World Bank Debars Seven Nigerian Companies, Individuals Over Corruption

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World Bank Group President Jim Yong Kim makes remarks at the Plenary Session of the IMF and World Bank's 2017 Annual Fall Meetings, in Washington, U.S., October 13, 2017. REUTERS/Mike Theiler - RC1820C71280

The World Bank has debarred five Nigerian firms and individuals for engaging in corrupt practices.

In addition, two Nigerian companies debarred by the African Development Bank (AfDB) were recognised by the World Bank under the cross-debarment policy, raising the number of debarments to seven.

A debarment renders firms/individuals ineligible to participate in projects and operations financed by institutions of the World Bank Group.

This is contained in the World Bank’s recent report titled ‘Sanctions System Annual Report for Fiscal Year 2022’.

The annual report covers the fiscal year 2022—from July 1, 2021, to June 30, 2022—and was prepared by the offices of the World Bank Group’s (WBG) sanctions system, which comprises the integrity vice-presidency (INT), the office of suspension and debarment (OSD), and the sanctions board and its secretariat.

According to the report, Salihu Tijani was debarred for three years and two months while Isah Kantigi was debarred for five years.

Amin Moussalli was debarred for two years and 10 months alongside a conditional non-debarment for one year and six months.

Conditional non-debarment means that a firm or individual remains eligible to participate in World Bank-financed projects as long as the firm/individual complies with certain sanction conditions.

World Bank Debars Seven Nigerian Companies, Individuals Over Corruption

The bank also debarred two firms – AIM Consultants Limited for two years and 10 months, and SoftTech IT Solutions and Services Ltd. for four years and two months.

The other two firms blacklisted by AfDB but recognised by the World Bank were Sargittarius Nigeria Limited, and Sargittarius Henan Water Conservancy Engineering Ltd. for a period of two years and six months each.

The bank said the report documents how, in a time of increasingly complex global challenges and historic development support by the World Bank Group, the offices of the sanctions system worked in the fiscal year 2022 (FY22) to help ensure that the WBG’s funds are used in a transparent and accountable manner and only for their intended purposes.

Speaking on the sanctions, David Malpass, World Bank Group president, said corruption has a “pernicious effect” on development and poses significant obstacles to the bank’s work to alleviate extreme poverty and boost shared prosperity.

“Among them, it diverts scarce resources from achieving the projects’ objectives, robbing the benefits of development from the people who need them most; it increases costs for the most vulnerable while reducing their access to services—including health, education, and justice; and it undermines the public’s trust in institutions, thereby weakening governance and rule of law and increasing fragility,” Malpass explained.

“At a moment when every available resource must be deployed for maximum impact, these ill effects of corruption can be especially damaging.

“For this reason, it is important to recognise the role of the Bank Group’s sanction system, which plays a significant part in our institution’s efforts to maintain oversight and accountability for the financing we provide.”

Source: The Cable