Steven T. Mnuchin (U.S. Treasury Secretary) Letter On AfDB’s President Akinwumi Adesina Investigation

Steven T. Mnuchin (U.S. Treasury Secretary) Letter On AfDB’s President Akinwumi Adesina Investigation

First, it is very painful for me to write this. African Development Bank (AfDB) President, Akinwumi Adesina, is my person and I am one of his biggest fans for his efforts on African agriculture. I gave a speech in Nigeria’s National Assembly last year on agro-reform; my work that day was easy because of Dr Adesina. ( I was invited for our work on Zenvus.) Yes, if you are looking at a playbook for agriculture in Nigeria, go, copy, adapt and implement what AfDB has for member countries.

There were some accusations against Dr Adesina by some AfDB stakeholders. The Ethics Committee of the Bank’s Board was put into action; he was exonerated by the Committee.

The big news now is that the United States Government through the Secretary of Treasury, Steven T. Mnuchin, has rejected the conclusion, and is asking for an independent investigation. That changes the dimension of this whole thing. The letter is attached here (pdf). Dr. Adesina was largely walking into the second term of the AfDB presidency before this investigation began.

Premium Times has some of the allegations.


The original complaint seen by PREMIUM TIMES include 16 cases of alleged breaches perpetrated by Mr Adesina and an additional four cases of breaches later sent to the Board of Governors.

The allegations range for alleged misconduct and favoritism, arbitrary recruitment, private gain, impediment to efficiency, singlehandedly overruling decisions taken by directors, nepotism, political lobbying, use of bank resources for private gains.


The whistleblowers claimed that almost immediately after Mr Adesina’s assumption of office, he usurped the role HR manager, “playing very active role in the recruitment of all managerial positions”.


The whistleblowers also alleged that under Mr Adesina’s presidency, the bank’s organisation chart was altered to promote Nigeria to an almost full-fledged region.


The whistleblowers described Adesina as “the unchallenged travel champion” of the bank and accused him of using the opportunities of his travels to meet regional heads of States and making financial promises to obtain their support for his re-election.


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10 thoughts on “Steven T. Mnuchin (U.S. Treasury Secretary) Letter On AfDB’s President Akinwumi Adesina Investigation

  1. I do not know a lot about what this person has done but as far as I know, the only way an independent investigation can be mandated is for the bank to report to the police in the jurisdiction to investigate a criminal act. The ethics committee would need to authorize this if there is good corporate governance at this bank. Some people rarely want to see good from people of our color and they do not desist until they are disgraced. The man should just continue with his work cautiously.

  2. The allegations against Adesina are serious as they are credible. An independent investigation is necessary for the credibility of the Bank. The Ethics Committee had not done any enquiry. They asked the whistleblowers for evidence- something they knew would reveal their identity. What the US Government has asked is what any sensible and mature Government would.

    1. Was it the government in its entirety that asked or Trump government?
      A government that speaks against every other thing or system but he is special.

    2. The ethics committee led by Japanese Takuji Yano did a thorough job on those allegations, before the report came out Stephen Dowd had informed Mnuchin that they need any external investigator without the consent of the committee members thereby going against the banks ethics itself.
      The Afdb does not have in place a law that specifically spells out the need for any errant staff to be investigated externally.

      Stephen Dowd should.just resign his post after this whole.saga.

  3. If the USA can be getting involved in an issue with a monetary organisation that’s suppose to be within the African jurisdiction then is the said monetary organisation really owned and controlled by Africa or is the name just a eye service thing.

    1. It is not owned by Africa, some other countries have investment in it like UK, US, Japan, Germany and their shares are more than what African countries invest. Nigeria is the African country with the highest share.

      1. If I own 60% shares,l own the bank. African countries have 60% of shares in the bank. That said,Nigeria has a share of 9.12% making her the highest in the Bank followed by US at 6%. Give factual figures.


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