According to the party, Nigeria desperately needs a leader who truly cares about citizens’ well-being and understands that economic reforms should improve citizens’ lives, not worsen their misery.

“A president whose government is not openly feasting while asking the people to continue fasting. A government that does not wallow in profligacy while handing the people palliatives,” it added.

The party condemned the ruling APC’s social intervention programmes aimed at cushioning the effects of its economic policies, adding, “Poverty cannot be defeated through palliatives.”

The ADC pledged that if elected in 2027, it would tackle the root causes of hunger by reducing energy costs, enhancing food production, and ensuring that farmers returned to their farmlands.

It also vowed to rehabilitate the 264 abandoned dams, improve access to fertilisers and quality seeds, and invest in storage facilities.

According to the party, transportation, waste, and food prices would be reduced while creating productive jobs.

“Hunger cannot be separated from poverty, education, or healthcare. That is why an ADC government will prioritise nutrition, primary healthcare, quality basic education, and skills development because no nation can build a prosperous economy while millions of its children are hungry, out of school, or cannot read simple texts,” the party said.

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