Adesina Hails Onyeama, Says Nigerians Got Global Positions Under His Watch

A photo collage of Akinwumi Adesina and Geoffrey Onyeama.

 

The President of the African Development Bank (AfDB), Akinwumi Adesina, has hailed Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama for what he described as “his remarkable service and leadership.”

Adesina in a post on his official Twitter handle commended the Minister for his outstanding diplomatic relations with other countries.

He lauded the role he played to ensure Nigerians got elected into global positions.

READ ALSO: Gas Sector Holds Key Potential For Nigeria’s Economy, Says Gbajabiamila

“I am so proud of Nigeria’s Foreign Affairs Minister @GeoffreyOnyeama for his remarkable service & leadership. This meek, gentle & humble diplomat is outstanding. Under his watch with the strong support of President @MBuhari, Nigerians got elected into global positions,” the AfDB boss said.

 

 

It will be recalled that Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala during her visit to the Ministry of Foreign Affairs appreciated the ministry for their support in ensuring she won the race for WTO DG.

Okonjo-Iweala appreciated Onyeama for his personal efforts saying he was absolutely amazing.

“You worked night and day along with the Ministry of Trade and Investment and Minister of State for Foreign Affairs. You worked personally to make sure that this happens. I remember calling you so many nights with one complaint or the other or one demand or the other and you kept your cool and were always trying to sort it all out.

“In short, you were absolutely amazing and I want to thank you for your personal attention to this,” the WTO DG told Onyeama.

A list of Nigerian professionals recently got appointments into top government positions in global organisations, as well as the United States and United Kingdom (UK).

This includes the appointment of Ngozi Okonjo-Iweala as the first female and first African director-general of the WTO and the re-election of Adesina in 2020 as AfDB president.

In 2019, Boris Johnson, British prime minister, named Kemi Badenoch a minister in his cabinet, and in November 2020, United States President Joe Biden appointed Adewale Adeyemo as deputy secretary of the treasury department.

Wednesday Update: Boko Haram Strikes Maiduguri, Adesina Redefines Restructuring

Good morning.

We are leading with a deadly attack on Maiduguri, a peace mission by State Governors to Niger State, and Akinwumi Adesina’s eloquent take on how to restructure Nigeria.


Borno is situated in northeast Nigeria.
A map of Borno, a state in north-east Nigeria.

Boko Haram Attacks Maiduguri

At least 10 persons were killed on Monday after Boko Haram attacked Maiduguri, the Borno State capital.

Residents reported hearing multiple gunshots and explosions in the Gomari area. Later, survivors said rocket launchers had been used in the attack.

The military has deployed gun trucks to the area and air surveillance has since commenced.

The terrorists have not launched an attack in Maiduguri for some time and Monday’s incident may not be unconnected with the military’s sustained onslaught on insurgents in the Sambisa forest and other strongholds.

In the past, such aggressive campaigns by the military have forced the insurgents to regroup, sometimes filtering into the state capital, where they launch attacks on soft targets.

Comment: The attack is a distraction from the ongoing military operation, Dikwa Khalifa, a Professor of socio-linguistics and international relations at the University of Maiduguri said.

Marte:  The Nigerian Army said it has recovered the Borno state town from the grip of Boko Haram terrorists. The Chief of Army Staff, Major-General Ibrahim Attahiru, had on Sunday given the troops a 48-hour ultimatum to effect the recovery.

Service Chiefs: The House of Representatives has confirmed the appointment of the newly appointed military heads. The Senate is also screening the officials.

Senate: Lawmakers at the red chamber have confirmed the nomination of the immediate past service chiefs as non-career ambassadors, despite criticisms in some quarters.


The Chairman of the Nigerian Governors Forum (NGF) and Ekiti State Governor, Mr Kayode Fayemi led a delegation of Governors to Niger State on February 22, 2021.

Governors Visit Niger State

The Nigeria Governors Forum has paid a visit to Minna, the Niger State capital, to sympathise with their colleague, Abubakar Bello.

The Governors are seeking a lasting solution to the state’s recent security woes after 41 students and staff of a secondary school were kidnapped by gunmen in Kagara.

“What we are witnessing is terrorism,” NGF Chairman, Kayode Fayemi, said. “Yes, we may call it banditry, kidnapping; these are the remnants of the actors in the North-East that have found themselves in other parts of the country.

“Our security institutions need to come together. There needs to be better coordination, better sharing of intelligence, and a concerted arrangement and synergy that will enable us to defeat this menace.”

Related: The Governors also paid a visit to former military Presidents, Ibrahim Babangida and Abdulsalami Abubakar, who commented on the country’s security situation.


President of the African Development Bank Group, Dr. Akinwumi Adesina delivered a virtual lecture on Nigerian restructuring on February 23, 2021.
President of the African Development Bank Group, Dr. Akinwumi Adesina delivered a virtual lecture on Nigerian restructuring on February 23, 2021.

