Home > Civil > World Bank Blacklists Six Chinese Companies In Nigeria

World Bank Blacklists Six Chinese Companies In Nigeria

The World Bank has blacklisted six Chinese companies currently operating in Nigeria over alleged fraud and corruption.

The companies, according to an announcement published on the World Bank’s website, are CCECC Nigeria Railway Company Limited, CRCC Petroleum and Gas Company Limited and CCECC Nigeria Company Limited.

Others are China Railway Construction (International) Nigeria Company Limited, China Railway 18th Bureau Nigeria Engineering Company Limited and CCECC Nigeria Lekki (FTA) Company Limited.

The publication, which emanated from the procurement unit of the bank, was entitled ‘Procurement – World Bank Listing of Ineligible Firms and Individuals’.

The companies, which were accused of violating the global bank’s procurement guidelines, would not be eligible to be awarded any World Bank contracts between June 4, 2019 and March 3, 2020.

Companies involved in World Bank projects including contracts are obliged to adhere strictly to the guidelines, which stipulate a high level of ethics and frowns on all manner of fraud and corruption including bribery and misappropriation of funds.

Although the specific cases involving the blacklisted companies were not disclosed, the World Bank explained that the firms were given an opportunity to respond to allegations brought against them.

READ ALSO  Cyberespionage: Platinum Targets South Asian Governments, Says Security Experts

The bank said, “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.

Source: punch

Total Views: 108 ,
0
0

Leave a Reply

Your email address will not be published. Required fields are marked *