Why African Development Bank Axed Four Nigerian Registered Companies
The African Development Bank Group (AfDB) has announced the debarment of four Nigerian registered companies for 24 months over fraudulent practices.
The AfDB’s Communications and External Relations Department made this known in a statement in Abuja on Thursday.
It named the companies as Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated and Investment Co. Limited and Medniza Global Merchants Limited.
The AfDB explained that an investigation conducted by the bank’s Office of Integrity and Anti-Corruption established that the debarred companies engaged in fraudulent and collusive practices.
It stated that the fraudulent acts were exhibited 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 sanction renders Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated and Investment Co. Limited and Medniza Global Merchants Limited ineligible to participate in Bank-financed projects during the debarment period.
“Additionally, 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.
“Others including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group,” the bank explained.
According to the statement, 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.
The decision comes months after the Bank debarred a Nigerian firm, China Zhongao Nigeria Limited, for 18 months for fraudulent practices. Last year, the AfDB blacklisted six companies operating in the country for fraud.
Source: NAN
