Nigeria Today Magazine Business and Economy World Bank Sanctions Two Nigerian Companies for Fraudulent Activities

World Bank Sanctions Two Nigerian Companies for Fraudulent Activities


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The World Bank Group has imposed a 30-month ban on two Nigerian firms, Viva Atlantic Limited and Technology House Limited, along with their Managing Director, Mr. Norman Bwuruk Didam. This action follows findings of fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project (NSSNP).

In a statement released on Monday, the World Bank detailed that investigations revealed significant violations of its Anticorruption Framework during the 2018 procurement and contracting processes involving the two companies. The firms misrepresented conflicts of interest in their bids and improperly accessed confidential tender information from public officials.

Specifically, the World Bank noted that Viva Atlantic Limited and Didam falsified experience records and submitted counterfeit manufacturer’s authorization letters. They also provided inducements to project officials, which are classified as corrupt practices.

The sanctions prohibit the involved parties from participating in projects financed by the World Bank Group. As part of a settlement agreement, all three parties have admitted their wrongdoing and agreed to stringent integrity compliance conditions as prerequisites for potential release from debarment.

 

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