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Akinwumi Adesina re-elected as President of the African Development Bank Group

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Akinwumi A. Adesina has been re-elected to serve a second five- year term as President of the African Development Bank Group on Thursday, August 27, 2020 by the Board of Governors of the Bank.

A globally renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr. Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate Africa’s development. He was first elected as President of the Bank on May 28, 2015.

As newly re-elected President, Dr Adesina, a former Nigerian Minister of Agriculture, will begin his new term on September 1, 2020.

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The election result, which gave him a hundred percent of votes of all regional and non-regional members of the Bank, was announced by the Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire.

The election took place on the final day of the 2020 Annual Meetings of the African Development Bank Group, which was held virtually for the first time in the Bank’s history.

Minister Niale Kaba, said, “I am delighted that the Board of Governors have re-elected Dr. Adesina for a second term in office as President. As shareholders, we strongly support the Bank and will give him all the necessary support to carry forward and implement his compelling vision for the Bank over the next five years.”

Adesina’s first term focused on the bold new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

During Adesina’s first term, the Bank achieved impactful results on the lives of 335 million Africans, including: 18 million people with access to electricity; 141 million people benefiting from improved agricultural technologies for food security; 15 million people benefiting from access to finance from private investments; 101 million people provided with access to improved transport; and 60 million people gaining access to water and sanitation.

The Bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row. The Board of Governors of the Bank Group approved a 125% increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion, the largest in the history of the Bank.

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org

The African Development Fund received a $7.6 billion pledge from donors, a 32% increase, for support to low- income countries and fragile states. The Bank was ranked the 4th most transparent institution globally by Publish What You Fund, bolstering its strong governance credentials for transparency and accountability.

Under Adesina’s leadership, the African Development Bank’s Board of Directors approved a $10 billion facility to support African countries to address the COVID-19 pandemic. The Bank also launched a $3 billion COVID-19 social bond on the global capital markets, the highest US dollar denominated social bond ever in world history, which is listed on the London Stock Exchange, Luxembourg Stock Exchange and NASDAQ.

Adesina said, “I am deeply grateful for the collective trust, strong confidence and support of our shareholders for electing me for a second term as President. It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself.”

The African Development Bank is Africa’s premier development finance institution, comprising 54 regional and 27 non-regional member countries.

“The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank Group. We will build on the strong foundations of success in the past five years, while further strengthening the institution, for greater effectiveness and impacts,” Adesina said.

Nigerian President Muhammadu Buhari on Thursday congratulated Adesina on his re-election.

“On behalf of the Federal Executive Council and Nigerians in general, President Muhammadu Buhari felicitates with President of African Development Bank (AfDB), Dr Akinwunmi Adesina, on his re-election for a second term in office,” the presidency in Nigeria said in a statement received by TODAY NEWS AFRICA in Washington D.C.

The presidency said news of Adesina’s re-election came during the Council of State meeting, which was attended by former heads of state, Senate President, governors, some Ministers, and senior government officials.

As Secretary to Government of the Federation, Mr Boss Mustapha, announced the good news, President Buhari led a round of applause, and declared: “He deserves it.”

The President extended appreciation to the African Union for its endorsement of the AfDB President much earlier, and to shareholders of the bank who worked tirelessly to ensure the return of the visionary leader.

President Buhari said he believes Dr Adesina’s versatility, experience at both national and international engagements, will be further deployed to energize the pan-African financial institution, urging him to remain focused and steadfast in pursuing the noble goals of making life better for Africans through various development plans, already captured as High 5s.

The President rejoiced with family, friends and professional colleagues of Dr Adesina over the re-election, while commending members of staff and Board of Governors of the AfDB for their consistent support for the former Nigerian Minister of Agriculture and Rural Development, and his management team.

While pledging full support of his government to ensure a successful tenure for the AfDB leadership, President Buhari prayed that the Almighty God will continue to strengthen Dr Adesina and his team for greater good to the continent.

Lagos State Governor congratulated Adesina on his re-election for a second term in office.

Governor Sanwo-Olu in a statement issued by his Chief Press Secretary, Mr. Gboyega Akosile on Thursday, said Adesina’s re-election is a testimony to his hard work, dedication and commitment to the growth and development of the Africa continent.

Sanwo-Olu, who described Adesina as a good ambassador of Nigeria and Africa, said the AfDB President deserved to be re-elected having distinguished himself during his first term in office as the head of the international organisation.

The Governor also appreciated and commended President Muhammadu Buhari and those who played crucial roles in the re-election bid of the former Nigerian Minister of Agriculture and Rural Development, as President of AfDB.

He said: “On behalf of my family and the people of Lagos State, I want to congratulate Dr. Akinwunmi Adesina on your re-election as the President of the African Development Bank (AfDB). Your re-election is well-deserved. 

“Having proved yourself as a good administrator and technocrat in different public offices at national and international levels in the last 30 years, I am confident that your re-election will bring more development to the Africa continent as you supervise the affairs of African Development Bank for another five years.”

President of the Nigerian Senate, Ahmad Lawan, also congratulated Adesina.

Lawan said Adesina’s victory unequivocally affirms the confidence and trust of the shareholders, Management and staff of the Bank in his leadership of the Bank and the direction he is taking it.

The Senate President said the renewal of his mandate is an attestation to Adesina’s excellent performance as President, evident in the Bank’s numerous developmental initiatives on the African continent.

“I am elated to convey the joy and pride of the entire National Assembly  over the electoral acclamation for integrity, grace, substance and hardwork.

“Your re-election should be an impetus for taking the continental financial institution to a greater height, realising that the reward for hardwork is more work,” Lawan said.

Lawan urged Adesina to consider the storm that preceded his re-election as the fire test for gold and, having come out of the test glittering, to remain focused and resolute on his mission.

The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, described the re-election of Dr Akinwunmi Adesina as President of the African Development Bank (AfDB) as a triumph of integrity and dedication to duty.

Adesina was returned unopposed for a second term of five years as president of the continent’s apex bank at a virtual Annual General Meeting (AGM) of the bank on Wednesday. 

While expressing his happiness at the development, the Speaker in a statement by his Media Adviser, Lanre Lasisi, sais the re-election has provided Adesina with another opportunity to consolidate and sustain AfDB as a global financial force, even as it pushes African development agenda.

He said: “Your clearance by the independent review panel and Ethics Committee of the bank as well as the bank’s Bureau of Governors’ independent review panel was an affirmation of your integrity, dedication to duty and diligence.

“Your return for a second term without opposition also attests to the confidence the continent and its partners have in your leadership qualities.

“As I congratulate you on this historic milestone with the belief that the bank is in good hands, this is to remind you that your re-election is a call to rededicate yourself to duty towards positioning the bank as a global financial institution to reckon with”. 

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