The World Bank on Monday blacklisted some companies around the world over alleged fraud and corruption.
Six out of the blacklisted companies are Chinese firms currently operating in Nigeria.
The World Bank in a document titled ‘Procurement – World Bank Listing of Ineligible Firms and Individuals’ accused the companies of violating its procurement guidelines. Consequently, the companies are prohibited from handling any World Bank contracts between June 4, 2019 to March 3, 2020.
The six companies among the ban in Nigeria includes; CCECC Nigeria Railway Company Limited, CRCC Petroleum and Gas Company Limited, CCECC Nigeria Company Limited, China Railway Construction International Company Limited, China Railway 18th Bureau Nigeria Engineering Company Limited and CCECC Nigeria Lekki (FTA) Company Limited.
The ban also affects companies directly or indirectly controlled by these companies.
The World Bank however gave the companies a chance to respond to the allegations against them.
Read the publication on World Bank website below in parts;
“The firms and individuals listed below are ineligible to be awarded a World Bank-financed contract for the periods indicated because they have been sanctioned under the bank’s fraud and corruption policy as set forth in the Procurement Guidelines and the Consultant Guidelines (for projects before July 1, 2016); or through the World Bank Procurement Regulations for Investment Project Financing Borrowers (for projects after July 1, 2016).
“Such sanction was imposed as the result of (1) an administrative process conducted by the Bank that permitted the accused firms and individuals to respond to the allegations.
“Through July 2007, this process was conducted in accordance with the Sanctions Committee Procedures adopted on August 2, 2001.
“The process is currently conducted in accordance with bank Procedure: Sanctions Proceedings and Settlements in the Bank Financed Projects.”
Princess Ada is a Senior Content Creator and Head of Field Reporters at Naija Buzz News. She is a graduate of The Federal Polytechnic Nasarawa, Nasarawa State, where she studied Accounting before joining the media industry. She’s well experienced in Nigeria’s online media space. Ada previously worked as the Head of Business Operations at 1Push.Ng. She is a proud Igbo from Enugu State, South-East Nigeria.