By Kamal Tayo OropoAs Dr. Akinwunmi Adesina prepares his handover notes, he reflects with pride on the remarkable accomplishments achieved during his presidency.
His message highlights the collective efforts of all stakeholders, including the Executive Directors of the African Development Bank (AfDB) and investment partners across the continent.
These achievements stand as a testament to the power of collaboration, showcasing how unified efforts can drive impactful change.
Adesina’s leadership has left a lasting legacy, setting a solid foundation for future initiatives and strengthening partnerships that continue to advance the continent’s development.
Conscious of this, Adesina highlighted his imminent exit during the 2024 Africa Investment Forum Market Days, which recently ended in Rabat, Morocco.
He said: “This is my final attendance at the Africa Investment Forum as President of the African Development Bank Group.
“That’s because when you all meet next year, I would have completed my two 5-year terms as President of the African Development Bank Group.
“I am proud of what we have achieved for Africa. I am proud of you our Africa Investment Forum partners.
“I am proud of the Executive Directors of the African Development Bank for believing in the Africa Investment Forum and for their strong current and continued future support for the Africa Investment Forum.
“I am proud that we have built a world-class investment platform. It has been such a great pleasure and honor serving you all as Chairman of the Africa Investment Forum.
‘It has been the greatest honor of my life serving Africa! I will keep cheering and pitching for investments in Africa!”
In 2015, when he took the reins as the eighth president of AfDB, Adesina inherited an institution with a rich history of promoting economic development and social progress across the continent.
However, Adesina had a bold vision – to transform Africa’s economic landscape by bridging the massive infrastructure gap, unlocking the continent’s vast investment potential, and accelerating growth and development.
Adesina’s decade-long impact on continental development has earned him the inaugural ‘African of the Decade’ award.
Adesina formally received the prestigious award at the 2024 AIF, in early December.
The award was sponsored by the All-Africa Business Leaders Awards, ABN Group, in collaboration with CNBC Africa.
It honours individuals who have made a lasting and profound impact on the continent.
ABN Group Chairman, Rakesh Wahi, praised Adesina for his unwavering commitment to ethical and responsible leadership and his ability to drive meaningful change across Africa, particularly through the bank’s High 5 strategic priorities.
“Adesina has demonstrated a significant impact on the African continent through innovative solutions, projects, or initiatives that address the continent’s pressing socio-economic and environmental challenges.
“He has consistently shown leadership, vision, and dedication, driving positive change in sustainable development in Africa,” Wahi said.
Similarly, Nialé Kaba, Minister of Planning, the Economy and Development and AfDB’s governor for Côte d’Ivoire, expressed his government’s profound gratitude to Adesina for his leadership and significant achievements as the head of the institution.
Also, Adama Coulibaly, Ivorian Minister of Finance and Budget, expressed Côte d’Ivoire’s deep gratitude to Adesina “for his leadership and the important results achieved” as the head of AfDB.
“At a personal level, I would like to say that you are the heart and soul of this institution.
“Looking at the results achieved, the African Development Bank has come a long way in six decades. Your efforts have helped lift millions of Africans out of poverty.
This is an opportunity for us to celebrate how far we have come and together, face the challenges of building the Africa we want,” Coulibaly said.
As Adesina prepares to pass the baton to his successor, one of his most enduring legacies may undoubtedly be the AIF.
Launched in 2018, the AIF has revolutionised the way Africa attracts investment, fostering a new era of collaboration, innovation, and deal-making.
Some of the participants at the Rabat Market Days told the News Agency of Nigeria (NAN) that AIF had been a game-changer for Africa, providing a unique platform for investors, policymakers, and project sponsors to converge, network, and close deals.
Lagos State governor, Babajide Sanwo-Olu notes that the forum’s impact is evident in several key areas. It has facilitated the closure of numerous high-profile deals, worth billions of dollars.
“These investments are transforming Africa’s infrastructure landscape, from energy and transportation to agriculture and urban development.
“The AIF has mobilised significant investment commitments from global investors, including pension funds, sovereign wealth funds, and private equity firms,” he said.
This influx of capital is helping to bridge Africa’s infrastructure gap and drive economic growth.
The AIF has also played a crucial role in creating new markets and opportunities for African businesses.
During a meeting with Adesina, Gov. Dapo Abiodun of Ogun, also noted that by providing a platform for project sponsors to showcase their initiatives, the AIF has helped to unlock Africa’s vast investment potential.
Abiodun, who had left Nigeria to attend the AiF moments after presenting his state’s budget proposal to the Ogun State House of Assembly, said Adesina’s leadership was the driving force behind the AIF’s success
“Adesina’s leadership has been instrumental in the AIF’s success. His passion, vision, and relentless drive have inspired a new generation of African leaders, entrepreneurs, and investors.
Under his guidance, the AfDB has become a beacon of innovation and excellence, leveraging cutting-edge technologies and innovative financing models to drive growth and development,” he said.
As Adesina prepares to leave the AfDB, Hassatou Diop-N’Sele, vice president and CFO, AfDB, noted that his legacy would be remembered for generations to come.
According to her, the AIF, in particular, will remain a testament to his transformative vision, leadership, and commitment to Africa’s economic development.
Since its inception in 2018, the AIF has mobilised nearly 180 billion dollars in investment interest.
