Connect with us

Economy

AfDB bans 4 Nigerian companies over fraudulent, deceitful practices

Published

on

Adesina's inconvenient truth on poverty, underdevelopment

BY EMEKA EJERE

Four Nigerian companies have ban barred for 24 months from participating in  financial projects of African Development Bank (AfDB), for allegedly engaging in fraudulent and collusive practices during the tender for projects.

The disclosure was made in a press statement that was released by the multilateral Institution on Thursday, August 20, 2020.

News continues after this Advertisement

According to the statement, the affected companies include, Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated and Investment Co. Limited and Medniza Global Merchants Limited.

AfDB disclosed that an investigation conducted by its Office of Integrity and Anti-Corruption established that the debarred companies engaged in fraudulent and collusive practices during a tender for the supply of water meters, automatic meters and house connection materials, under the Zaria Water Supply Expansion and Sanitation Project in Nigeria.

The statement reads, ‘’The African Development Bank Group on 20 August 2020, announces the 24-month debarment of Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated and Investment Co. Limited and Medniza Global Merchants Limited. All four companies are registered in Nigeria.’’

By this development, the 4 Nigerian firms will not be eligible to participate in Bank-financed projects during the debarment period. In addition, the 24-month debarment of the 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.


The Zaria Water Supply Expansion and Sanitation Project in Nigeria is co-financed by the African Development Fund, an entity of the African Development Bank Group.

News continues after this Advertisement
News continues after this Advertisement
Continue Reading
Advertisement
1,113 Comments

Leave a Reply

Your email address will not be published.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