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  • Business - Companies
  • Updated: March 18, 2020

AfDB Suspends Two Nigerian Companies

AfDB Suspends Two Nigerian Companies

 

African Development Bank (AfDB) has suspended Beulah Universal Link Resources Limited and Bluestream Systems and Device Limited for alleged fraud.

AfDB disclosed this in a statement while adding that the suspension will run for 36 months and 12months respectively.

“While participating in a tender for construction and rehabilitation of water reservoirs contracts, the companies misrepresented their qualifications for the contracts.

“The debarments render Beulah Universal Link Resources Limited and Bluestream Systems and Device Limited ineligible to participate in bank-financed projects during the respective debarment periods.

“Additionally, the 36-month debarment of Beulah Universal Link Resources Limited qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.”

Meanwhile, both registered companies have been investigated by the bank’s Office of Integrity and Anti-Corruption established that Beulah Universal Link Resources Limited and Bluestream Systems and Device Limited through their joint bid submitted under the Urban Water Supply and Sanitation Improvement Project implemented in Oyo State, Nigeria.

Also, the Urban Water Supply and Sanitation Improvement Project was financed under the African Development Fund, an entity of the African Development Bank Group.

The AfDB stated that the Office of Integrity and Anti-Corruption of the Group is saddled with the responsibility of preventing, deterring and investigating allegations of corruption, fraud and other sanctionable practices in Bank Group-financed operations.

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