Adesina Defines Restructuring

Renowned for his bold ideas, President of the African Development Bank, Akinwumi Adesina has suggested that Nigeria’s restructuring should be based on economics, not politics.

Adesina, who was speaking virtually at a public lecture in Akure, the Ondo State capital, argued that economic and financial viability is necessary for political viability.

He advocated for states to control their resources while paying a federal tax and harped on the need to diversify revenue sources.

Quote: “Instead of a federal government of Nigeria, we could easily think of the United States of Nigeria or the Commonwealth of Nigeria,” Adesina said. “The old would pass away for the new. We would change the relational mindset between the states and Abuja. The fulcrum will be the states, while the centre will support them, not lord over them.”

Related: President Muhammadu Buhari said his administration’s plan to lift 100 million Nigerians out of poverty was not an accident. “We didn’t just bump into this, we believe it is something we can deliver on,” he said.


What else is happening?

Amina Mohammed: The UN Deputy Secretary-General has asked the Federal Government to increase investments in young people as a means to ending the insecurity in the country.

Shasha market: Oyo State Governor, Seyi Makinde, has ordered the market’s reopening after it was shut down due to a violent clash between traders.

Hope Uzodinnma: The Imo State Governor, after meeting with President Buhari on Tuesday, said he invited the military to Orlu to curb a nascent crisis. He also denied any personal involvement in the arrest of his predecessor Rochas Okorocha over a property dispute.

House of Representatives: A bill seeking to allow states the jurisdiction to set their own minimum wage has passed second reading in the blue chamber.

#EndSARS: The Lagos State Judicial Panel has summoned the Inspector-General of Police after a petitioner alleged the police forcefully took over his N800m property in 2013.

Abia State: A police station in Aba came under attack on Tuesday by yet-to-be-identified persons who reportedly carted away arms and ammunition. They also set the station and vehicle in the premises on fire.

Cryptocurrency: Governor of the Central Bank of Nigeria, Godwin Emefiele, appeared before a Senate Committee to defend the bank’s decision to ban all accounts used for cryptocurrency transactions.


And that’s it for this morning. Let’s do this again tomorrow.

AfDB: Adesina Will Not Disappoint Africa, Says Jonathan

Ex-President Goodluck Jonathan                       AfDB President, Akinwumi Adesina

 

 

Former President Goodluck Jonathan has joined other African leaders and financial experts to congratulate the President of the African Development Bank (AfDB), Akinwumi Adesina on his re-election.

The ex-President, who joined virtually, during Adesina’s swearing-in ceremony on Tuesday, said he is confident the AfDB President will not disappoint Africa and the shareholders in the bank.

To Jonathan, Adesina made a lot of achievements within the first five years of his first tenure as the AfDB boss.

While thanking members of the board and shareholders for re-electing him for another five-year tenure, the ex-President recalled that when Adesina served as Minister of Agriculture during his administration, he (Jonathan) knew what he (Adesina) is made of.

He also expressed the confidence that Adesina will perform better when given the mandate to serve for another term in office.

READ ALSO: Akinwumi Adesina Sworn-In For Second Term As AfDB President

“Let me first congratulate Adesina for making history, for the number of achievements he made within the first five years.

“Let me also thank all the shareholders for supporting him. I believe that in his second tenure, he will even do better.

“Dr Adesina worked with me as my Minister for Agriculture and I know what he is made up of. I believe he will not disappoint the shareholders,” he said.

Jonathan’s remarks come after Adesina was sworn-in as the newly re-elected eighth AfDB President for a second term.

The event was attended by Heads of States, Governors, Nigeria’s former Vice President, Atiku Abubakar, and over 200 external stakeholders who joined physically and virtually.

The Chairperson of the AfDB board of Governors and Ghana’s Finance Minister, Kenneth Ofori-Attah, administered the oath of office.

Youth Entrepreneurship Investment Banks Will Unleash Africa’s Potentials – Adesina

 

The African Development Bank (AfDB) has said that the establishment of Youth Entrepreneurship Investment Banks will help to fully unleash youth potentials through technology and entrepreneurship.

This was disclosed by the bank’s re-elected President, Akinwumi Adesina during his inaugural speech on Tuesday.

Dr Adesina maintained that with the bank’s focus on youth development, the shadows of youth unemployment and migration out of Africa will be a thing of the past.

The bank’s chief said that efforts are ongoing to deliver more for women on the continent, with the implementation of the Affirmative Finance Action for Women (AFAWA), to leverage the $3 billion for women and women businesses.

