World Bank $32m Water Project
The World Bank has raised concerns over $32 million in unaccounted funds from a Nigerian water sector project, sparking fears of embezzlement and mismanagement.
According to the FY2024 Sanctions System Annual Report, the Bank’s Integrity Vice Presidency (INT) discovered the discrepancies during a forensic review of the project’s financial records.
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EKO HOT BLOG reports that originally allocated to improve water infrastructure in Nigeria, the funds were partially reimbursed after the Bank’s intervention.
The Central Bank of Nigeria was directed to refund $22 million, while $6 million remained in the project account for operational expenses. The Bank also restricted financial operations to direct payments to mitigate further risks.
The World Bank has additionally imposed a 1.5-year debarment on Diyokes Consultants Limited, an engineering firm based in Enugu State, and its managing director, Innocent Diyoke, for fraudulent practices linked to the Nigeria Erosion and Watershed Management Project (NEWMAP).
The firm misrepresented key staff availability and the role of a joint venture partner during its $1.22 million contract for erosion control services.
The investigation revealed the joint venture partner’s role was fabricated and included merely for political leverage.
Resumes of unavailable personnel were submitted to strengthen the firm’s bid. Both the firm and its managing director are barred from World Bank-financed projects until September 2025, with reinstatement contingent on implementing compliance measures.
World Bank Flags $32m Discrepancy In Nigerian Water Project
NEWMAP, a $900 million initiative funded by the World Bank and other global partners, aimed to reduce soil erosion in Nigeria. Despite these objectives, instances of financial mismanagement and fraud have marred its progress, raising questions about accountability in donor-funded projects.
Meanwhile, concerns grow over Nigeria’s escalating debt profile, with the country securing $6.45 billion in loans from the World Bank under President Bola Tinubu within 16 months, intensifying debates about fiscal sustainability.
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