The African Development Bank Group (AfDB) or Banque Africaine de Développement (BAD) is a multilateral development finance institution. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
The mandate of the African Development Bank Group, which comprises the African Development Bank, the African Development Fund and the Nigeria Trust Fund (collectively, ‘the Bank Group’) is to spur sustainable economic development and social progress in its regional member countries.1 The Bank Group does this by mobilising and allocating resources for investment in projects and programmes in its regional member countries as well as providing policy advice and technical assistance to support development efforts.
Flowing from its mandate, the Bank Group has a fiduciary and legal duty to ensure that funds are used for the purposes for which they were intended. Where firms or individuals divert these funds to other uses through fraud, corruption and associated harmful practices (defined as ‘Sanctionable Practices’), the Bank Group exercises this fiduciary duty by sanctioning these entities through an administrative process.