World Bank Imposes 30-Month Debarment On 2 Nigerian Companies, CEO Over Fraudulent Practices

The World Bank Group banned two Nigerian companies, Viva Atlantic Limited and Technology House Limited, for 30 months. The ban also includes the Managing Director and CEO, Norman Bwuruk Didam.

The sanction follows findings of fraud, collusion, and corruption linked to the National Social Safety Nets Project (NSSNP) in Nigeria. The National Social Safety Nets Project (NSSNP) aimed to provide financial support to poor and vulnerable households in Nigeria, Punch reported.

However, investigations found serious violations of the World Bank's Anticorruption Framework in 2018. Viva Atlantic Limited, Technology House Limited, and Didam were found guilty of misrepresenting a conflict of interest and accessing confidential tender information improperly.

They also falsified company experience records and submitted forged authorization letters. Furthermore, they provided bribes to public officials, leading to fraudulent, collusive and corrupt practices. These actions directly violated the World Bank's rules, resulting in sanctions.

The World Bank's statement said that the companies and Didam have been sanctioned and must comply with specific terms of the debarment.

The 30-month debarment stops Viva Atlantic Limited, Technology House Limited, and Didam from being involved in any World Bank Group-financed projects. As part of the settlement with the World Bank, all three parties admitted their wrongdoing and agreed to follow strict rules to be released from the debarment.

Some key conditions are that Didam must take corporate ethics training and both companies need to improve their internal compliance policies and provide ethics training based on the World Bank's guidelines.

Viva Atlantic Limited and Technology House Limited also agreed to keep cooperating with the World Bank's Integrity Vice Presidency. The debarment period was reduced because of their cooperation during the investigation, corrective actions, and voluntary restrictions on participating in World Bank tenders.

The sanctions also apply to other major international financial institutions through an agreement signed in April 2010, which ensures that Viva Atlantic Limited, Technology House Limited, and Didam will be excluded from projects funded by these banks.

The World Bank emphasized its commitment to upholding integrity in development projects and safeguarding funds meant to fight poverty and promote economic growth. The debarment acts as a reminder of the Bank's strict policy against corruption and fraud in projects it funds.

During the debarment period, the involved parties must fully comply with the required conditions if they want to regain eligibility for World Bank-funded projects.