AfDB debars Nigerian company for collusive, fraudulent practices | Ripples Nigeria
Connect with us

Politics

AfDB debars Nigerian company for collusive, fraudulent practices

Published

on

AfDB board resolves to engage neutral investigator for Adesina’s probe

The African Development Bank (AfDB), on Wednesday, announced the debarment of a Nigerian company, Maxicare Company Limited for engaging in collusive and fraudulent practices.

According to the Bank, Maxicare’s debarment which took effect from February 23, 2021, is to last for 36 months, was instituted after its Office of Integrity and Anti-Corruption conducted an investigation and established that Maxicare engaged in collusive and fraudulent practices.

The company was said to have engaged in the act during a tender for the construction of weigh stations and supply of equipment under the Transport Facilitation Programme for the Bamenda-Mamfe-Abakaliki-Enugu Road Corridor connecting Cameroon and Nigeria.

In a statement made available to Ripples Nigeria by AfDB, the bank noted that the debarment renders Maxicare and its affiliates ineligible to participate in the Bank’s financed projects during the period of debarment.


READ ALSO: AfDB explains why private investment into Nigeria fell in 2020, and it’s not Covid-19

Also, the Bank noted that the debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.

“At the expiry of the debarment period, Maxicare Company (Nigeria) Limited will only be eligible to participate in Bank Group-financed projects on the condition that it implements an integrity compliance program consistent with the Bank’s guidelines,” the statement read.

The Transport Facilitation Program for the Bamenda-Mamfe-Abakaliki-Enugu Road Corridor is aimed at increasing trade and strengthening cooperation generally between the countries of the Economic Community of Central African States, those of the Economic Community of West African States (ECOWAS) and between Cameroon and Nigeria in particular.

Join the conversation

Opinions

Investigations

Sports

Latest Tech News