The African Development Bank, AfDB, has finally launched an independent inquiry into allegations of embezzlement and preferential treatment against its president Akinwumi Adesina, who is seeking re-election in August, its board of governors said.

The investigation into Adesina, a former Nigerian minister for agriculture, follows calls for a probe by Washington, and must wrap up within a “maximum” of four weeks as the institution prepares to elect a new head, the board said in a statement.

But the board on Thursday said it stood by an internal investigation that had cleared its president of improper conduct, however, it would carry out an independent review of the report in the interest of due process.

AfDB President Akinwumi Adesina has been accused of abuse of office by a whistleblower at the bank, including favouritism in hiring. He has denied the allegations and a report by the bank’s ethics board cleared him of wrongdoing.

The United States, AfDB’s second-largest shareholder, has demanded a new independent probe into the allegations, rejecting the bank’s investigation over reservations about the integrity of the bank’s process. Meanwhile, top shareholder Nigeria has voiced its support for Adesina.

In a statement, AfDB’s board of governors said it believed the bank’s ethics committee, which produced the report, had carried out its role correctly. But the board has nevertheless agreed to authorise a review.

“The independent review shall be conducted by a neutral high caliber individual with unquestionable experience, high international reputation and integrity,” it said.

In April, whistleblowers submitted a 15-page report to the bank’s governors detailing alleged embezzlement, preferential treatment for fellow Nigerians in senior appointments, and the promotion of people suspected or convicted of fraud and corruption.

Adesina — who was recently exonerated by an internal inquiry — is the first Nigerian to be in charge of the 56-year-old AfDB, one of the world’s five major multilateral development banks.

Nigeria, whose stake makes it the bank’s biggest shareholder, has made little secret of its support for Adesina.

On Tuesday, Nigerian president Muhammadu Buhari told Adesina that the country “will stand solidly behind” him in his bid to remain at the helm of the bank.

The bank chief repeated to Buhari his insistence the allegations against him were trumped up and that the US call for a new probe was against the bank’s rules.

In October 2019, the AfDB raised $115 billion (105 billion euros) in fresh capital, an operation deemed a personal success for Adesina.

It is the only African institution which has a Triple-A rating by credit rating agencies.

Agency Reports: AFP/Reuters