VICTOR C.ARIOLE urges Sidi Ould Tah to sustain Adesina’s record 

Average GDP growth in Africa in 2024 is 3.9% with inflation rate of 18.5% in the average, creating higher cost of capital and lending rate. Even when Asian countries default in payment at 12.9% rate and Africa at a paltry 1.9%, Asia is still preferred as investment destination as well as favourable in how its debts are structured by lenders. Hence, the expectation for Africa to broaden the scale of its economy like Asia and be more intra-African minded… Prof. Kelvin Urama, AfDB Chief Economist.

African Development Bank’s (AFDB) capital moved from about $93 billion to about $320 billion in the course of Dr. Akinwumi Adesina’s tenure, with some hoopla that was nipped in the bud as some non-African members and some Casablanca group of OAU of then, entered into conspiracy for his removal. Among the Anglophone Africans who held the post of the President of AfDB, he happens to be the only one that stayed for 10 years. The Francophone Africans always had their ways. Nigeria put a good foot forward in supporting Dr. Adesina as its candidate, and in subsequent stepping out for any leadership of Africa, Nigeria must strive never to lower the standard. His pedigree is greatly multi-cultural and bilingual accommodating, including French and Francophone grasp. His predecessors had such pedigree but his own unique selling point remains agricultural vision which is also the African expected selling point in a world in which its expanse of land of above 30 million km2 remains mostly arable but lacks the engineering template and energy supply base to make it great in enhancing its base for a broader base of exploitation and for greater intra-Africa agro-industrial expansion. His ‘High-5’ slogan as reported made great sense for investors in the development of Africa – Light-up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the people of Africa. The disbursement during his tenure is about $10 billion annually to reach $100 billion as he exits. Quite impressive as against that of his predecessors, Kabbaj or Kaberuka. Though $351.7million profit posted in 2014 with such capital and project outlay could mean some level of Assets’ underperformance or payment default.

Apart from the Foundation President, the Sudanese, Mamoun Beheiry 1964 – 1970, who had to struggle to keep stable the Bank with initial $300 million capital, other Presidents needed to fare better. President Abdelwahad Labidi of Tunisia worked on increasing the capital from $300 million to $600 million. However, it remained totally owned by Africans – 1970 – 1976; non diversified cum non-competitive.

Dr. Kwame Donkor Fordor, the Ghanaian took over 1976 – 1979 and opened the shareholding to non-Africans which created some problem as most people had wanted the bank to be entirely African. At the time he did it, the emerging state of Africa as a political and economic continent to partner with created interest in its development; and the divided world of capitalism and communism were competing for its resources. By 1980 – 85 during the tenure of the Zambian – Wila D’Israel Mung’ Omba, USA joined as a shareholder of AfDB, and quickly AfDB earned Triple A in its rating. It happened after the tenure of the Malawian, Goodall Gondwe, 1979 – 1980. It was a time most of the countries in south Africa, as a region, were under colonial joug, hence some weakness in his one-year stay.

AfDB came to greater limelight during the tenure of the Senegalese Babacar N’Diaye, 1985-1995. It was also the time Ivoirian President Felix Houphouet-Boigny was held in great respect among the West and the capitalist divide of the world; hence he greatly influenced the prospects of AfDB. It was also the time Africexim Bank was created and AfDB capital was raised by 200%; that is $25 billion. The emphasis, here, is that political stability is very key to the development of Africa and its institutions. AfDB enjoyed peace and peak performance during that period like it is currently enjoying under Alassane Ouattara though Ouattara seems to be tasking painfully the patience of the Ivoiriens in his forceful tenure breaching; trying to be President for a fourth term; and need to avoid not to return AfDB to what it became as Omar Kabbaj of Morocco took over the leadership, and AfDB temporary headquarter was moved to the Maghreb region – Tunisia. As another Maghreb comes to take over, Alassane Ouattara should avoid that. Hopefully never again, Omar Kabbaj, nicknamed ‘gas chamber’ President of AfDB was not quite friendly with African staff and it showed in his governance style, from 1995 – 2005, all in Tunisia. His achievement was not astounding and the taking over by Donald Kaberuka of Rwanda showed that. The year 2005 – 2015 of Kaberuka tenure saw directly or indirectly his home country Rwanda becoming the toast of the world. He tripled AfDB capital to $100billion with disbursement value of $12.6 billion. Here, again, both, the President of Rwanda and himself, as well as the stability they enjoyed, either in Tunisia or Rwanda, were key to his success. Somehow the lenders and creditors of AfDB see things that way.

AfDB is an African Institution that mirrors the capacity of Africans to financially govern and orientate their growth direction, and whoever leads AfDB is closely watched as well as the country that supports him. The new person to take over is Arab supported as well as Francophone.

When one mentions Casablanca group of the OAU, it is not for superfluous concern as all the most successful Presidents of AfDB had their country’s President, then, belonging there, though Donkor and Adesina came in when such groupings did not matter but it nearly affected the second tenure of Adesina as Nigeria was in the Monrovia grouping then, and the intervention of first female president of Liberia and that of Alassane Ouattara greatly doused the lines of division. They helped in keeping Africa one as against the push of non-African members who were allies of the then Casablanca grouping, and who wanted the downfall of Adesina. Remember that the US Director joined the opposition and remember also that Cassablanca group is West in its approach in doing things.

It must also be stated that notwithstanding Nigeria’s special shareholding interest in AfDB with its Nigeria’s Trust Fund, Nigeria is yet to earn the great support it needs to be seen as a great leader in the decision making process of Africa, and Adesina threaded with great care so as not to give out any nepotic sign. For example, loan disbursements for Nigeria have never been smooth as Nigeria seems not obeying rules that make for smooth disbursement of tranches of loan, unlike what Rwanda enjoyed during the tenure of Kaberuka.

In all, it is to be noted that Adesina put the name of Nigeria in gold despite some obvious obstacles. On the 29th of May, 2025, a Mauritanian, Sidi Ould Tah, President of Arab Bank for Economic Development in Africa (BADEA) owned by 18-member Arab league, emerged the new President of AfDB to succeed Adesina. His election ended after just three rounds of voting in which he garnered 76.18% of the votes beating Zambian Maimbo (20.26%) and Senegalese Hott (3.55%), as both the only lady from South Africa, Tshabalala, and the Chadian, Toll, were eliminated in the first round.

Now that Sidi Ould Tah is next on the saddle, will he push Adesina’s priority forward and avoid Kabbaj’s type of Presidency, both being Arab League’s remote candidates, and partially Casablanca group connected?

 Ariole is

Professor of French and Francophone Studies, University of Lagos