Would you like to receive notifications on latest updates of the following headlines?

W’Bank imposes 30-month debarment on Nigerian coy’s for corruption

POSTED ON January 22, 2025 •   Business      BY Abiodun Saheed Omodara
World Bank president, David Malpass l Credit: Aljezeera

The World Bank Group has announced a 30-month debarment for two companies based in Nigeria, Viva Atlantic Limited and Technology House Limited along with their Managing Director and CEO, Norman Bwuruk Didam. 

This action is related to fraudulent, collusive, and corrupt activities associated with the National Social Safety Nets Project in Nigeria.

The project was designed to provide targeted financial assistance to impoverished and vulnerable households as part of Nigeria’s expanded national social safety nets initiative.

According to the case details and the overarching principles of the World Bank’s Anticorruption Framework, in relation to a 2018 procurement and subsequent contract, Viva Atlantic Limited, Technology House Limited, and Mr. Didam misrepresented a conflict of interest in their Letter of Bids and obtained confidential tender information from public officials, which constituted fraudulent and collusive actions.

Additionally, Viva Atlantic Limited and Didam misrepresented the company’s experience and submitted falsified letters of authorization from manufacturers, as well as offered and provided valuable items to public officials involved in the project. These actions were deemed fraudulent and corrupt.

The debarment prohibits both companies and Didam from engaging in projects and operations financed by the Bank Group. As part of their settlement agreements, the companies and Didam have accepted responsibility and agreed to fulfill specific integrity compliance conditions to be released from debarment.

Among other requirements, Didam is obligated to complete individual corporate ethics training, while the two companies must improve their internal integrity compliance policies and implement corporate ethics training programs that align with the principles outlined in the Bank Group Integrity Compliance Guidelines. 

The companies also commit to ongoing full cooperation with the Bank Group Integrity Vice Presidency. The settlement agreements include reduced debarment periods due to the cooperation of the companies and Didam with the Bank Group’s investigation, their voluntary corrective measures, their voluntary withdrawal from participating in Bank Group tenders, and the passage of time.

The debarments of Didam, Viva Atlantic Limited, and Technology House Limited are eligible for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions, which was signed on April 9, 2010.

READ ALSO
FG signs $174.6M agreement with UNIDO to enhance Nigeria's industry
BY Abiodun Saheed Omodara April 3, 2025 0

The Federal Government and the United Nations Industrial Development Organisation (UNIDO) have enter...

READ ALSO
FG signals tough stance on underdeveloped Oilfields, calls for strategic IOC investments
BY Abiodun Saheed Omodara April 2, 2025 0

The Federal Government expressed its worries on Tuesday about the growing number of idle and underde...

READ ALSO
Fuel prices expect to fall below N750 by Year-End - NIPSS
BY Abiodun Saheed Omodara April 2, 2025 0

The National Institute for Policy and Strategic Studies (NIPSS) has said that with Dangote Refinery...

READ ALSO
CBN's strategic policies lead to significant increase in Nigeria's Net FX reserves
BY Abiodun Saheed Omodara April 2, 2025 0

Nigeria's net foreign exchange reserves (NFER) stood at $23.11 billion at the conclusion of the prev...

READ ALSO
NSIA reports ₦3.74Trn profit, celebrating 12 years of continuous profitability
BY Abiodun Saheed Omodara April 1, 2025 0

ABUJA, Nigeria - THE Nigeria Sovereign Investment Authority (NSIA) reported generating approximately...

READ ALSO
Insurance leaders advocate for AfCFTA adoption to drive economic progress
BY Abiodun Saheed Omodara March 21, 2025 0

Stakeholders within the insurance sector have urged operators to capitalize on the African Continent...

READ ALSO
Nigeria's Debt Soars: To exceed N155 Trillion by 2025 amidst economic strain
BY Abiodun Saheed Omodara March 21, 2025 0

The United Nations Conference on Trade and Development (UNCTAD) has indicated that many countries, p...

READ ALSO
Petrol prices at risk of increase as Dangote refinery suspends Naira sales
BY Abiodun Saheed Omodara March 20, 2025 0

ABUJA, NIgeria - The cost of Premium Motor Spirit (PMS), commonly referred to as petrol, may increas...

OUR CHANNELS:

FG signals tough stance on underdeveloped Oilfields, calls for strategic IOC investments
BY Abiodun Saheed Omodara April 3, 2025 0

The Federal Government expressed its worries on Tuesday about the growing number of idle and underde...


OpenAI valuation hits $300 billion after SoftBank-led fund
BY Abiodun Saheed Omodara April 3, 2025 0

The Japanese telecommunications company, alongside a group of investors, has recently announced yet...


Fuel prices expect to fall below N750 by Year-End - NIPSS
BY Abiodun Saheed Omodara April 3, 2025 0

The National Institute for Policy and Strategic Studies (NIPSS) has said that with Dangote Refinery...


Nigeria imposes N20m fine, 10-Year Jail Term for Ponzi scheme offenders
BY Abiodun Saheed Omodara April 2, 2025 0

The Securities and Exchange Commission (SEC) has stated that promoters and operators of Ponzi scheme...


South Korea launches second phase of educational initiative in Ekiti smart school
BY Abiodun Saheed Omodara April 2, 2025 0

EKITI, Nigeria - The South Korean government is poised to initiate the second phase of its education...


NFF denies resignation rumors surrounding Super Eagles coach
BY Abiodun Saheed Omodara April 3, 2025 0

The Nigeria Football Federation (NFF) has refuted claims that Super Eagles coach Eric Chelle is cons...


CPPE raises concerns over proposed ban on solar panel imports amid Nigeria's energy crisis
BY Abiodun Saheed Omodara April 2, 2025 0

The Centre for the Promotion of Private Enterprise (CPPE) has raised alarms regarding the government...


Kano praises Emir Sanusi II’s leadership qualities in reinstatement ceremony
BY Abiodun Saheed Omodara April 3, 2025 0

KANO, Nigeria - Governor Abba Kabir Yusuf has stated that his government reinstated Khalifa Muhammad...


CBN's strategic policies lead to significant increase in Nigeria's Net FX reserves
BY Abiodun Saheed Omodara April 3, 2025 0

Nigeria's net foreign exchange reserves (NFER) stood at $23.11 billion at the conclusion of the prev...


Adeyeye urges capital punishment for drug traffickers amidst N1trn confiscation
BY Abiodun Saheed Omodara April 3, 2025 0

The ongoing fight against counterfeit and substandard medical products by the National Agency for Fo...


More Articles

Load more...

Menu