By Stanley Ugagbe
President of the African Development Bank, Akinwumi Adesina has made history following his re-election as the President of the Bank with 100% votes to serve a second five-year term.
The history maker, a globally renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, 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.
The Nigerian Canadian News gathered that the election result was announced by the Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire.
“I am delighted that the Board of Governors has 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,” she said.
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.
It would be recalled that 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.
Official records have it that 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.
Speaking on his victory, Adesina said, “Of course, right now, the sound that is the loudest in my ears is the announcement of my re-election as President of the African Development Bank for a second term.”
“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.
“We also made history by re-electing me by 100 percent votes via a vote. I became the first President of the bank in its history to be re-elected by 100 percent votes of all its shareholders and I am most grateful and very appreciative.
“This was very important; it shows the transparency of our bank, it shows your demonstrated weight of support behind my vision.
“It shows a very clear and strong mandate from all shareholders to go and implement the vision, it shows that all voices were heard, it shows that we are true to the constitutive test of our bank.
“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.”
As newly re-elected President, Dr. Adesina, a former Nigerian Minister of Agriculture, will begin his new term on September 1, 2020.