READ ADESINA’S FULL SPEECH BELOW

 

AFRICAN DEVELOPMENT BANK GROUP

INAUGURATION SPEECH

Dr. Akinwumi A. Adesina

September 1, 2020

PROTOCOLS

  • Your Excellency, President Alassane Ouattara, President of the Republic of Côte d’Ivoire
  • Your Excellency, President Muhammadu Buhari, President of the Federal Republic of Nigeria
  • Your Excellencies, Heads of State and Governments
  • Excellencies former Heads of State and Governments
  • Chairperson of the African Union Commission
  • The Former Commonwealth Secretary-General
  • Honorable Niale Kaba, the outgoing Chairperson of the Bureau of Governors of the African Development Bank Group and Minister of National Planning of Côte d’Ivoire— Madam “Quiet Force” or “Force tranquille”
  • The new Chairperson of the Bureau of the Board of Governors, Honorable Ken Ofori Ata, Minister of Finance of Ghana
  • Governors of the African Development Bank, from 81 capitals around the world
  • Members of the Board of Directors of the African Development Bank
  • Honorable Ministers, Heads of Regional Economic Communities
  • Excellencies, Executive Governors of States from Nigeria
  • Heads of diplomatic institutions
  • Members of staff of the African Development Bank
  • My friends and family members,
  • My darling wife, Grace — my rock, my helper, my counselor, my sweetheart, and my children, Rotimi and Segun, Alex, Emily, and our granddaughters, Noemi, and Audra … who was born just 2 days ago!
  • Distinguished ladies and gentlemen, I thank God Almighty for making me able to stand before you today. I give God all the glory for all He has done and continues to do in my life – a life which I have dedicated to Him for selfless service to humanity. And above all, I am grateful for the opportunity to serve Africa passionately, to the very best of my God-given ability.

I stand before you today to speak, but I speak for two people: myself and my darling wife, Grace. For without Grace (Yemisi) I will not be here today. I love you honey — thank you for always standing with me, with prayers, and encouragement. I love you!

  • I would definitely not be here without the extraordinary support of my country, Nigeria, and my President H.E. Muhammadu Buhari.
  • Mr. President, you nominated me, you stood by me, you supported me. Thank you very much, Sir.
  • I am grateful to the Minister of Finance, the Minister of Foreign Affairs, and the entire Government and people of Nigeria who supported me.
  • I would not be here without the strong support of the African Union.
  • I would not be here without the strong support of all African Heads of State and governments, starting with my host President – H.E. President Alassane Ouattara.
  • I would not be here without the strong support of Africa’s retired heads of state and government, led by H.E. President Olusegun Obasanjo.
  • I would not be here without the youth of Africa, the elders of Africa, the women of Africa and the prayers of Africa.
  • I would not be here without the incredible decision of all my governors, shareholders of the Bank, from 81 countries around the world, for getting me here. I stand on their collective pedestal. I stand tall today because of you all … your support, prayers, and good wishes inspired us. We are grateful to you all. Thank you all very much!

Your Excellencies,

Four days ago, on August 27, 2020, I was re-elected as President of the African Development Bank Group. I wish to thank you all for your incredible support and for the mark of confidence you all collectively placed in me. You elected me with 100% of all the votes of regional and non-regional shareholders of the Bank — without any exception. This is unparalleled in the Bank’s 56-year history. And for this, I am exceedingly grateful.

What honor. What confidence. And what affirmation!

You, our shareholders have showcased the African Development Bank’s exceptionally high standards and its commitment to transparency and good corporate governance. I am deeply grateful for your collective trust, confidence, and support. Above all, I am greatly honored — and humbled.

Your Excellencies,

Today, a rainbow stretches from the 81 member countries of the African Development Bank across the deep blue skies of Africa, with one message — the rain is gone. Gone are the dark clouds that held us down.

I stand today, with all humility, as the President elected by all. I will be the President for all.

Your Excellencies, ladies, and gentlemen,

Over the past five years, since you first elected me as President, we have collectively charted a new way forward for Africa; one that has given stronger hope for the continent’s development.

The High5s of the Bank (Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life of the people of Africa) which were developed to accelerate the delivery of the Ten-Year Strategy have been implemented with deliberateness, speed, and rigor.

The High5s have taken hold on the continent and become the keys for accelerating Africa’s development. The UNDP has shown that achieving the High5s would lead to the achievement of 90% of the SDGs and the Agenda 2063 of the African Union.

Your Excellencies,

Over the past five years, the Bank has delivered impressive results on this High 5s:

  • 18 million people with access to electricity
  • 141 million people had access to improved agricultural technologies for food security
  • 15 million people with access to finance from private investments
  • 101 million people with access to improved transport from infrastructure
  • 60 million people with access to water and sanitation

We’ve achieved impressive results. The Bank’s High5 programmes have impacted 335 million people. That’s what the African Development Bank – your Bank – is all about …

‘people impact’.

