Business & Economy

Adesina: Nigeria doubles voting rights ahead of AFDB election


Nigeria at the weekend has boosted its voting powers in the African Development Bank (AFDB) Group to 16.8 per cent as Nigeria’s Akinwumi Adesina is seeking re-election as the bank’s president for another five-year term.

By doubling its right, Nigeria reaffirms its position as the biggest rights holder followed by non-regional members Germany with 7.4 per cent and the U.S. with 5.5 per cent.

Nigeria had 8.5 per cent earlier, but a report by Bloomberg said Nigeria boosted the voting power by paying pledged subscriptions towards the bank’s general capital before the January deadline.

Adesina from Nigeria who is serving out a five-year term since May 2015; by August 27, 2020 (Thursday), the bank will re-elect him for another five-year term through a voting system.

The election is expected to hold during the forthcoming virtual annual meeting scheduled between August 25 and August 27 which is the first time in the history of the bank that its AGM is done virtually due to the unprecedented effect of the COVID-19 pandemic.

Unlike in 2015 when he faced off against Chadian Finance Minister, Kordje Bedoumra and Cape Verde’s Agriculture Minister, Cristina Duarte, this time he is the sole candidate for the election which is coming up in three days.

The AFDB president said the 2020 Annual General Meeting of the bank will provide a forum to discuss ways to help Africa in its economic recovery and provide an avenue to come up with post-COVID-19 strategies.

He further explained that it will take massive and sustained effort to help countries, especially African countries to recover from the impact of the pandemic.

The Governors’ Dialogue and the election of a president will be top of the agenda of the upcoming meetings which will begin on Wednesday, August 26 and end on Thursday, August 27, 2020.

AFDB said it has supported many regional countries during this COVID-19 pandemic. In April 2020, it established a $10 billion COVID-19 Response Facility, and by August 20, $2.29 billion in CRF funding had been approved for member countries with $1.186 billion disbursed.

The bank also raised $3 billion with a COVID-19 social bond floated on the London Stock Exchange in March while it got both Fitch and Standard & Poor credit rating agencies reaffirming the Bank’s AAA rating with a stable outlook.

Uchechi Ojo
Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
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