The outgoing Minister of Agriculture and Rural Development, Akinwumi Adesina, on Thursday emerged the 8th President of the African Development Bank (AfDB)
Mr. Adesina, 55, will succeed incumbent president, Donald Kaberuka, at the end of his second term as President of the Bank in August 2015.
The new AfDB President emerged winner at the end of the election conducted by the Board of the Bank during the annual meeting of the African Development Bank Group in Abidjan.
Mr. Adesina’s victory was announced by the Minister of Planning and Development for Côte d’Ivoire, Albert Toikeusse Mabri, who is currently the Chairman of the Board of Governors of the Bank.
Mr. Adesina defeated seven other candidates, including Sufian Ahmed, Jaloul Ayed, Kordjé Bedoumra, Cristina Duarte, Samura M. W. Kamara, Thomas Sakala, and Birama Sidibé.
The election was held in line with the amended rules of procedure governing the election of the President of the African Development Bank (Article 1).
The amendment requires that the bank holds election for its President during the Annual Meeting.
Mr. Adesina’s ambition to head the body was supported by President Goodluck Jonathan and the incoming president, Muhammadu Buhari.
He will assume office on September 1, 2015.
The ADB operates under the leadership of the President, who serves as its legal representative, and the Chairperson of the Board of Directors, and the Chief of Staff of the Bank.
The President conducts the business of the bank, under the direction of the Board of Directors.
The President is elected by the Board of Governors and serves a five-year term, renewable once.
The current President, Donald Kaberuka, a national of Rwanda, was elected in July 2005, and commenced his first term on September 1, 2005.
Following his re-election in May 2010, he commenced his last five-year term on September 1 2010.