Our non-sovereign operations for the private sector increased by% from $1.5 billion in 2015 to $ 2.1 billion in 2019, with the highest level of $ 2.5 billion achieved in 2016.

We have been accountable for the climate since COP 21 in Paris. The Bank’s climate financing expanded from 9% when you elected me in 2015 to 36 % by 2019 – an increase of 400%. We’ve now targeted to reach $25 billion in climate finance by 2021.

Through the innovative and groundbreaking Africa Investment Forum in 2018 and 2019, we were able to attract a combined $78.8 billion worth of investment interests into Africa In every country, the Bank’s impacts are felt. We expanded our presence to 44 countries, including across fragile states. Our staff risks their lives to deliver.

And we are delivering more for women with the implementation of the Affirmative Finance Action for Women (AFAWA), to leverage $3 billion for women and women businesses.

We have launched a Gender Equality Trust Fund, the first-ever in the Bank, and are advancing on gender markers for all projects of the Bank. We must continue to strongly support women. When women win, Africa wins!

Your Excellencies, Governors,

Winning for Africa’s development is what you set us up to do!

You the shareholders supported the historic General Capital Increase of the Bank, raising the capital of the Bank from $93 billion to $208 billion. This represents an increase of $115 billion, the highest in the history of the Bank.

As shareholders, you strongly supported a 32% increase in resources for the African Development Fund (ADF) 15th replenishment, to support low-income countries and fragile states. Today, the ADF countries receive 700% larger resources than they did in 2015.

Your Excellencies,

We’ve to deliver value for money for our shareholders. The Bank has the lowest cost among all multilateral development banks.

  • The African Development Fund has also been rated as the 2nd best managed concessional financing institution globally.
  • Over the past five years we have maintained our AAA rating by all three major rating agencies — thanks to your continued extraordinary support as shareholders.
  • The Multilateral Organization Performance Assessment Network, otherwise known as MOPAN, ranked the African Development Bank as number one along with the World Bank.
  • Publish What You Fund ranked the Bank as the fourth most transparent globally.
  • In terms of organizations that people wish to work for in Africa, the Bank’s position as an employer of choice increased from number 82 out of 100 top companies in 2015, to number 4 in 2018 and number 3 in 2019.

Your Excellencies,

We are also a very responsive Bank.

  • As COVID-19 shocks began, the Bank’s Board of Directors approved a $10 billion COVID-19 response facility to address immediate and project investments for countries, especially to contain fiscal meltdowns.
  • We launched a $3 billion social bond on the global market – the largest US dollar-denominated social bond ever in world history.

These actions reflect our ambitions, our unshaken commitment, and unyielding responsibility to support, stabilize, and strengthen African economies.

The COVID-19 pandemic has changed everything globally. It has thrown Africa’s growth back. The continent has lost gains and economic growth that were achieved over the last decade. Africa’s recovery will therefore be long and challenging.

Now, we must help Africa build back boldly, but smartly, paying greater attention to quality growth: especially in the areas of health, climate, and the environment.

As we look to the future, working with the Board of Directors, the Bank will pay increased attention to supporting Africa with quality health care infrastructure and building on its comparative advantage in infrastructure.

The Bank’s infrastructure work will focus on economic infrastructure, quality physical infrastructure, and quality health infrastructure.

COVID-19 opens up new opportunities and a greater sense of urgency to build-up Africa’s manufacturing capacity, industrial development, and critically needed industrial value chains, that must be supported by enabling infrastructure and policies.

Special attention will be given to regional industrial value chains and the strengthening of financial markets in order to expand intra-regional trade and competitiveness, and boost the Africa Continental Free Trade Area.

Your Excellencies, let there be no doubt, the challenges ahead are still many including poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management.

As we look to the future, let me assure you that the Bank will play a greater role in policy dialogues with countries. We will support sustainable debt management, boost green growth, and accelerate the promotion of jobs for youth on the continent.

More than ever before, we will expand partnerships – financial partnerships, knowledge partnerships, and investment partnerships. Stronger inclusive partnerships with civil society, academia, and knowledge centers of excellence.

We will reach out and tilt more global capital towards Africa — joining investment hands across the globe to support the needs of the continent.

The Bank will leverage its brand, its knowledge, and resources to help do more and better for Africa. We will deepen the Africa Investment Forum and make it a critical driver for this bold investment partnership to help move Africa forward.

Your Excellencies,

We will ensure that Africa’s youth potential is fully unleashed. In this regard, the Bank will support the establishment of Youth Entrepreneurship Investment Banks. Banks that will help to mobilize and deploy capital to drive the entrepreneurship of the youth of Africa — in ways that are systemic, scalable and sustainable.

The shadows of youth unemployment and migration out of Africa must give way to a glowing light of successful youth-driven businesses across Africa. Africa’s youth must stay in Africa, develop Africa, and project Africa’s future.

