deposit 5000
slot deposit 5000
slot gacor situs toto
togel online
toto 4d
situs slot toto 4ddemo slot gacorslot 88
slot gacor slot gacor
slot gacor
brenjitu
slot gacor
situs toto
situs toto
SITUS TOTO
situs toto
TOTO 4D
SITUS TOTO 4D
SLOT GACOR
https://booking.embuni.ac.ke/live-draw-sydney-hongkong
TOTO 4D
toto togel
slot online
slot gacor
slot gacor
slot pulsa
hongkong lotto
slot gacor
brenjitu
slot pragmatic
situs bola
situs gacor
situs toto
situs slot gacor
slot 4d

W’Bank uncovers $32m unaccounted funds in Nigeria’s water project

Onwubuke Melvin
Onwubuke Melvin

The World Bank has uncovered $32 million in unaccounted funds in a Nigerian water sector project, sparking concerns over possible embezzlement and mismanagement.

The discrepancy was flagged by the Bank’s Integrity Vice Presidency following a forensic review, as outlined in the FY2024 Sanctions System Annual Report.

The funds, earmarked for improving water infrastructure, were not properly tracked, prompting a safeguard intervention.

To address the issue and mitigate risks, the World Bank has engaged with the project team, including Nigeria’s Task Team Leader, Operations Manager, and Financial Management Specialist.

The bank outlined steps to recover the missing funds and prevent additional losses.

The Central Bank of Nigeria has been directed to reimburse $22 million, while $6 million will remain in the project account for anticipated operational costs.

The bank has also limited the project’s financial operations to direct payments to curb further irregularities.

The report read, “INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32m of unaccounted funds.

“INT met with the Task Team Leader, Operations Manager, Programme Leader, and Financial Management Specialist to identify steps to reduce the risk of embezzlement. As a result, the project team asked the Central Bank (of Nigeria) to reimburse the full amount ($22m) and limited the remainder of the project to direct payments.

“The local account remained with about $6m in undisbursed balance, a little more than the anticipated PIU expenses for the remainder of the project.”

Further investigations revealed that the World Bank has imposed a 1.5-year debarment with conditional release on a Nigerian engineering firm and its managing director for fraudulent activities in the Nigeria Erosion and Watershed Management Project.

This action follows an investigation by the Bank’s Integrity Vice Presidency, which found instances of misrepresentation during both the bidding and execution phases of the project.

The world bank document noted, “This case arises in the context of the Nigeria Erosion and Watershed Management Project (the “Project”) in the Federal Republic of Nigeria.

“The project sought to reduce vulnerability to soil erosion in targeted sub-watersheds in Nigeria. On April 16, 2013, Nigeria entered into a financing agreement with IDA for an amount equivalent to Special Drawing Rights (‘SDR’) 321.4m (approximately $500m at the time of signature) to support the project.

“Simultaneously, the bank and Nigeria entered into two grant agreements under the Global Environment Facility and the GEF Special Climate Change Fund, for $3.96m and $4.63m, respectively, to support the project.

“On February 12, 2019, the bank provided additional financing to Nigeria in the amount of SDR 208.7m (equivalent to $300m), plus a Scale-up Facility Additional Credit in the amount of $100m. The project became effective on September 16, 2013, and closed on June 30, 2022.”

The NEWMAP project, funded by the International Development Association and supported by the Global Environment Facility, aimed to reduce soil erosion in targeted Nigerian sub-watersheds.

The $900 million initiative covered multiple states, including Abia, where the engineering firm under scrutiny was contracted.


TAGGED:
Share this Article
Leave a comment

Leave a Reply

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

situs totoslot thailand situs totoslot gacor situs toto slot online situs toto demo slot gacor situs slot gacorsitus 4d situs totoslot gacorslot gacorslot gacorslot gacorslot gacor
slot gacor
slot gacor situs toto
togel online
toto 4d
situs slot slot demo pgslot 88
slot gacor slot gacor
slot gacor
brenjitu
situs toto
situs toto
SITUS TOTO
toto macau 4d
TOTO 4D
SITUS TOTO 4D
SLOT GACOR
https://booking.embuni.ac.ke/live-draw-sydney-hongkong
TOTO 4D
toto togel
slot online
slot gacor
slot pulsa
hongkong lotto
slot gacor
slot gacor
slot pragmatic
situs bola
situs gacor
situs toto
situs slot gacor
situs totoslot gacordemo slot situs slot gacor
slot66
slot gacor
situs slot gacor
slot gacor
scatter hitam
scatter hitam
slot gacor scatter hitam
scatter hitam
situs slot gacor pulsa
situs baru slot gacor

Hacklinkgrandpashabet
grandpashabet
Deneme Bonusu Veren Siteler
Meritking
meritking giriş
nüfus randevu
Hair Transplant istanbul
da pa kontrolü
casibom güncel giriş
marsbahis
replika saat
eskişehir temizlik
sms onay
ankara nakliyat
ordu nakliyat
Vozol Puff
iqos terea
NORA
creative
Marketing
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu 2024
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
primebahis giriş
bahçelievler nakliyat
istanbul evden eve nakliyat
istanbul bahçelievler evden eve nakliyat
hair transplant
esenyurt escort
matbet üyelik
matbet anasayfa
ligobet girişfixbet girişSahabetligobet girişfixbet girişSahabet
?>

Hacklinkgrandpashabet
grandpashabet
Deneme Bonusu Veren Siteler
Meritking
meritking giriş
nüfus randevu
Hair Transplant istanbul
da pa kontrolü
casibom güncel giriş
marsbahis
replika saat
eskişehir temizlik
sms onay
ankara nakliyat
ordu nakliyat
Vozol Puff
iqos terea
NORA
creative
Marketing
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu 2024
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
primebahis giriş
bahçelievler nakliyat
istanbul evden eve nakliyat
istanbul bahçelievler evden eve nakliyat
hair transplant
esenyurt escort
matbet üyelik
matbet anasayfa
ligobet girişfixbet girişSahabetligobet girişfixbet girişSahabet
Hacklinkbetsat
betsat
betsat
holiganbet
holiganbet
holiganbet
Jojobet giriş
Jojobet giriş
Jojobet giriş
casibom giriş
casibom giriş
casibom giriş
xbet
xbet
xbet
grandpashabet
grandpashabet
grandpashabet
tuzla evden eve nakliyat
İzmir psikoloji
creative news
Digital marketing
radio kalasin
radinongkhai
gebze escort
grandpashabet
grandpashabet
casibom
casibom güncel giriş
casibom güncel
jojobet
sultanbeyli çekici
meritking giriş
beylikdüzü escort
nüfus randevu
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
instagram followers buy
1297bets10
casinolevant
stonebahis giriş
casibom güncel giriş
casibom giriş
matadorbet güncel giriş
Meritking
Meritking
sweet bonanza
casibom