World Bank Blacklists Two Nigerian Companies Over Fraud, CEOs Face Probes
- The World Bank Group has sanctioned and blacklisted two Nigerian companies and their CEOs over alleged corruption
- The companies, Viva Atlantic and Technology Hours and the CEO Norman, Bwuruk Didam, were debarred for 30 months by the global lender
- The bank stated that the two firms and their CEO committed fraud involving the Nigerian government's National Social Safety Nets Project NSSNP
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Two Nigerian firms, Viva Atlantic Limited and Technology House Limited, received a 30-month blacklisting from the World Bank Group for corrupt practices involving the National Social Safety Nets Project (NSSNP).
The World Bank said in a statement that the debarment was issued alongside Norman Bwuruk Didam, the firm’s managing director and chief executive officer.
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Companies sanctioned over NSSNP
The Nigerian government established the social safety net systems, targeting financial transfers to poor and vulnerable families.
Findings showed violations of the World Bank’s anti-corruption procedure involving Viva Atlantic Limited, Technology House Limited, and Didam.
A debarment makes firms or individuals unsuitable for involvement in projects and operations financed by the World Bank Group.
The CEO and the two firms' blacklisting qualifies them for cross-debarment by other development banks
Didam acknowledges culpability
In their authorisation letter, the World Bank stated that Viva Atlantic and Didam showed a conflict of interest. They gained access to critical information from public officials, leading to fraudulent and corrupt practices.
According to reports, the firms and Didam have accepted culpability and agreed to meet specified integrity compliance conditions to be freed from debarment as part of their settlement agreements.
The report said that the settlement feature reduced the debarment periods due to the companies and the CEO’s cooperation with the World Bank Group’s investigation.
World Bank approves $2.5 billion loan for Nigeria
Legit.ng earlier reported that Wale Edun, the minister of Finance and coordinating minister of the economy, disclosed on Thursday, June 13, 2024, that the World Bank approved two significant support packages for Nigeria.
The loans are part of President Tinubu’s ongoing plans to stabilise Nigeria’s economy, reposition it for growth, and provide quick support to the poor and vulnerable Nigerians. The minister stated that the government is undertaking reforms to restore macroeconomic stability and contribute to sustainable and all-encompassing growth in Nigeria.
Legit.ng had reported that the World Bank would approve the loan this June to help Nigeria accelerate its economic recovery. Reports say the World Bank Vice President for Western and Central Africa, disclosed that Nigeria’s comprehensive fiscal reforms are putting the country on a new path to stabilizing the economy and lifting people out of poverty.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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