We will build on the great successes we have had in agriculture, by scaling up technologies to reach tens of millions of farmers and supporting Africa to build competitive agricultural value chains. We will add value to what we produce in Africa, and provide creative and high-tech opportunities for massive youth engagement in agriculture and agribusiness.

The future beckons the Bank to be more agile and more selective; to scale up what’s working already and reinforce its own institutional and human capacity.

Our Bank must ensure its own long-term financial sustainability to drive Africa’s growth further, deeper and faster in the years to come. We must realise the dreams of a more prosperous Africa. A healthier Africa. A more resilient Africa. And, a more developed Africa.

Your Excellencies, Governors, distinguished ladies and gentlemen,

When you first elected me five years ago, I had a vision. Five years later, I have yet a vision to build on our collective achievements over the next five years. A vision to build a much stronger and resilient African Development Bank Group with the leadership and capacity to deliver greater quality impacts for the people of Africa, while remaining financially strong and sustainable.

So, our focus will be on ‘Institution’, ‘People’, ‘Delivery, and ‘Sustainability.’ Each of these are encapsulated in the following five areas which combine with the programmatic High 5s to transform the development landscape of Africa.

  • Build a stronger institution
  • Strengthen human capacity
  • Enhance effectiveness
  • Deepen quality and impact
  • Maintain financial sustainability Stronger institution
  • Strengthen institutional capacity
  • Improve Human Resources
  • Build a top-notch IT capacity to enhance effectiveness and productivity in an increasingly digital age
  • Strengthen accountability, oversight and compliance systems
  • Promote a stronger performance culture
  • Strengthening human capacity
  • Preferred employer in Africa
  • Hire and retain top talent
  • Improve staff experiences and value propositions
  • Enhance career development and mobility

Enhanced Effectiveness

  • Improving responsiveness to clients
  • Decentralized decision making
  • More efficient systems and processes
  • Cost effectiveness and value for money

Accelerated Quality and Impacts

  • Quality operations
  • Enhance policy dialogues, knowledge, and debt management
  • Strengthen environmental and social safeguards
  • Accelerate development impacts

Financial Sustainability

  • Stabilize prudential ratios
  • Drive a culture of cost effectiveness
  • Balance development objectives and financial sustainability
  • Optimize the Bank’s balance sheet
  • Leverage global private capital to complement Bank resources
  • Ensure the Bank attains its own intrinsic stand-alone ‘AAA’ rating for long term sustainability

With the strong support of the African Heads of State and Governments, Governors of the Bank, Ministers of Finance, the Board of Directors and staff, we will be ready from today, yet again, to roll up our sleeves and continue our collective work to deliver even greater results on our High5s to: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life of the People of Africa.

The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank.

In our time, Africa must shine like the brightness of the sun.

Together … united, we will achieve this.

So, today, yet again, let us move forward, driven by the power of our mission, inspired by the primacy of our vision and emboldened by the strength of our togetherness.

  • Together — we are stronger
  • Together — we achieve more
  • Together — we become resilient
  • Together — we build a better Bank
  • Together — we win for Africa!

Thank you very much!

God bless you all – and God bless Africa!

AfDB: Adesina’s Re-election Signifies Africa’s Confidence In His Leadership – George Weah

Liberian President, George Weah, speaks during the virtual swearing-in ceremony of Akinwumi Adesina as AfDB President in Cote DÍvore on September 1, 2020.

 

President George Weah of Liberia has congratulated Dr Akinwumi Adesina on his re-election as President of the African Development Bank (AfDB) for a second five-year term.

Speaking virtually during Adesina’s swearing-in ceremony, Weah said that his re-election shows the level of confidence the continent and its leaders have in him and Liberia looks forward to partnering with his leadership.

Describing Adesina’s re-election as historic, the Liberian leader said the AfDB President was able to distinguish himself within the past five years.

“Liberia looks forward to the continuous leadership under your leadership. Dr Adesina my good friend, your re-election signifies Africa and the world’s confidence in your leadership.

“God bless you in your endeavours. All the best, my brother, and congratulations,” the Liberian President said.

READ ALSO: AfDB Will Support Africa With Quality Infrastructure In Healthcare, Manufacturing – Adesina

Adesina made history by becoming the first President of the financial institution to be re-elected for a second term of five years.

Upon assuming office in 2015, he brought several reforms aimed at empowering Africans and Africa on a global sphere with his election taking place electronically for the very first time.

Prior to his re-election on August 27, Adesina was mired in controversy after he was charged with alleged ethical violations.

However, after repeated investigations, the former Nigerian Agriculture Minister was cleared of all charges levelled against him, paving the way for his re-election.

He is the first Nigerian to hold the post of the bank’s President.

The AfDB, founded in 1964, is geared towards spurring “sustainable economic development and social progress” among member African countries.

