Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
Privacy Policy {title}
RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

World Bank Sanctions Two Nigerian Firms and CEO Over Corruption

Jide Omodele by Jide Omodele
January 21, 2025
in Business
Reading Time: 1 min read
A A
0
World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The World Bank has imposed a 30-month ban on two Nigerian companies, Viva Atlantic Limited and Technology House Limited, along with their Managing Director, Norman Didam, for engaging in fraudulent, collusive, and corrupt practices. These violations are tied to the 2018 procurement process under Nigeria’s National Social Safety Nets Project, which was aimed at supporting vulnerable households.

In a statement issued on Monday, the World Bank revealed that the firms and their CEO misrepresented conflicts of interest, accessed confidential tender information, and falsified company records, including fake manufacturer authorization letters. These actions undermined the integrity of a program designed to assist Nigeria’s poorest citizens.

AlsoRead

Dangote, Access, Zenith Top CSR Spending in 2024

CBN Slaps Paystack with ₦250 Million Fine Over Zap Operations

Dangote Says Trump’s Tariffs Won’t Hurt Urea Exports, Forecasts $30bn Revenue Growth

“The debarment is connected to fraudulent, collusive, and corrupt practices as part of the National Social Safety Nets Project,” the statement read.

As part of the settlement, Didam and the companies admitted their misconduct and agreed to specific conditions to regain eligibility. These include completing ethics training, enhancing compliance policies, and implementing corporate integrity programs in line with World Bank guidelines.

The sanctions prevent the companies and Didam from participating in World Bank-funded projects during the debarment period. The penalties also qualify for cross-debarment by other global development banks under an agreement to enforce such decisions jointly.

The World Bank emphasized that the reduced debarment period reflects the parties’ cooperation, voluntary corrective actions, and restraint from bidding on contracts since the infractions occurred. It reiterated its commitment to ensuring transparency and accountability in its development initiatives, stressing a zero-tolerance approach to corruption.

Tags: WorldBank
Previous Post

Banks Scramble to Settle USSD Debt Ahead of January 27 Deadline

Next Post

Naira Gains in Black Market Despite Slight Decline in Official Exchange Rate

Related News

Nigeria Market Highlights: Japaul Gold Ventures Leads Most Active Gainers, FCMB Surges By 7.03%

Dangote, Access, Zenith Top CSR Spending in 2024

by Victoria Attah
May 8, 2025
0

In 2024, Nigerian corporate giants significantly ramped up their commitment to community development, with Dangote Cement, Access Holdings, and Zenith...

 Top Story: Central Bank Raises MPR by 200 Basis Points to 24.75%

CBN Slaps Paystack with ₦250 Million Fine Over Zap Operations

by Stephen Akudike
May 2, 2025
0

Nigeria’s Central Bank has imposed a ₦250 million fine on leading fintech firm Paystack, citing regulatory breaches tied to its...

Oil Marketers Dismiss Claims of Dangote Refinery Selling Fuel in Dollars

Dangote Says Trump’s Tariffs Won’t Hurt Urea Exports, Forecasts $30bn Revenue Growth

by Akpan Edidong
May 2, 2025
0

Africa’s richest man, Aliko Dangote, has said that the recent 14% tariff imposed by former U.S. President Donald Trump on...

Nigeria’s Stock Market Records N1.81 Trillion Gain in July.

Nigerian Stock Market Suffers ₦500 Billion Loss in Three Days

by Jide Omodele
March 24, 2025
0

The Nigerian stock market continued its downward trend for the third consecutive day, with investors losing over ₦500 billion due...

Next Post
Dollar Index Loses Steam as Treasury Yields Drift Back to 4.8%

Naira Gains in Black Market Despite Slight Decline in Official Exchange Rate

Leave a Reply Cancel reply

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

Recommended

NEC Affirms CBN $3 Billion Loan for Naira Stability

CBN Launches Diaspora BVN Platform, Targets $1 Billion Monthly Remittances

May 14, 2025

World Bank Forecasts 22.1% Inflation for Nigeria in 2025 Amid Monetary Tightening

May 14, 2025

Popular Story

  • LinkedIn Layoffs 700 Employees as Revenue Growth Slows

    LinkedIn Layoffs 700 Employees as Revenue Growth Slows

    0 shares
    Share 0 Tweet 0
  • Naira Faces Pressure as Dollar Strengthens Despite Nigeria’s Oil Output Gains

    0 shares
    Share 0 Tweet 0
  • Fair Money Job Opening: Regional Sales Manager

    0 shares
    Share 0 Tweet 0
  • Nigeria Agrees to Cut Crude Production for Global Oil Market Stability.

    0 shares
    Share 0 Tweet 0
  • Crude Oil Prices Soar as Global Supply Shortage Intensifies.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
?>