This is a staggering amount, considering the forum’s primary goal is to bridge Africa’s infrastructure gap and unlock its vast investment potential.
“The AIF’s impact is evident in various sectors, including energy, transportation, and agriculture.
“For instance, the forum has facilitated the closure of several high-profile deals, including a $2.6 billion deal for the Accra Skytrain project in Ghana and a $1.3 billion deal for the Lagos Cable Car Transit project in Nigeria.
“The forum has mobilised nearly 180 billion dollars in investment interest, which is expected to create thousands of jobs and stimulate economic growth.
“The AIF has facilitated the development of critical infrastructure projects, including energy, transportation, and water supply projects,” she said.
By attracting investments and promoting economic growth, the AIF is helping to reduce poverty and improve living standards across Africa.
Overall, AIF has been a resounding success, attracting billions of dollars in investments and promoting economic growth and development across Africa.
One of the participants at the AIF, Tunmise Ayodele, said Adesina’s tenure as President of AfDB has also been marked by several significant legacies beyond the Forum.
Ayodele, who is the Managing Director, Global ENSHET HEIGHTS, listed some of Adesina’s other legacies to include High 5s Development Agenda.
Adesina introduced the High 5s development agenda, a bold and ambitious plan to accelerate Africa’s economic transformation.
The High 5s focus on five critical areas: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.
According to Ayodele, African Development Fund (ADF) Replenishment is another legacy Adesina will be leaving behind in AfDB.
Under Adesina’s leadership, the AfDB successfully replenished the African Development Fund (ADF), securing $7.6 billion in funding commitments from donors.
This replenishment has enabled the AfDB to continue providing critical support to low-income countries and fragile states.
Ayodele recalled that Adesina also oversaw the establishment of the New Development Bank and the Africa Investment Platform.
“These initiatives have expanded the AfDB’s partnerships and collaborations, enhancing its ability to mobilise resources and support African countries,” he said.
Raouf Mazou, Assistant High Commissioner for Operations at the United Nations High Commissioner for Refugees (UNHCR), noted Adesina’s efforts on Climate Change and environmental sustainability.
He said Adesina had been a vocal advocate for climate action and environmental sustainability.
“Under his leadership, the AfDB has launched several initiatives aimed at promoting green growth, reducing carbon emissions, and enhancing climate resilience,” he said.
He added that Adesina had also prioritised women’s empowerment and youth employment, recognising the critical role these groups play in driving Africa’s economic transformation.
The AfDB has launched several initiatives aimed at promoting women’s economic empowerment and creating jobs for young Africans.
He has also implemented significant reforms aimed at strengthening the AfDB’s institutional capacity and governance.
These reforms have enhanced the bank’s effectiveness, efficiency, and accountability.
These legacies, among others, have cemented Adesina’s reputation as a visionary leader and a champion of Africa’s economic development.
In spite of his numerous achievements, Adesina’s tenure also faced several challenges as president of AfDB.
Adesina implemented significant reforms aimed at strengthening the AfDB’s institutional capacity and governance.
However, these reforms were not without their challenges, as they required significant changes to the bank’s culture, processes, and structures.
Some staff members and stakeholders resisted the changes, which created tension and challenges for Adesina’s leadership team.
In 2020, Adesina faced a leadership challenge when a faceless group within the institution accused him of corruption and abuse of office.
Although, an independent investigation cleared him of all charges, the episode created uncertainty and undermined confidence in the AfDB’s leadership.
US Treasury Secretary Steve Mnuchin personally signed a letter to the AfDB board rejecting an internal investigation that cleared Adesina.
He said: “We fear that the wholesale dismissal of all allegations without appropriate investigation will tarnish the reputation of this institution as one that does not uphold high standards of ethics and governance.”
Barbara Barungi, AfDB’s former lead economist on Nigeria, however, described Mnuchin’s move as significant.
“It has now cast a limelight on governance issues and on the importance of an independent investigation to uphold the integrity of the AfDB.
“There are very few people who were willing to stick their necks out,” she said.
Mr Debisi Araba recalled that it was not surprising to the world that a second investigation was not backed by no African country.
He wondered that: “What does that say about the other countries that have lined up behind the US?”
“He’s due to run unopposed but you want to muddy the waters with this stain of corruption. I believe he will be vindicated.”
On the accusation of Adesina’s preferential treatment for Nigeria and Nigerians, Araba dismissed the talk of the “Nigerianisation of the bank” as false.
He said Nigeria was under-represented in employee numbers despite being the largest shareholder.
Adesina’s tenure also faced other challenges, including Funding and resource constraints; Geopolitical and economic headwinds; and Regional and country-specific challenges.
The AfDB faces significant funding and resource constraints, which limit its ability to address the vast development needs of African countries.
Adesina had to navigate these constraints while trying to maintain the bank’s impact and relevance.
He also had to navigate the challenges posed by global economic trends, climate change, and geopolitical tensions, all of which impact the bank’s operations and effectiveness.
The AfDB’s staff morale and welfare have been affected by various factors, including the reforms, restructuring, and leadership challenges. Adesina had to balance the need for reform with the need to maintain staff morale and welfare.
The AfDB operates in a diverse range of countries and regions, each with its unique challenges and complexities.
Adesina had to navigate these regional and country-specific challenges while trying to maintain the bank’s relevance and impact.
News Agency of Nigeria
