Friday, June 14, 2019
Advertisement

Alleged fraud: AfDB bans Nigerian construction company for three years

Alleged fraud: AfDB bans Nigerian construction company for three years
June 04
15:47 2019
Advertisement

The African Development Bank (AfDB) says it has barred Qualitrends Global Solutions Nigeria Limited, a Nigerian construction company, for 36 months.

The bank made this known in a statement released by its communication and external relations department.

It explained that an investigation conducted by the bank’s Office of Integrity and Anti-Corruption established that the construction company allegedly engaged in numerous acts of fraud in bidding for a construction contract.

The office is responsible for preventing, deterring and investigating allegations of corruption, fraud and other sanctionable practices in bank’s financed operations.

It disclosed that the contract was under the Agricultural Transformation Agenda Support Programme Phase One in Nigeria (ATASP-1).

According to the statement, while participating in a tender for the conduct of construction of social infrastructure in Niger state, the company misrepresented its experience in conducting such construction contracts and submitted false bid security.

“The debarment, therefore, renders the company ineligible to participate in bank-financed projects during the debarment period,” the statement released on Monday read.

“The debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition of Debarment Decisions, including the Asian Development Bank.

“Others are the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.

“ATASP-1 is financed under the African Development Fund, an entity of the AfDB’s Group.”

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

June 10, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement