{"id":111992,"date":"2024-05-17T18:34:38","date_gmt":"2024-05-17T17:34:38","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=111992"},"modified":"2024-05-17T18:34:38","modified_gmt":"2024-05-17T17:34:38","slug":"world-bank-blacklists-59-nigerian-companies-individuals-over-corruption","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/world-bank-blacklists-59-nigerian-companies-individuals-over-corruption\/","title":{"rendered":"World Bank blacklists 59 Nigerian companies, individuals over corruption"},"content":{"rendered":"<div dir=\"auto\">The World Bank has blacklisted 59 Nigerian companies and individuals for engaging in corrupt practices.<\/p>\n<p>According to a report published on its website, the move is part of the efforts by the global bank to uphold integrity and transparency in its projects and operations.<\/p>\n<p>Thirty-nine Nigerian companies affected were previously debarred by the African Development Bank (AfDB), along with 20 individuals identified by the World Bank under the cross-debarment policy.<\/p>\n<p>The total number of debarments now stands at 59, rendering the implicated entities ineligible to participate in projects and operations financed by institutions of the World Bank Group.<\/p>\n<p>The list which the World Bank updates every three hours, contains a total of 1,210 companies and individuals globally.<\/p>\n<p>By debarment firms\/individuals have been rendered ineligible to participate in projects and operations financed by institutions of the World Bank Group. The debarred firms and individuals, the report said were ineligible to participate in World Bank-financed contracts for the periods indicated.<\/p>\n<p>According to the World Bank report, the sanctions were imposed following an administrative process conducted by the Bank, which allowed the accused firms and individuals to respond to the allegations. This process adhered to the Bank\u2019s procedures for sanctions proceedings and settlements in bank-financed projects.<\/p>\n<p>\u201cThrough 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 Bank Financed Projects. For more information on the two-tier sanctions process go to Sanctions,\u201d it stated in the report.<\/p>\n<p>Cross-debarment, as per the Agreement for Mutual Enforcement of Debarment Decisions, was enforced in accordance with the agreement dated 9 April 2010. This agreement has been made effective by several international financial institutions, including the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.<\/p>\n<p>Cross-debarment in accordance with the Agreement for Mutual Enforcement of Debarment Decisions dated 9 April 2010, which, as of July 1, 2011, has been made effective by the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.\u201d<\/p>\n<p>In addition to debarment, the Bank reserves the right to apply other actions to firms and individuals found in violation of its policies, which may not necessarily result in debarment.<\/p>\n<p>The prohibited conduct leading to debarment is defined in the applicable Procurement or Consultant Guidelines, as well as in the World Bank Procurement Regulations for Investment Project Financing Borrowers.<\/p>\n<p>The specific guidelines may vary depending on the nature of the project in question.<\/p>\n<p>The World Bank\u2019s actions underscore its commitment to combating corruption and promoting accountability in development projects, ensuring that funds are used effectively for the benefit of the people.<\/p><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The World Bank has blacklisted 59 Nigerian companies and individuals for engaging in corrupt practices. According to a report published on its website, the move is part of the efforts&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":94111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-111992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>World Bank blacklists 59 Nigerian companies, individuals over corruption - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/world-bank-blacklists-59-nigerian-companies-individuals-over-corruption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank blacklists 59 Nigerian companies, individuals over corruption - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The World Bank has blacklisted 59 Nigerian companies and individuals for engaging in corrupt practices. 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