World Bank debars 17 Nigerian companies, individuals over fraud

World Bank, Nigeria companies
World Bank

By Peter Egwuatu

The World Bank has debarred nine Nigerian individuals and firms from executing any contract with it for engaging in corrupt, fraudulent and collusive practices.

In addition to the debarments, eight Nigerian companies debarred by the African Development Bank, AfDB, were also recognised by World Bank under the cross-debarment policy.

Cross-debarment is the recognition of debarment decisions by signatories to the Agreement for Mutual Enforcement of Debarment Decisions on the same terms as the initial decision.

READ ALSO: World Bank upgrades Nigeria’s  economic growth forecast to 1.8%

This is contained in its recent report titled ‘Sanctions System Annual Report for Fiscal Year 2021’.

This report covers the Fiscal Year 2021 (FY21) — from July 1, 2020 to June 30, 2021 — and was prepared by the offices of the World Bank Group, WBG’s sanctions system.

“In the fiscal year 2021, the World Bank Group sanctioned 57 firms and individuals, of which 54 were debarred with conditional release, making them ineligible to participate in projects and operations financed by institutions of the World Bank Group.

“In addition, three firms were sanctioned with conditional non-debarment, leaving them eligible to participate in World Bank Group-financed operations after meeting certain agreed-upon conditions,” the report reads.

“The institution also recognised 92 cross-debarments from other multilateral development banks, MDBs, while 45 World Bank Group debarments were eligible for recognition by other MDB,” the report adds.

Speaking on the report, David Malpass, World Bank President, said: “The World Bank Group is firmly committed to placing governance, anti-corruption, and transparency front and centre in our work.

“A stable, respected rule of law is essential to good development outcomes.

“An important piece of our anti-corruption efforts is the World Bank Group’s sanctions system.”

Vanguard News Nigeria

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