Why AfDB Job May Elude Nigeria, By Experts

Dr. Benedict Oramah, Executive Vice-President of the African Export-Import Bank

Nigeria’s bid for the African Development Bank (AfDB) may fail because it is simultaneously bidding for the African Export-Import Bank head, it was learnt at the weekend.

Out-going Minister of Agriculture Dr. Akinwunmi Adesina, who is a frontline aspirant for the AfDB job, is supported by President-elect Muhammadu Buhari, who has sent former Vice President Atiku Abubakar to South Africa to lobby for his candidature.

Another Nigerian, Benedict Oramah, has been unanimously nominated as the President of the African Export-Import Bank. The bank has its headquarters in Cairo, the capital of Egypt.

The Nation report continues:

Some experts fear that while South Africa may back Adesina, Egypt may not support Nigeria’s bid for AfDB president because it means Nigeria will be heading two foremost financial institutions in Africa at the same time.

They recall that when a Nigerian, Bisi Ogunjobi, aspired to the AfDB president some years back, Cairo objected to his bid, pointing out that Nigeria was already playing a domineering role in the African Export-Import Bank.

According to the experts, who pleaded not to be named, two Nigerians, former Nigerian Ambassador to South Africa Alhaji Sheu Malami and former External Affairs Minister Gen. Ike Nwachukwu, who were sent to Cairo by the Federal Government to lobby for Ogunjobi met a brick wall because the Egyptian government complained that Nigeria could not occupy the presidency of the two continental banks at the same time.

According to a source, Nigeria should lobby Egypt more, instead of concentrating attention on South Africa, which may not raise objection to Adesina’s bid.

Said the sourve, who also sought anonymity because he is not permitted to talk to the media: “South Africa is not our problem. Egypt is our challenge. In terms of contributions to the AfDB, Nigeria has the highest share or equity holding, followed by Egypt. When Nigeria and Egypt are not together on a cause, it gives room to smaller countries. Egyptians are not happy with Nigeria, which has been playing domineering role in African Export-Import Bank in the last 20 years.

“The question is: Is Nigeria aware that a Nigerian is contesting for the presidency of the Afrex Bank for the second time in 20 years? Can Nigerians be bidding for the presidency of two African institutions in the same year, despite the strength of Egypt in both institutions? Should we not be talking to Egypt, instead of South Africa?”

Another expert, who gave an insight into the politics of selecting AfDB and Afex Bank presidents, said Egypt may rally some friendly countries to demand for concessions from Nigeria before supporting Adesina’s bid.

He added: “The idea of the African Export-Import Bank took off from Nigeria, which had a Nigerian Export-Import Bank moderated by the Central Bank. Nigeria nominated its first President, Christopher Edordu, a very intelligent technocrat and financial guru. But, when his term expired, he had wanted to seek for an extension after 10 years. He finally handed over to Mr. Jean-Louis Ekra from Cote d’Ivoire.

“Since Egypt felt that Ekra was not properly elected, he was not allowed to operate in Egypt. Therefore, he relocated to Nigeria. The Ministry of Finance was aware of this. Edordu remained as a consultant. Now, his former Personal Assistant, Oramah, is being sponsored for the Afex President. Do you think Egypt will agree?”