President of the African Development Bank

Nigeria is losing $15bn to climate change says Adesina

September 17, 2020

President of the African Development Bank Akinwumi Adesina

Nigeria and other African countries would lose between $7bn and $15bn per annum due to climate change as it is behind track in making the required changes needed to adapt to climate change as it was wreaking havoc on economies, lives and livelihoods on the continent. According to the President of the African Development Bank (AfDB), African countries are foot-dragging in making the necessary changes.

He recalled that in 2019, tropical cyclone Idai and Kenneth swept under the economies of Mozambique, Malawi and Zimbabwe, with 800 people dead and $2bn in losses. “And just four years ago, El Niño devastated East and Southern Africa with severe droughts. It is estimated that from this year, Africa will lose $7bn to $15bn per year due to climate change,” Adesina said.

The president stated that one of the key priorities of his five-year tenure was for the bank to drive investments in green growth and climate finance for Africa. He noted that the bank was already making progress with its financing for climate increased from nine per cent of its total portfolio in 2016 to 36 per cent by 2019.

According to him, by the end of 2021, AfDB would reach its target of 40 per cent of the total portfolio going into climate change financing. He added that the bank had also committed to providing $25bn in climate financing by 2025 and implementing the Africa Disaster Risk Insurance Financing Mechanism to insure countries against losses from extreme climate events.

Adesina said, “As a bank, we are committed to helping Africa build back from the COVID-19 crisis, better, stronger and with greater health and climate resilience. “Africa has been short-changed by climate change. Now, Africa should not be short-changed by climate finance.” The AfDB president said the group would continue its efforts to build Africa’s climate resilience and would work together with the Global Centre for Adaptation to mobilise and bridge the financing gap for Africa’s climate adaptation.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Akinwumi Adesina on the Hot Seat Over Breach of Bank’s Code of Ethics

April 15, 2020

The President of the African Development Bank is battling to save his job from series of allegations from a whistleblower who accused him of multiple abuses and breaches of the bank’s code of ethics. Dr. Adesina has however, denied the allegations, terming them “spurious and unfounded allegations” that will not distract him from discharging his mandate of leading the institution. “I will stay calm and resolute. I will not be distracted. No amount of lies can ever cover up the truth. Soon the truth will come out,” he said in a statement.

However, a communication by a group of concerned staff members has exposed deeply-rooted internal wrangles ignited by discontent with Dr Adesina’s leadership style that they contend is characterised by disregard of the bank’s rules. In the communication addressed to the bank’s governors, the staff accuse Dr Adesina of breaching the bank’s code of conduct, unethical conduct, private gain, impediment to efficiency, preferential treatment, adversely affecting confidence in the integrity of the bank and involvement in political activity. “Our objective is to trigger investigations that will confirm or infirm these alleged cases of breach by the president of the code of conduct and so encourage ethical action and discourage or prevent fraud, corruption or misconduct and increase accountability,” says the communication.

The staff accuse Dr Adesina of lack of respect of internal rules and regulations in recruitment and went ahead to highlight numerous cases of nepotism and favouritism. According to the staff, although they filed the complaints in January to the bank’s ethics and audit committee in line with its whistle-blowing policy, no action was taken. Notably, the accusations against Dr Adesina come at a time when he is seeking a second five-year term at the helm of Africa’s foremost development finance institution. The election is slated to take place at the bank’s annual meeting of governors in May in Abidjan.

Kelechi Deca

Afrikan Heroes

Tag: President of the African Development Bank

Nigeria is losing $15bn to climate change says Adesina

Kelechi Deca

Akinwumi Adesina on the Hot Seat Over Breach of Bank’s Code of Ethics