The European Business Council for Africa

The president of the African Development Bank (AfDB), Akinwumi Adesina, on Thursday issued a statement rejecting a series of 16 accusations against him, alleging cronyism and corruption under his stewardship.

This follows revelations of a falling out with the U.S. government (a major shareholder), which had rejected the findings of an internal inquiry clearing him of any wrongdoing, and calling for a new, independent investigation.

The sentiment has reportedly been echoed by several of its non-African shareholders, resulting in a new inquiry being launched. This comes three months before the lender’s annual meeting, where Adesina hopes to extend his five-year tenure.

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