Nigerian Economist Akinumwi Adesina re-elected President of AfDB Bank

NIGERIA – Nigerian Economist, Dr. Akinwumi A. Adesina has been re-elected to serve a second five-year term as President of the African Development Bank Group by the Board of Governors of the Bank.

Adesina, 58, is a distinguished development economist and agricultural development expert with 25 years of international experience and is the first Nigerian to serve as President of the Bank Group.

A statement from AfDB revealed that Adesina who was first elected as President of the Bank will begin his new 5-year term on September 1, 2020.

AfDB explained that the election result, gave Adesina (a World Food Prize Laureate and Sunhak Peace Prize Laureate) a hundred percent of votes of all regional and non-regional members of the Bank.

The election took place on the final day of the 2020 Annual Meetings of the African Development Bank Group, which was held virtually for the first time in the Bank’s history.

Chair of AfDB’s Board of Governors, Minister Niale Kaba, said, “I am delighted that the Board of Governors have re-elected Dr. Adesina for a second term in office as President.”

She further noted that, “as shareholders, we strongly support the Bank and will give him all the necessary support to carry forward and implement his compelling vision for the Bank over the next five years.”

Prior to his appointment as AfDB President, Adesina served as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015.

While Minister for Agriculture he implemented bold policy reforms in the fertilizer sector and pursued innovative agricultural investment programs to expand opportunities for the private sector.

His tenure as AfDB’s president has been largely successful with the Bank reporting to have impacted the lives of at least 335 million in the continent through impactful projects commission under Adesina’s leadership.

The Bank has also been able to maintain its AAA-ratings by all major global credit rating agencies for five years in a row and was also able to raise its capital from $93 billion to $208 billion, the largest in the history of the Bank.

His intergrity was however put into question towards the end of his first term when a group of whistle blower levelled corruption against him.

Adesina was however cleared of all corruption allegations by the Banks internal ethics committee and by an independent external review.

This was a great boost for Adesina’s integrity and public image, clearing him for re-election as AfDB’s president for a second 5-year term.

In his acceptance speech Adesina said, “I am deeply grateful for the collective trust, strong confidence and support of our shareholders for electing me for a second term as President.”

 “It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself.”

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