Ex-AfDB Chief Adesina Chairs Botswana Fund, Joins Jumia Board

Former President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina

Ex-AfDB Chief Adesina Chairs Botswana Fund, Joins Jumia Board

Former President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, has continued his ascent on the global development and corporate stage following his appointment as Chairperson of Botswana’s Diamonds for Development Fund, a landmark initiative designed to transform the country’s diamond wealth into long-term economic prosperity and diversification.

The appointment, jointly announced by the Government of Botswana and De Beers Group, signals a major new phase in Adesina’s post-AfDB career after completing his second term as AfDB President in September 2025. He is expected to formally assume office on June 15, 2026.

The Diamonds for Development Fund was established during tough negotiations between Botswana and De Beers which concluded in 2025 to extend diamond mining licences through to 2054 for their 50:50 mining joint venture, Debswana. The fund is designed to serve as a strategic vehicle for channeling Botswana’s diamond revenues into industrial development, innovation, job creation, and broader citizen participation in the mining value chain.

Under the arrangement, De Beers has committed to an upfront investment of BWP 1 billion ($74.4 million) in the fund, as well as annual contributions from its dividends from Debswana, based on the latter’s performance. The fund is currently in the process of finalising the appointment of independent directors to its board as the vital next step in making it operational.

The initiative builds on a broader cooperation framework between Botswana and De Beers Group, which also includes investments in a new diamond jewellery manufacturing facility, the establishment of a De Beers Institute of Diamonds grading laboratory, a diamond vocational training institute, and joint marketing initiatives to boost global diamond demand.

Speaking on the appointment, Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, described Adesina as a “reformer with a proven record of delivering transformative development outcomes”, adding that his leadership would help ensure the fund achieves its long-term national objectives.

“We are proud and honoured to have Dr Akinwumi Adesina join the Diamonds for Development Fund as Chairperson,” Kenewendo said. “His appointment solidifies the position of the Government of the Republic of Botswana to maximise the value of Botswana diamonds as an anchor for economic transformation, diversification, innovation, beneficiation and citizen participation in the diamond value chain. We draw inspiration from Dr Adesina’s achievements as an internationally accomplished reformer of strategic sectors and look forward to his impactful influence in the delivery of the fund’s bold mandate.”

Chief Executive Officer of De Beers Group, Al Cook, also said Adesina’s governance experience, international networks, and development track record made him uniquely suited to steer the initiative.

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“When we set up the groundbreaking Diamonds for Development Fund with the Botswana Government, we knew that we would need an extraordinary leader to achieve our ambition of economic diversification and job creation,” Cook said. “In Dr Adesina, I am confident we have found just that person. His track record in African development is outstanding, and his global network, commitment to strong governance and understanding of the Fund’s priorities make him the right chair to shape the Fund’s support for Botswana’s long-term economic objectives. He is a man characterised by deep integrity and outstanding delivery.”

Reacting to the appointment, Adesina said he was honoured to lead what he described as a visionary effort to ensure that natural resource wealth translates directly into improved livelihoods for citizens.

“I am greatly honoured to be appointed the chairman of the board of directors of the Diamonds for Development Fund by the Government of Botswana and De Beers Group,” he said. “The Diamonds for Development Fund represents a bold and visionary initiative to ensure that the people of Botswana benefit directly from the wealth created by diamonds. It is not only diamonds that should shine, the lives of the people of Botswana must also shine. The Fund’s success will set a global benchmark for how natural resource wealth can create enduring value for generations to come.”

He added that he looks forward to working closely with the government of Botswana and De Beers to ensure the fund contributes towards a more prosperous future for the people of Botswana.

Between 2015 and 2025, Adesina oversaw a major expansion of the AfDB’s capital base from $93 bi ll i o n t o$ 318 billion —the highest level in the institution’s history. He launched several flagship initiatives, including the Africa Investment Forum, which has mobilised more than $225 billion in investment interest since its launch in 2018. He also led the implementation of the High 5 development agenda—focusing on lighting and powering Africa, feeding Africa, industrialising Africa, integrating Africa, and improving the quality of life for Africans—which the bank says has improved the lives of more than 565 million Africans.

Additionally, Adesina played a central role in advancing Mission 300, a partnership with the World Bank Group aimed at providing electricity access to 300 million Africans by 2030. Before his tenure at the AfDB, he served as Nigeria’s Minister of Agriculture, where he introduced the country’s electronic fertiliser voucher programme, which reached millions of smallholder farmers.

The appointment comes against the backdrop of Botswana’s intensified efforts to secure greater benefits from its decades-long partnership with De Beers. In recent years, Botswana has demanded the return of sightholder sales to Gaborone from London, as well as investments in labs, training centres, and manufacturing facilities. The negotiations that concluded in 2025 also resulted in a new 10-year sales and marketing agreement for Debswana’s rough diamond production, with a potential five-year extension. Under the deal, the share of Debswana’s production sold by Botswana’s Okavango Diamond Company will increase from 30% currently to 50% by 2035-40, with De Beers handling the remainder.

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Botswana, the world’s leading diamond producer by value, has long relied on the precious stone industry as a cornerstone of its economy. The new fund is expected to support efforts to diversify growth beyond mining while creating opportunities for innovation, local enterprise development, and broader participation in the diamond value chain. For De Beers, the initiative forms part of a wider effort to strengthen the developmental impact of the diamond industry in Botswana, one of its most important producing countries.

In a related development highlighting his expanding global influence, Adesina has also been appointed to the Supervisory Board of Jumia Technologies, the pan-African e-commerce company listed on the New York Stock Exchange.

Shareholders approved the appointment during Jumia’s Annual General Meeting held on May 15, 2026, alongside other board changes aimed at strengthening governance and accelerating the company’s push toward profitability. Alongside Adesina, shareholders also elected Hassanein Hiridjee, Chief Executive Officer of Axian Group, and Benjamin Faw, a US-based investor and business adviser, to the board. Meanwhile, current Chairman Jonathan Klein, co-founder and former CEO of Getty Images, and Deputy Chair Anne Ooga Eriksson were re-elected.

Adesina joins the board at a critical time as Jumia intensifies efforts to achieve adjusted EBITDA breakeven and positive cash flow by the fourth quarter of 2026, with a broader goal of full-year profitability by 2027.

The company reported strong early 2026 performance, including a 31% increase in Gross Merchandise Volume to $212.2 mi ll i o nan d a * * 39$ 50.6 million, reflecting improved efficiency and a shift toward a marketplace-driven model.

Chairman Jonathan Klein said the new board composition brings together “deep African market knowledge, governance strength, and financial discipline” needed to guide the company’s next growth phase.

Adesina, reacting to his appointment, said Africa’s digital economy continues to expand rapidly and presents significant opportunities for innovation and investment, noting that Jumia has played a pioneering role in shaping the continent’s e-commerce ecosystem. Industry observers say his appointment is expected to boost investor confidence, given his extensive experience in development finance, agricultural transformation, and large-scale institutional reform during his decade-long leadership at the AfDB.

With both appointments, Adesina’s influence continues to extend across public development finance and private sector innovation, reinforcing his position as one of Africa’s most prominent development leaders on the global stage. His post-AfDB career is rapidly taking shape, with roles spanning natural resource governance, digital commerce, and sustainable development—sectors that will define Africa’s economic trajectory for decades to come.

Industry observers note that his ability to command such prominent positions so soon after leaving the AfDB reflects not only his personal reputation but also the growing recognition of African expertise in global governance and corporate leadership. The Diamonds for Development Fund, in particular, represents a test case for whether resource-rich African nations can successfully convert mineral wealth into lasting, diversified prosperity—a challenge that has eluded many countries across the continent.