Nigeria is Highest Shareholder in AfDB

The African Development Bank (AfDB) on Thursday said Nigeria remained the highest shareholder of the bank with over nine per cent shares.
Prof. Vincent Nmehielle Secretary General of the bank disclosed this at a press conference to announce the Annual General meeting of the bank
He said that meeting would be held in Busan, Korea between May 21 and 25th with the theme “ Industrializing Africa’’.
He said that it was false for some people to say that the bank was not an African bank noting that it had room to welcome non regional countries.
He said the bank had 80 member countries comprising of 54 regional member countries and 24 non- regional members countries.
“This is an African bank and Nigeria still remained the largest shareholder with over 9 per cent shares,’’ he said.
He noted that America had about 6 per cent shares as a non-regional member.
He named other non regional members of the bank to include Japan, Germany, Canada among others.
Nmehielle noted that the bank had received number of requests of interest from non- regional countries to join the bank.
According to him, the countries will be announced during the upcoming annual meeting in Korea.
Earlier in the year Economic Confidential recalled that the Nigeria Country Director of African Development Bank (AfDB), Ebrima Faai, had alluded to Nigeria as being the bank’s largest shareholder with a portfolio of approximately six billion U.S dollars.
Mr. Faal had stated then that President Muhammadu Buhari would inaugurate the bank’s new office complex in Abuja on January 18 to further consolidate the country’s position as the largest shareholder.
He said that the state-of-the-art Nigeria Country Department office complex was the first permanent structure to be designed and constructed in any regional member country of the bank.
“Nigeria is the AfDB’s largest shareholder with a portfolio of approximately six billion U.S dollars and country operations accounting for 13 per cent of the bank’s total portfolio,’’ Mr. Faal said.
He said that construction work of the new office in Abuja started in January 2016 and lasted for 16 months.

According to him, the 220-staff capacity four-storey building would become a model for replication in other countries.
“The bank has positioned itself as the preferred lending partner in Nigeria as it continues to support Nigeria’s long-term aspiration to be among the top 20 economies in the world by the year 2020,’’ he said.
Mr. Faal quoted the Bank’s President, Akinwumi Adesina, saying that AfDB would remain grateful to the Federal Government of Nigeria for the land provided and the continuous show of solidarity to the bank.
According to Mr. Adeshina “this structure is a reaffirmation of the bank’s commitment to support Nigeria to achieve its development reforms.’’