Nigeria’s Adesina Akinwunmi Re – elected President of AFDB

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

The election held Thursday August 27 at the bank’s  virtual annual general meeting

  • Adesina was said to have appealed for a second term in office on Wednesday after a month –

    ong storm over alleged corruption and poor governance that ended after he was cleared in an independent probe.

In a speech at the AfDB’s annual meetings, Adesina formally requested a second term as president, declaring that he was doing it with an acute sense of duty and commitment.

AfDB in a statement quotes Adesina as saying, “I do it to serve Africa and our bank, in an unbiased way, to the best of the abilities that God has given me.”

The AfDB president, the number of shareholders in the bank which rose to 81 with the admission of Ireland had 54 African shareholders while others are from America, Asia and Europe respectively.

Adesina, who was the sole candidate at the election is also the first Nigerian to head the bank in 2015.H

e gained continent-wide recognition last October when the AfDB secured $115bn in funding pledges, a move that doubled its capital and cemented its triple-A credit rating.

The AfDB had estimated that the continent could lose at least $173.1bn in GDP this year and $236.7bn next year as a result of the economic fallout occasioned by the COVID-19 pandemic.

0 bank has moved swiftly in response, setting up a Corina virus funding mechanism in April of up to $10 billion.