African Development Bank Sanctions 4 Nigerian Companies For Fraud

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AFDBAfrican Development Bank (AfDB) today announced a 24-month suspension of 4 Nigerian companies from participating in its financial projects for engaging in fraudulent and collusive practices during the tender for projects.

Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated and Investment Co. Limited, and Medniza Global Merchants Limited are the four companies sanctioned as contained in a statement released on Thursday

The bank statement disclosed that an investigation conducted by its Office of Integrity and Anti-Corruption established that the four companies engaged in fraudulent and collusive practices during a tender for the supply of water meters, automatic meters, and house connection materials, under the Zaria Water Supply Expansion and Sanitation Project in Nigeria.

The statement reads, ‘’The African Development Bank Group on 20 August 2020, announces the 24-month debarment of Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated, and Investment Co. Limited and Medniza Global Merchants Limited. All four companies are registered in Nigeria.’’

The AfDB sanction means that the 4 Nigerian firms will not be eligible to participate in the Bank’s projects during the 24 months debarment period.

In addition, the AfDB sanction makes the four companies ineligible to participate in finance projects of other multilateral institutions like Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group as a result of an agreement for mutual recognition of debarment decisions among the institutions.

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