As Akinwunmi Adesina‘s tenure as president of the African Development Bank (AFDB) comes to an end, the race to succeed him in 2025 is beginning to heat up with candidates across Africa declaring their intentions and more expected to declare interest in the coming months.
In this article, we look at the key candidates in line to replace Adesina in May 2025 at the end of the Nigerian economist’s two-term tenure as president of the AFDB. Adesina became president of the bank in 2015 and initially served his five-year tenure before getting re-elected to serve another five-year tenure and his last in 2020 which would elapse in 2025.
Who are the Key Candidates in Line to Replace Adesina in 2025?
Abbas Mahamat Tolli
Abbas Mahamat Tolli is a Chadian economist who served as the 5th Governor of the Bank of Central African states from February 2017 to February 2024, he was the first to declare interest in succeeding Adesina as AFDB president.
Tolli was endorsed in January, 2024 as the sole candidate by the Economic and Monetary Community of Central Africa (CEMAC), and later by the Economic Community of Central African States (ECCAS) in February.
As Governor of the BEAC, Tolli oversaw the introduction of a new IT master plan, as well as introducing new banking regulations, notably new capital requirements and new internal control procedures. However, a major issue that could count against him is a BEAC entrance scandal that erupted towards the end of his tenure as BEAC governor.
Rabah Arezki
Dr. Rabah Arezki is a former chief economist and Vice President, Economic Governance and Knowledge Management, at the African Development Bank Group (AfDB) who is currently touted to throw his hat into the ring for the AFDB presidency.
Prior to assuming his role at the AFDB, he served as the Chief Economist for Middle East and North Africa Region at the World Bank as well as he Chief of the Commodities Unit in the Research Department at the International Monetary Fund.
A dual citizen of Algeria and France, Dr. Arezki is an author and co-author of numerous academic journals and other publications covering a wide array of topics, such as energy and the environment, the macro-development of resource-rich countries, institutions, human capital, innovation and economic growth.
Hassatou Diop N’Sele
Hassatou Diop N’Sele, the AFDB’s current vice-president of finance, is also seen as another potential successor to Adesina. Before this role, she was the Group’s Treasurer from May 2015 to end 2022.
A seasoned professional, with more than 30 years of banking and finance experience, she led the expansion of the AfDB capital markets activities across the globe as treasury.
During her time in Treasury, Mrs. N’Sele led a diverse team of professionals in the management of the Bank’s +USD 33 billion borrowing portfolio, oversaw the investment of the Bank Group’s liquidity in multicurrency portfolios, and supervised the back-office operations.
The Senegalese citizen who holds an MBA in Finance and a Bachelor of Business Administration had earlier served as the Head of funding of the AfDB from 2008-2015. Prior to joining the African Development Bank in 1999, she was the finance director of Tiger Denrees Senegal, a commodity trading company, and a Manager at Citibank in Senegal.
Samuel Munzele Maimbo
Samuel Munzele Maimbo, a Zambian National has served as Vice President for Budget, Performance Review, and Strategic Planning at the world bank Group since July 1, 2023.
In his role at the World Bank, Mr. Maimno oversees the administrative budget for Bank Budget (BB) funds, Trust Funds, and Reimbursable Funds, ensuring resources are aligned with the institution’s strategic priorities, financial sustainability objectives, efficiency targets and business needs. He also serves as the top advisor to the World Bank’s senior management team on resource management allocation, leads the financial planning and performance review process for the institution’s multi-year Strategy and Business Outlook, and ensures the institution operates within budget.
The Zambian who has nearly thirty years of experience in development, financial markets, resource mobilization and strategic planning has been chosen by the Southern African Development Community (SADC) as their sole candidate for the AFDB presidential position on August 17 during its 44th summit of heads of state and government in Zimbabwe.
Bajabulile Swazi Tshabalala
Bajabulile Swazi Tshabalala from South Africa is the fifth candidate to have declared interest for the AFDB presidency. The South African who until now was senior vice-president of the AfDB has decided to go for it alone after the Southern African Development Community (SADC) endorsed Samuel Maimbo as its sole candidate.
Announcing her candidacy, Tshabalala said “Following the endorsement of the cabinet of the government of South Africa of my candidacy for the position of president of the African Development Bank in 2025, I have taken the decision to resign immediately from the bank. This decision is in accordance with the bank’s rules and regulations, to avoid any potential conflict of interest as I pursue my candidacy”.
Tshabalala joined the AfDB in 2018 as vice-president in charge of finance and was appointed senior vice-president in November 2021.
Amadou Hott
Amadou Hott, a former Minister of the Economy, Planning and Cooperation in Senegal, was appointed Special Envoy to the President of the African Development Bank Group, responsible for the Alliance for Green Infrastructure in Africa (AGIA) at the AFDB in December 2022, to drive resource mobilisation for AGIA to support Africa’s net zero transition through investing in green infrastructure.
He had previously served as Vice President for Power, Energy, Green Growth and Climate Change at the African Development Bank, prior to joining the Senegalese government.
With over 26 years of experience in government-led economic policies, development finance, climate, infrastructure, energy financing, investment banking, and capital markets. Hott is responsible for a groundbreaking $10 billion initiative to catalyze private financing for green infrastructure across Africa.
Amadou Hott has a background in Financial Markets and Banking, and has held several positions from CEO/Chairman of international banks to Minister of Economy, Planning and Cooperation of Senegal. He has also served as Vice President of the African Development Bank for Electricity, Energy, Climate Change and Green Growth, and was the founding CEO of FONSIS, Senegal’s sovereign wealth fund.
Romuald Wadagni
Romuald Wadagni joined the government of Benin in 2016 as Minister of the Economy and Finance and was promoted on May 2021 to be Minister of State, with the same portfolio. From 2018 to 2020, he chaired the cabinet of the West African Economic and Monetary Union, where he led the historic reform of the CFA franc.
Since 2018, he has been named “Best African Finance Minister” three times. Mr Wadagni graduated from the Harvard Business School, in the United States, and the Grenoble School of Management, in France. He has also worked for several years as an international consultant for Deloitte in France and Africa, specializing in auditing and consulting.
Wadagni has been in the running since July, with full financial support from his government whom recently pledged $2 million to the next replenishment of the African Development Fund, the concessional window of the African Development Bank Group.
Significance
The next AFDB presidential elections represents a watershed in the journey of the AFDB towards the development of the African continent. It is expected that the next president would do much more to rescue African countries from mounting debt, depreciating currencies, high inflation, and sluggish rates of global growth currently bedeviling them.
Adesina has been lobbying to have the Special Drawing Rights of the IMF channeled to the AfDB to increase the continent’s fire power to accelerate development in light of recent external shocks hence the next president would have his work cut out in an effort to project a strong vision capable of assuring both internal and external stakeholders that the AfDB is able to meet the continent’s developmental challenges.
