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The executive council of the African Union (AU) has endorsed Akinwumi Adesina, president of the African Development Bank (AfDB), for a second term.

The council comprises 55 ministers of foreign affairs representing member states of the AU.

The decision was reached during the thirty-sixth ordinary session of the council which held during the AU summit in Addis Ababa, Ethiopia, on February 7.

“The executive council of the African union endorses African Development Bank President Akinwumi Adesina for a second term. Adesina is the eighth president of the bank and the first Nigerian in the post,” a tweet from the AfDB read.

The Executive Council of the @_AfricanUnion endorses African Development Bank President Akinwumi Adesina for a second term. Adesina is the eighth President of the Bank and the first Nigerian in the post.

👉🏾 https://t.co/81cEEsmnB8 pic.twitter.com/Nx7h8x4O2r

— African Development Bank Group (@AfDB_Group) February 25, 2020

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“During his first term, the Bank’s shareholders approved a landmark $115 billion capital increase in late October. The increase in the capital base, from $93 billion to $208 billion, signalled strong support from the Board of Governors in the continent’s foremost financial institution,” a statement from the AU executive council read.

In December 2019, the Economic Community of West African States (ECOWAS) also endorsed Adesina for a second term.

Akinwumi, a former minister of agriculture and rural development, became the first Nigerian to be elected president of the AfDB after he was elected on May 28, 2015.

He contested and won against seven other candidates.

The five-year tenure of the AfDB president is only renewable once.

Donald Kaberuka, a Rwandan national and Adesina’s predecessor, 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.

The next election will take place at the bank’s annual meetings in May in Abidjan.