AfDB debars Nigerian firm for fraudulent practices

News Ghana, Latest Updates and Breaking News of Ghana, xinhua,

The African Development Bank(AfDB) announced on Tuesday it has debarred a Nigerian firm and its affiliates for 18 months from receiving contracts funded by the bank for fraudulent practices.

In the statement on Tuesday, the AfDB said an investigation conducted by the bank established Sagittarius Nigeria Limited, a limited liability company registered in Nigeria, engaged in collusive and fraudulent practices during a tender for the construction of a water infrastructure project in Nigeria’s southwest city of Ibadan.

The project is co-financed by the African Development Fund, an entity of the AfDB, and the Nigerian government, and aimed at improving access to safe water supply and sanitation services in the cities of Ibadan and northeast city of Jalingo, said the AfDB.

The debarment, according to the bank, renders Sagittarius and its affiliates ineligible to participate in projects funded by AfDB during the debarment period.

The AfDB added the debarment qualifies for cross-debarment by other multilateral development banks under the agreement for mutual enforcement of debarment decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the World Bank Group.

At the expiry of the debarment period, Sagittarius will only be eligible to resume participation in the bank group-financed projects on the condition that it implements an integrity compliance program consistent with the bank’s guidelines, according to the bank. Enditem

News Ghana, Latest Updates and Breaking News of Ghana, xinhua,

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