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58 Nigerian companies, individuals blacklisted by World Bank over corrupt practices

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World Bank has blacklisted 58 Nigerian companies and individuals for engaging in sharp corrupt practices.

The ban comes as part of the organisation’s ongoing efforts to sustain integrity and transparency in its projects and operations.

Among those affected according to Businessday report are 39 Nigerian companies previously debarred by the African Development Bank (AfDB), along with 19 individuals identified by the World Bank under the cross-debarment policy.

The total number of debarments now rose to 58, rendering the implicated organizations ineligible to participate in projects and operations funded by institutions of the World Bank Group.

The list which the World Bank updates every three hours, contains a total of 1,210 companies and individuals globally at the time of this report.

The sanctions were imposed according to World Bank after an administrative process conducted by the Bank.

This process allowed the accused companies and individuals to respond to the allegations, following the Bank’s procedures for sanctions proceedings and settlements in bank-financed projects.

It is important to note 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.

 

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