Get Paid to Read News Everyday!

Sign up below...

Whatsapp Channel

World Bank Blacklists 58 Nigerian Entities for Corruption

World bank blacklists 58 Nigerian companies for corruption
World Bank logo

The World Bank has announced the blacklisting of 58 Nigerian companies and individuals over corrupt practices.

This action, part of the institution’s ongoing efforts, renders the implicated entities ineligible to participate in projects financed by the World Bank Group.

Among the affected are 39 Nigerian companies previously debarred by the African Development Bank (AfDB) and 19 individuals identified by the organisation.

This brings the total number of debarments to 58, highlighting the severity of the issue. The World Bank updates its blacklist regularly, with a current tally of 1,210 globally barred companies and individuals.

The sanctions were imposed following an administrative process conducted by the Bank, allowing the accused parties to respond to the allegations.

Cross-debarment, enforced under the Agreement for Mutual Enforcement of Debarment Decisions, involves several international financial institutions, including the World Bank, Asian Development Bank, and African Development Bank, among others.

In addition to debarment, the Bank reserves the right to apply other actions to those found in violation of its policies.

The prohibited conduct leading to debarment is outlined in applicable procurement guidelines and regulations, emphasizing the Bank’s commitment to combating corruption and promoting accountability in development projects.


This Article is Fact-Checked. See Policy.
Total
0
Shares

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Posts