Nigeria is the AfDB’s largest shareholder with 16.8 percent of rights, while Germany and the United States own 7.4 percent and 5.5 percent respectively.

AfDB Will Support Africa With Quality Infrastructure In Healthcare, Manufacturing – Adesina

 

President of the African Development Bank Group (AfDB), Akinwumi Adesina has promised to give more support to ensure that the continent’s infrastructure gap is reduced by providing quality growth.

Dr Adesina, during his inaugural address after being sworn-in as AfDB President on Tuesday, pledged to expand partnership and tilt more attention to Africa.

The AfDB President, who was re-elected unanimously by the bank’s board of Governors to serve a second five-year term on August 27, said his administration will focus on the institution, people, delivery, and sustainability.

“The COVID-19 pandemic has changed everything globally; it has thrown Africa’s growth back. The continent has lost gains and economic growth that were achieved over the last decade.

“Africa’s recovery will therefore be long and challenging. Now we must help Africa build back boldly but smartly, paying greater attention to quality growth, especially in the areas of health, climate, and the environment.

“As we look into the future, working with the board of Directors, the bank will pay increased attention to supporting Africa with quality healthcare infrastructure and building on its comparative advantage in infrastructure. The bank’s infrastructure work will focus on economic infrastructure, quality physical infrastructure in health,” he added.

READ ALSO: Akinwumi Adesina Sworn-In For Second Term As AfDB President

 

President-elect of the African Development Bank, Dr Akinwumi Adesina, signs documents after taking the oath of office on Tuesday.

 

Dr Adesina also stated that the new opportunities provided by the pandemic will see additional growth trajectory in Africa’s industrialisation drive, alongside the Africa Continental Free Trade Agreement (AfCFTA).

“Covid-19 also opens up new opportunities and a greater sense of urgency to build Africa’s manufacturing capacity, industrial development, and critically-needed industrial value-chains that must be supported by enabling infrastructure and policies.

“Special attention will be given to regional industrial value chains and strengthening of financial markets in order to expand the intraregional trade and competitiveness and to boost Africa Continental Free Trade Area.”

He maintained that the continent still faces a lot of challenges and it is crucial that all the necessary support is received to bridge the gaps caused by the challenges.

“Your Excellency, let there be no doubt the challenges ahead are still many including poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management.

“As we look into the future, let me assure you, the bank will play a greater role in policy dialogue with Countries. We will support sustainable debt management, boost green growth, and accelerate the provision of jobs for youth on our beloved continent,” he stressed.

Akinwumi Adesina Sworn-In For Second Term As AfDB President

 

Dr Akinwumi Adesina has been sworn-in as the newly re-elected eighth President of the African Development Bank (AfDB) for a second term.

The swearing-in ceremony and oath-taking took place on Tuesday and was broadcast virtually.

The event was attended by Heads of States, Governors, Nigeria’s former Vice President, Atiku Abubakar, and over 200 external stakeholders who joined physically and virtually.

The Chairperson of the AfDB board of Governors and Ghana’s Finance Minister, Kenneth Ofori-Attah, administered the oath of office.

READ ALSO: Lagos Govt Commences Reconstruction Of Helicopter Crash Site

President-elect of the African Development Bank, Dr Akinwumi Adesina, giving his inaugural speech after his swearing-in ceremony on Tuesday, September 1, 2020

 

Dr Adesina, Nigeria’s former Minister of Agriculture and Rural Development, was re-elected on August 27 to serve a second five-year term, after a unanimous vote of all Governors, regional and non-regional members of the Bank.

The election which was announced by the former Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire, took place on the last day of the 2020 55th Annual Meetings.

The AfDB President described his re-election as historic, becoming the first President of the bank to be re-elected by 100 percent votes of all its shareholders and the first Nigerian to hold the post.

During his first 5-year term in office, the bank focused on five key development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

The bank, Africa’s premier development finance institution, comprising of 54 regional and 27 non-regional member countries, was able to impact the lives of 335 million Africans.

AfDB Re-election: Adesina To Be Sworn-In On Tuesday

Nigeria’s Akinwumi Adesina has been re-elected as the President of the African Development Bank (AfDB).

 

Re-elected President of the African Development Bank, Dr Akinwumi Adesina, will be sworn-in on Tuesday, September 1, to serve a five-year term.

The ceremony, according to the AfDB in a statement on Monday, will be held virtually at 9am.

Dr Adesina, Nigeria’s former Minister of Agriculture and Rural Development, was re-elected last week after getting a hundred percent 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 multilateral bank held virtually, and the Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire announced his victory, making him the first Nigerian to be elected and re-elected to serve as the bank’s President.

