{"id":115182,"date":"2024-11-17T20:24:24","date_gmt":"2024-11-17T19:24:24","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=115182"},"modified":"2024-11-17T20:24:24","modified_gmt":"2024-11-17T19:24:24","slug":"world-bank-uncovers-corruption-in-nigerias-water-sector-32million-unaccounted-for","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/world-bank-uncovers-corruption-in-nigerias-water-sector-32million-unaccounted-for\/","title":{"rendered":"World Bank Uncovers Corruption In Nigeria’s Water Sector: $32Million Unaccounted For"},"content":{"rendered":"
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The World Bank’s Integrity Vice Presidency (INT) has made a shocking discovery, uncovering $32 million in missing funds from Nigeria’s water project.<\/p>\n

The global bank which made the revelation in its recently released Fiscal Year 2024 Sanctions System Annual Report, stated that the unaccounted funds were meant to improve water infrastructure in Nigeria but were embezzled.<\/p>\n

According to the bank, the \u201cINT followed up on risks identified regarding a project in Nigeria\u2019s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds.\u201d<\/p>\n

The report stated that INT met with the task team leader, operations manager, programme leader, and financial management specialist to identify steps to reduce the risk of embezzlement.<\/p>\n

It noted, \u201cAs a result, the project team asked the Central Bank to reimburse the full amount ($22 million) and limited the remainder of the project to direct payments.<\/p>\n

\u201cThe local account remained with about $6 million in undisbursed balance, a little more than the anticipated PIU expenses for the remainder of the project.\u201d<\/p>\n

That bank stated, \u201cThe Chief Suspension and Debarment Officer (SDO) determined that the respondent, a Nigerian individual, engaged in a corrupt practice in connection with a consultancy contract under a social safety net project in Nigeria.<\/p>\n

\u201cSpecifically, the SDO found that the respondent made two payments to an intermediary that were to be further transferred to a public official in order to improperly influence the official\u2019s actions in connection with the contract.<\/p>\n

\u201cThe SDO imposed a debarment with conditional release for a minimum period of two years and one month.\u201d<\/p>\n

It stated that the Chief Suspension and Debarment Officer took into account, as mitigating factors, the respondent\u2019s cooperation with INT, noting that he admitted making two corrupt payments and may have felt coerced by the soliciting public official.<\/p>\n

\u201cDuring FY24, the Sanctions Board issued two decisions (Sanctions Board Decisions No. 142 and No. 143).<\/p>\n

\u201cThe cases involved allegations of fraud, corruption, and collusion relating to contracts financed by IDA, the Global Environment Facility (GEF), and the GEF Special Climate Change Fund.<\/p>\n

\u201cThe projects at issue sought to improve access to water management and public transport in Viet Nam and to address vulnerability to soil erosion in Nigeria,\u201d the global bank added.<\/p>\n

The report stated that the Sanctions Board\u2019s findings relied on a diverse array of documentary and testimonial evidence submitted by the parties, as well as a hearing in each case.<\/p><\/div>\n<\/div>\n<\/div>\n

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The World Bank’s Integrity Vice Presidency (INT) has made a shocking discovery, uncovering $32 million in missing funds from Nigeria’s water project. The global bank which made the revelation in…<\/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":[4],"tags":[],"class_list":["post-115182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\nWorld Bank Uncovers Corruption In Nigeria's Water Sector: $32Million Unaccounted For - 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\/other-news\/world-bank-uncovers-corruption-in-nigerias-water-sector-32million-unaccounted-for\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank Uncovers Corruption In Nigeria's Water Sector: $32Million Unaccounted For - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The World Bank’s Integrity Vice Presidency (INT) has made a shocking discovery, uncovering $32 million in missing funds from Nigeria’s water project. 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