The World Bank has blacklisted eighteen Nigerian individuals and firms from executing any contract with it for engaging in corrupt, fraudulent, and collusive practices.
The blacklist was contained in its recent report titled ‘Sanctions System Annual Report for Fiscal Year 2021’.
In its report for the 2021 financial year entitled World Bank Group Sanctions System FY21, the bank said that the department was supported by its sanctions committee, the World Bank chief, the suspension and the exclusion officer, and the African Development Bank (AfDB).
The delistings of the AfDB have been recognized by the World Bank, which means that the companies concerned are blocked under the cross-debarment directive.
Speaking on the report, David Malpass, World Bank president, said; “The World Bank Group is firmly committed to placing governance, anti-corruption, and transparency front and center in our work. A stable, respected rule of law is essential to good development outcomes. An important piece of our anti-corruption efforts is the World Bank Group’s sanctions system.”
He said that since the beginning of the COVID-19 pandemic, the World Bank Group has deployed more than $157 billion in critical assistance to developing countries.
“Yet, for these resources to have the needed development impact on the hundreds of millions of people who live in extreme poverty, we must ensure that resources are used efficiently, effectively, and for their intended purposes,” he said.
“And that means remaining vigilant to the scourge of corruption and ensuring that we promote the highest integrity and transparency standards in public finance.”
Below are the Nigerian companies and individuals that are excluded from the World Bank;
World Bank blacklist
Ecobank Transnational Incorporated (ETI), a public limited Liability Company, it...LEARN MORE
AXA Mansard was incorporated in 1989 as a private limited liability company and ...LEARN MORE
Fidelity Bank Plc is a financial services institution in Nigeria offering bankin...LEARN MORE