Dr Adesina’s first term in office focused on new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

READ ALSO: Lagos Health Commissioner, Abayomi, Recovers From COVID-19

During his initial 5-year term, the bank was able to impact the lives of 335 million Africans, including 18 million people with access to electricity; 141 million people benefiting from improved agricultural technologies for food security; 15 million people benefiting from access to finance from private investments; 101 million people provided with access to improved transport; and 60 million people gaining access to water and sanitation.

In his speech after the announcement, Dr 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.”

Dr Adesina was able to weather the storm of favouritism, corruption, and other allegations after an independent Review Panel cleared him of any ethical wrongdoings.

The Panel, chaired by a former President of the Republic of Ireland, Mary Robinson, was set up by the Bureau of Governors of the Bank, following a complaint by the United States, to review the process by which two previous organs of the Bank – the Ethics Committee of the Board, and the Bureau of the Board of Governors – had previously exonerated Adesina.

In January this year, Dr Adesina was accused of ethical misconduct by a group of whistle-blowers on 16 allegations, which was reviewed by the Bank’s Ethics Committee of the Board of Directors in March and described the allegations as frivolous and without merit.

Makinde To Adesina: You Are A Pride To Nigeria, Yoruba Race

President of the African Development Bank, Akinwunmi Adesina is being re-elected for another five-year term.

 

Oyo State Governor, Seyi Makinde, has congratulated the President of the African Development Bank, Dr. Akinwumi Adesina, following his re-election for another five-year term.

In a statement issued by his Chief Press Secretary, Taiwo Adisa, Governor Makinde said that the victory was well-deserved adding that the ‘world class technocrat’, remains a pride to Nigeria and the Yoruba race.

To Makinde, Adesina has raised the standards and brought about immense growth in the multilateral development finance institution, in the last five years of his first tenure.

The governor said he was not surprised that Adesina was re-elected to lead the bank for another term.

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While describing his leadership as insightful, Makinde said Adesina “could not have gone unnoticed by stakeholders and member-countries.”

“The victory is well-deserved, and it did not come to me as a surprise, because Dr. Adesina’s astute and visionary leadership at the bank, in the last five years, have been so convincing that member-countries cannot ignore them,” the governor was quoted as saying.

“As a technocrat and development enthusiast, Dr. Adesina deployed his wealth of experience towards raising standards across boards in the bank and these have translated into immense growth for the bank and development for member-countries.

“This victory, I am convinced, is a platform for Dr. Adesina and the AfDB to achieve more positive results and meet set targets. I wish him well in his endeavours.”

‘We Made History,’ Adesina Thanks AfDB Governors, Others For His Re-Election

 

Nigeria’s Akinwumi Adesina has described his re-election as the President of the African Development Bank (AfDB) as historic and another call for selfless service to Africa.

Dr Adesina spoke about his re-election during the closing session of the 55th Annual Meetings of the bank which held virtually on Thursday.

“Of course, right now, the sound that is the loudest in my ears is the announcement of my re-election as President of the African Development Bank for a second term,” he said.

“We also made history by re-electing me by 100 percent votes. via a vote, I became the first President of the bank in its history to be re-elected by 100 percent votes of all its shareholders and I am most grateful and very appreciative.”

The AfDB president believes his re-election is important and has shown the transparency of the bank and the demonstrated weight of support behind his vision.

“It shows a very clear and strong mandate from all shareholders to go and implement the vision, it shows that all voices were heard, it shows that we are true to the constitutive test of our bank,” he added.


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Adesina Re-Elected As AfDB President
‘He Deserves It’: Buhari Rejoices With Adesina On AfDB Re-Election

Nigeria’s Akinwumi Adesina has been re-elected as the President of the African Development Bank (AfDB).

Call For Selfless Service

Adesina thanked the Governors of AfDB’s 81 member countries, the bank’s shareholders and members of staff for his re-election.

He believes AfDB has shown its high level of standards and commitment to transparency and good governance.

The AfDB president said he was grateful for the collective trust, confidence, and support shown by the governors and the others.

He stated his readiness to work closely with them for the urgent and difficult task of supporting Africa to rebuild it better, smarter, and boldly following the COVID-19 pandemic.

Adesina informed the shareholders of the AfDB that he and the board of directors, as well as the senior management and staff of the bank, would need their support for the bank to play its leadership role.

He said, “It is yet another call; a call for selfless service to Africa and the African Development Bank.

“Dear governors, you steadied the bank, you stabilised the bank’s leadership, you strengthened the bank, you reinforce our collective vision, you decided for continuity to build on what we have achieved together over the past five years.”

Giving an update on the 2020 annual meetings of the bank, the AfDP president disclosed that issues discussed included how to further strengthen the institution and deepen governance and accountability systems in Africa.

According to him, other issues that came up are regional trade, regional integration, climate, gender, youth, and jobs, debt sustainability, and focusing on quality health infrastructure to build economic resilience for Africa.

