It was reported that the companies were indicted for fraudulent handling of the World Bank’s project in Nigeria.
The World Bank Group has named two Nigerian companies it placed a ban on.
The bank also explained why it placed a 30-month ban on the two companies, Viva Atlantic Limited and Technology House Limited.
The Washington-based bank opened up in a statement issued on Monday.
The ban also affected their Managing Director and Chief Executive Officer, Mr. Norman Didam.
The World Bank said the companies and their CEO were banned for fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project in Nigeria.
Accordingly, the bank explained that the project aimed to provide targeted financial assistance to poor and vulnerable households, which was compromised due to several unethical practices during a 2018 procurement and subsequent contract process.
“The World Bank Group today announced the 30-month debarment of two Nigeria-based companies—Viva Atlantic Limited and Technology House Limited—and their Managing Director and Chief Executive Officer, Mr. Norman Bwuruk Didam.
“The debarment is in connection with fraudulent, collusive, and corrupt practices as part of the National Social Safety Nets Project in Nigeria.”
It was reported that the companies were indicted for fraudulent handling of the World Bank’s project in Nigeria.
Last year, the Nigerian government secured a $1.5 million loan from the World Bank for key economic reforms, which include fuel subsidies and the introduction of comprehensive tax policies.