AfDB: Nigeria increases its shares ahead of Adesina’s re-election

AfDB: Nigeria increases its shares ahead of Adesina’s re-election

As the re-election of the President of African Development Bank (AfDB), Akinwumi Adesina draws closer, Nigeria has increased its shares in ownership of the Bank.

Nigeria, according to a report by Bloomberg now owns 16.8% of the shares of the Bank, from 13% prior to this new acquisition.

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Germany is the closest with 7.4% ownership, followed by the United States with 5.5%.

The re-election of Adesina will take place on the 25th of August during the annual meetings of the Bank scheduled for the 25th-27th of August.

Adesina is having no one to challenge his re-election for another 5years tenure, although he recently survived an inquiry, following pressures from the United States government.

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Whistleblowers had accused Akinwumi of giving contracts to friends and appointing friends to senior positions.

A panel of three experts was set up, consisting of Ireland’s ex-President Mary Robinson, Gambian Chief Justice Hassan Jallow and Leonard McCarthy, formerly the World Bank’s integrity vice-president. The panel backed the finding of the internal ethics committee that cleared Akinwumi of any wrongdoing.

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The increase in shares will give Nigeria more voting rights in the Bank.

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