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Business News of Wednesday, 27 May 2020

Source: www.mynigeria.com

AfDB agrees to probe Adesina

Adesina Adesina

The African Development Bank has agreed to probe its President, Akinwumi Adesina for breach of the bank’s code of ethics.

The allegations include various cases of alleged breaches of the code of conduct, unethical conduct, private gain, an impediment to efficiency, preferential treatment, and involvement in political activity, all affecting confidence in the integrity of the bank, according to U.S Treasury Secretary, Steven Mnuchin.

Mnuchin is keen on an independent probe into these allegations raised by a group of whistleblowers against the AfDB President, thereby rejecting plans by the bank’s board to stop the investigation on the issue.

He made those claims in a letter dated May 22nd.

The board agreed to an independent probe of the President after “several foreign governments backed Mnuchin’s criticism of a bank-led examination into the allegations.”

Denmark, Sweden, Norway and Finland were reported to be among the countries that wrote to the AfDB board backing Mnuchin.

Sources have said Adesina may be required to resign until the investigation is concluded.