World Bank Blacklists 58 Nigerian Firms, Individuals – [See Details]

Nigeria Spent 96% Revenue On Debt Servicing In 2022 – World Bank

The World Bank has taken action against no fewer than 58 Nigerian companies and individuals for their alleged involvement in corrupt practices.

Naija News understands that the strict action is part of the financial institution’s ongoing commitment to maintaining integrity and transparency in its projects and operations.

Reports revealed that out of the affected entities, 39 Nigerian companies were already blacklisted by the African Development Bank (AfDB), while 19 individuals were identified by the World Bank under the cross-debarment policy.

As a result, the total number of debarments has now reached 58, making these entities ineligible to participate in projects and operations funded by the World Bank Group.

The World Bank regularly updates the list, which currently includes a total of 1,210 companies and individuals worldwide.

It is worth noting that debarment prevents these firms and individuals from engaging in projects and operations financed by the World Bank Group.

According to the World Bank report, the sanctions were imposed after an administrative process conducted by the Bank. This process allowed the accused firms and individuals to respond to the allegations, following the Bank’s procedures for sanctions proceedings and settlements in bank-financed projects.

“Through July 2007, this process was conducted in accordance with the Sanctions Committee Procedures adopted on August 2, 2001. The process is currently conducted in accordance with Bank Procedure: Sanctions Proceedings and Settlements in Bank-Financed Projects. For more information on the two-tier sanctions process, goes to Sanctions,” the World Bank stated in its latest publication.

It is worth noting that cross-debarment, in line with the Agreement for Mutual Enforcement of Debarment Decisions dated 9 April 2010, has been implemented by the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.

Furthermore, in addition to debarment, the Bank retains the authority to impose other measures on entities and individuals found to be in breach of its policies, which may not always lead to debarment.

The misconduct that can result in debarment is outlined in the relevant Procurement or Consultant Guidelines, as well as in the World Bank Procurement Regulations for Investment Project Financing Borrowers. These guidelines may differ based on the specific project at hand.

The World Bank’s actions demonstrate its dedication to fighting corruption and upholding transparency in development initiatives, ensuring that resources are utilized efficiently for the betterment of society.

The post World Bank Blacklists 58 Nigerian Firms, Individuals – [See Details] appeared first on Naija News.

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