‘He Deserves It’: Buhari Rejoices With Adesina On AfDB Re-Election

A file photo of AfDB President, Akinwumi Adesina and President Muhammadu Buhari.
A file photo of AfDB President, Akinwumi Adesina and President Muhammadu Buhari.

 

President Muhammadu Buhari on Thursday congratulated Akinwumi Adesina on his re-election as President of the African Development Bank (AfDB).

Adesina was unanimously returned as President earlier on Thursday during the bank’s 55th Annual Meetings, which is being held virtually due to COVID-19 restrictions.

In a statement signed by Presidential spokesman, Femi Adesina, President Buhari said news of the victory came during the Council of State meeting, which was attended by former heads of state, Senate President, governors, some Ministers, and senior government officials.

“He deserves it,” President Buhari said, leading a round of applause, after Secretary to Government of the Federation, Mr Boss Mustapha, announced the good news to the Council.

“The President extends appreciation to the African Union for its endorsement of the AfDB President much earlier, and to shareholders of the bank who worked tirelessly to ensure the return of the visionary leader,” the Presidential statement said.

Adesina’s re-election was mired in controversy after he was charged with alleged ethical violations.

President Buhari met with Adesina in June 2020 amid investigation into the latter's alleged ethical violations. He was later acquitted of all charges.
President Buhari met with Adesina in June 2020 amid investigation into the latter’s alleged ethical violations. He was later acquitted of all charges.

 

Amid the controversy, President Buhari endorsed Adesina, assuring him of the country’s support.

And, after repeated investigations, the former Nigerian Agriculture Minister was cleared of all charges levelled against him, paving the way for his re-election.

“President Buhari believes Dr Adesina’s versatility, experience at both national and international engagements, will be further deployed to energize the pan-African financial institution, urging him to remain focused and steadfast in pursuing the noble goals of making life better for Africans through various development plans, already captured as High 5s,” the Presidency statement added.

“The President rejoices with family, friends and professional colleagues of Dr Adesina over the re-election, while commending members of staff and Board of Governors of the AfDB for their consistent support for the former Nigerian Minister of Agriculture and Rural Development, and his management team.

“While pledging full support of his government to ensure a successful tenure for the AfDB leadership, President Buhari prays that the Almighty God will continue to strengthen Dr Adesina and his team for greater good to the continent.”

AfDB Authorises Independent Review Of Ethics Committee Report On Adesina’s Conduct

 

The African Development Bank has agreed to an independent review of the report of its ethics Committee of the Boards of Directors relative to the allegations considered regarding the conduct of its president, Mr Akinwunmi Adesina. 

AfDB’s latest decision was disclosed in a communique signed by the Chairperson of the Bureau of the Boards of Governors, Niale Kaba.

According to the communique, the agreement to independently review the ethics committee report is based on the views of some governors on the matter and the need to carry every governor along in resolving it.

Below is the memo signed by the Chairperson of the Bureau of the Boards of Governors, Niale Kaba.

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“The Bureau reiterates that it agrees that the Ethics Committee of the Boards of Directors performed its role on this matter in accordance with the applicable rule under Resolution B/BG/2008/11 of the Board of Governors.

“The Bureau also reiterates that the Chairperson of the Bureau of the Board of Governors performed her role in accepting the findings of the Ethics Committee in accordance with the said Resolution.

“However, based on the views of some Governors on the matter and the need to carry every Governor along in resolving it, the Bureau agrees to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations considered by the Ethics Committee and the submissions made by the President of the Bank Group thereto in the interest of due process.

“The Independent Review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank Group’s electoral calendar into account.

“The Bureau agrees that, within a three to six month period and following the independent review of the Ethics Committee Report, an independent comprehensive review of the implementation of the Bank Group’s Whistle-Blowing and Complaints Handling Policy should be conducted with a view to ensuring that the Policy is properly implemented, and revising it where necessary, to avoid situations of this nature in the future.”

It would be recalled that the United States pressed for an independent probe into charges by whistleblowers.

These charges which had been declared as unfounded by an internal inquiry, include alleged embezzlement and favoritism under Adesina’s watch.

Some African leaders have pledged to support Adesina, and have kicked against the probe, saying that the call negates the ethics of the AfDB.

Adesina is yet to make any comment as regards the latest development, however, he has at other times denied that he partook of any corrupt practice.

The AfDB President in a recent press statement described the allegations as “unprecedented attempts” by some to tarnish his reputation.

He declared that he will continue to work with each and every one of the bank’s shareholders.

“I maintain my innocence with regard to trumped-up allegations that unjustly seek to impugn my honour and integrity, as well as the reputation of the African Development Bank,” Adesina said.

The AfDB’s latest position on the matter can be download below.

Communiqué de presse du bureau du Comité Directeur_BAD_ 4 06 2020_version Anglaise