The World Bank Group has clarified the reasons behind its decision to impose a 30-month debarment on two Nigerian firms, Viva Atlantic Limited and Technology House Limited.
In a statement released on Monday, the Washington-based institution also noted that the ban extends to their Managing Director and CEO, Mr. Norman Didam.
The World Bank indicated that the companies and their CEO were sanctioned due to involvement in fraudulent, collusive, and corrupt activities associated with the National Social Safety Nets Project in Nigeria.
The bank elaborated that this project was designed to offer targeted financial support to impoverished and vulnerable households, but its integrity was undermined by various unethical practices during the procurement and contract processes in 2018.
The World Bank Group has announced a 30-month debarment for two companies based in Nigeria—Viva Atlantic Limited and Technology House Limited—along with their Managing Director and CEO, Mr. Norman Bwuruk Didam.
This action is related to fraudulent, collusive, and corrupt practices associated with the National Social Safety Nets Project in Nigeria.
These companies were charged with mishandling the World Bank’s project in Nigeria.
Last year, the Nigerian government obtained a $1.5 million loan from the World Bank to support essential economic reforms, including fuel subsidies and the implementation of comprehensive tax policies.
