World Bank Imposes 30-Month Ban On Two Nigerian Companies Over Fraudulent Activities

The World Bank has taken decisive action against two Nigerian companies, Viva Atlantic Limited and Technology House Limited, as well as their Managing Director and Chief Executive Officer, Norman Didam, due to alleged corrupt practices.

According to the World Bank’s statement on Monday, the sanctions stem from findings of fraudulent, “collusive, and corrupt practices related to the National Social Safety Nets Project” (NSSNP) in Nigeria.

The Washington-based bank statement read partly: “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.”

Advertisement

This 30-month debarment prohibits the companies and Didam from participating in any World Bank-financed projects or operations.

READ ALSO: Nigeria Receives $1.5bn World Bank Loan For Subsidy Removal, Tax Reforms

The investigation, it said, uncovered significant violations of the World Bank’s Anti-Corruption Framework during the 2018 procurement and contract processes involving Viva Atlantic Limited, Technology House Limited, and Didam.

The World Bank reported that the companies and Didam misrepresented a conflict of interest in their bidding documents, improperly obtained confidential tender information, and provided incentives to public officials associated with the project.

These actions were labeled as one which constitute fraudulent, collusive, and corrupt practices, respectively.

As part of their settlement agreements, the companies and Didam, it said, have acknowledged their responsibility and agreed to rigorous integrity compliance requirements.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}