The World Bank has recently uncovered $32 million in unaccounted funds in Nigeria’s water project.
This revelation was part of the bank’s FY2024 Sanctions System Annual Report, which highlighted discrepancies in the funds intended to bolster Nigeria’s water infrastructure.
The missing funds prompted the World Bank to take swift action to safeguard the project’s integrity. The bank engaged with Nigeria’s task team leader, operations manager, and financial management specialist to address the issue
Consequently, the World Bank has requested the Central Bank of Nigeria to reimburse $22 million, while $6 million remains in the project account to cover anticipated operational expenses.
The World Bank has also imposed a 1.5-year debarment with conditional release on a Nigerian engineering firm and its managing director for fraudulent practices related to the project.
This development raises concerns about potential embezzlement and mismanagement within the project, and the World Bank is taking steps to recover the funds and prevent further losses.
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