The African Development Bank (AfDB) insists the bank is African with Nigeria leading the pact with 10 percent shareholding portfolio.

Professor Vincent Nmehielle, Secretary General of the Bank, said at a press conference to announce its annual meetings slated for Busan, South Korea.

He said the meeting would be held between May 21-25 under the theme, “Africa’s Industrialisation: Strategies, Policies, Institutions and Finance.

“Lots of people do not believe the Bank is African. The media should help us change this narrative.”

Prof Nmehielle said that the Bank has 80-member countries comprising 54 regional members and 26 non-regional members, splitting on a 60-40 percent respectively, adding “All configurations must fall within the split”.

He said other shareholders include non-African members including the United States, Japan, Germany and Canada with shareholding portfolios of up to six percent for the US, with Nigeria holding the highest shares.

The Secretary General said the Bank has received several applications in interests to join their fold but a definite pronouncement would be made on the subject matter at the annual meetings in Busan.

He said the AfDB has three distinct entities categories comprising the Bank, the African Development Fund and the Nigerian Trust Fund with separate boards of governors and directors.

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