United States Treasury Secretary, Mr. Steven Mnuchin, has canvassed an independent investigation into allegations of wrongdoing against the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, despite Adesina's clearance by the ethics committee of the bank.
The ethics committee headed by a Japanese Executive Director of the bank, Mr. Takuji Yano, had cleared Adesina of all allegations of impropriety and fraud levelled against him by a group that described itself as concerned staff of the bank.
Bloomberg reported that in a letter dated May 22, 2020, and addressed to the Chairperson of the bank's Board of Governors, Ms. Niale Kaba, the US Treasury Secretary said the Treasury disagreed with findings by the bank's ethics committee that "totally exonerated" Adesina.
"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 that the AfDB's president has broad support, confidence, and a clear mandate from shareholders," Mnuchin said.
US criticism of the bank's internal processes follows comments by World Bank President, Mr. David Malpass, in February, that multilateral lenders, including the AfDB, tend to provide loans too quickly, and, in the process, add to African nations' debt problems.
