30 C
Lagos
Sunday, January 17, 2021
- Advertisement -

AFDB Debars Four Nigerian Companies Over Fraud

Opinion

2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

The African Development Bank (AfDB) has debarred four Nigerian companies from participating in AfDB contracts after an investigation found them guilty of fraudulent practices.

Sangtech International Services Limited, Sangar and Associates (Nigeria) Limited, Mashad Integrated and Investment Co. Limited and Medniza Global Merchants Limited, all registered in Nigeria have been debarred for twenty-four months by the African Development Bank Group (AfDB) over fraudulent and collusive practices during a tender for the supply of water meters, automatic meters, and house connection materials under a Zaria Water Supply Expansion and Sanitation project executed in Kaduna, northern Nigeria.

The AfDB announced that an investigation conducted by its Office of Integrity and Anti-Corruption established that the debarred companies had been involved in fraud and that the sanction renders the four companies “ineligible to participate in bank-financed projects during the debarment period.”

Additionally, the pan-African development financial institution said, “the 24-month debarment of the (Nigerian) companies qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition 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.”

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...