World Bank Sanction Nigerian Firms, Individuals Over Corruption
Not less than seven Nigerian firms and individuals involved in corruption have been sanctioned by World Bank During its fiscal year 2022, the World Bank sanctioned seven Nigerian companies and people for corruption. This revelation was provided in the Sanctions System Annual Report for the bank’s most recent Fiscal Year 2022, which ran from July 1, 2021, to June 30, 2022. Three Nigerians and four Nigerian firms were sanctioned after the Washington-based bank found them guilty of corruption after mandatory investigations. Under the cross-debarment policy, two of the four enterprises were sanctioned by the African Development Bank but recognised by other multilateral agencies, including the World Bank. Sargittarius Nigeria Limited and Sargittarius Henan Water Conservancy Engineering Ltd were also blacklisted by AfDB but recognised by the World Bank under the cross-debarment policy for two years and six months, respectively. According to the article, two Nigerians and two Nigerian businesses were removed off the blacklist after meeting the bank’s requirements. Mr. Elie Abou-Ghazaleh and Mr. Fadi Abou-Ghazaleh were the Nigerians, and the businesses were Abou Ghazaleh Contracting Nigeria Ltd. and Quick Projects Limited. The World Bank Group President, David Malpass, stated in the study that corruption might harm the bank’s attempts to finance projects. “At a time when every possible resource must be employed for maximum effectiveness,” he explained, “the bad impacts of corruption can be very harmful.” As a result, it is critical to acknowledge the importance of the Bank Group’s sanction system in our institution’s attempts to maintain monitoring and responsibility for the funding we offer. “The sanctions system’s offices—the Integrity Vice Presidency, the Office of Suspension and Debarment, and the Sanctions Board and its Secretariat—all work together to deliver a clear message: corruption has no place in progress.” In total, he said that the bank blacklisted or sanctioned 35 businesses and people. At the same time, 22 entities had fulfilled their prerequisites for sanctions relief, making them eligible to engage in bank-financed projects once again....