The World Bank has disclosed that the sum of $32 million is missing and unaccounted for in a water project approved for Nigeria.
This was disclosed in the bank’s recently released FY2024 Sanctions System Annual Report.
The report showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the project’s integrity.
“Integrity Vice Presidency (INT) followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds.”
In a move to recover the fund, the World Bank engaged with the project team, including Nigeria’s task team leader, operations manager, and financial management specialist.
As a recommendation, the Central Bank of Nigeria has asked to reimburse $22 million, while $6 million remains in the project account to cover anticipated operational expenses.
READ ALSO: WATER PROJECT: Suspended consultant alleges Osun Assembly demanded $5m bribe
According to Wencai Zhang Managing Director and World Bank Group Chief Administrative Officer, it has become imperative for the INT to intensify its effort to safeguard the integrity of the fund and combat corruption in the projects the bank funds.
“With each advancement toward a stronger World Bank, we have also deepened our commitment to delivering with integrity and combating corruption in the projects we fund.
“Corruption in any form impedes development in a myriad of ways, including limiting investment, increasing costs, and impeding development progress.
“Most importantly, when project funding is not used for its intended purpose, it hurts the poorest and most vulnerable people.
“In view of this, the work of the Bank Group’s sanctions system plays a critical role as part of the Bank Group’s efforts to combat fraud and corruption” the report stated.
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