Wednesday, December 3, 2025
25.4 C
Lagos

US Seeks Probe of AfDB’s President, Adesina over Ethics Allegations

 

The United States of America (USA) through its Department of the Treasury has written to the Board of Governors of the African Development Bank (AfDB) seeking an independent probe into allegations of ethics abuses by its president, Akinwumi Adesina.

According to the AFP, US Treasury Secretary, Steven Mnuchin expressed “deep reservations” about the outcome of an internal inquiry which recently cleared Adesina.

In the letter dated May 22, 2020 and addressed to the chair of the AfDB’s board, Ivorian Planning and Development Minister Niale Kaba, Mnuchin said:

“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 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.”

The allegations against Adesina emanated from whistleblowers’ 15-page report accusing Adesina of embezzlement, preferential treatment for Nigerians in senior appointments and the promotion of people suspected or convicted of fraud and corruption.

However, the bank’s ethics committee conducted an internal inquiry and dismissed the allegations against Adesina on the ground that the complaint “rested on no objective, solid facts.”

In his own reaction, Adesina described the allegations as “spurious and unfounded” and “blatantly false.”

However, in a new letter to Bank Governors, a group of anonymous “concerned staff members of the AfDB” denounced the internal probe that cleared Adesina, saying it was tainted by “irregularities and manipulations.”

spot_img
spot_img
spot_img

Hot this week

SanlamAllianz Nigeria Wins .NG Insurance Website of the Year 2025

SanlamAllianz Nigeria's website/portal, www.sanlamallianz.com.ng, has been adjudged winner of...

Leadway Assurance, AGRA, NADF, Verdure Climate Advance Agric Insurance Solutions

Leadway Assurance, one of Nigeria's leading insurance providers, has...

Stanbic IBTC Bank Celebrates 70 Customers with ₦7m

Stanbic IBTC Bank continues to enhance the financial well-being...

Stanbic IBTC Asset Mgt Clinches Top Honour at Global Banking & Finance Awards

Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC...

Stanbic IBTC Bank PMI: New Orders Rise Sharply as Inflationary Pressures Wane

The introduction of new products helped to boost customer...

Topics

Insurers’ Results Face Volatile Future under IFRS 17

Insurance companies' results have the potential to become more...

Ecobank Nigeria Bags 3 Laurels at DBN Awards 2023

Left:  Chief Operating Officer, Development Bank of Nigeria (DBN);...

MTN, NSE Finalising Deal on Listing

MTN Nigeria and the Nigerian Stock Exchange are currently...

Why Investors Will Buy Fidelity Bank’s Offers–Capital Market Stakeholders

Fidelity Bank Plc started its N127.1 billion combined rights...

EZ37 Solutions to Hold International Conference on Coaching for Sustainable Impact

EZ37 Solutions Limited, a leading human resource and management consulting...

Stanbic IBTC Capital: Best Investment Bank in Nigeria-EMEA Awards 2022

Stanbic IBTC Capital, the investment banking subsidiary of Stanbic...

Intercontinental Bank Plc: Death so Painful

The banking entity was officially proclaimed DEAD by the Central Bank of Nigeria (CBN) in 2009. It was a mysterious and painful demise. But the soul of the bank has refused to Rest-in-Peace. Today, the living dead skeleton of the bank are rumbling in the belly of Access Bank Plc, fueling ghostly imaginations of resurrection or reincarnation. The Early Years Intercontinental Bank Plc was born in 1989 to the family of Dr. Erastus Akingbola. Early in life, the young bank exhibited elements of excellence, profitability and leadership in the banking sector. And when the whistle was blown on Banking Consolidation in 2005, the bank merged seamlessly with three other banking institutions: Equity Bank of Nigeria, Gateway Bank and Global Bank in October of that year. Naturally, the merging process made it bigger in terms of size, branch network, customer base and profitability.

NCC Concludes Workshop on Corporate Governance for Telecom Operators

L–R: Secretary, Nigerian Communications Commission (NCC), Gwa Mohammed; Chief Executive Officer,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img