Akinwunmi Adesina Re-Elected As AFDB President for a Second Term of Five Years

Akinwumi Adesina has been re-elected as President of the Africa Development Bank [AfDB] for a second term of five years.

The election took place electronically at the virtual annual general meeting of the bank on Thursday August 27.

In 2015, Adesina, the son of a farming family, became the first Nigerian to head the bank, one of the world’s five biggest multilateral lenders and an important but often unseen player in economic development.

He gained international recognition last October when the AfDB under his leadership, secured $115 billion (105 billion euros) in funding pledges, a move that doubled its capital and cemented its triple-A credit rating.

His re-election almost suffered a setback after some staff of the bank accused him of breaching 20 of the bank’s code of conduct, including “unethical conduct, private gain, an impediment to efficiency, preferential treatment, and involvement in political activities”.

He denied the allegations and an investigation panel cleared him of all the allegations.