₦airaland Forum

The World Bank has uncovered $32 million in unaccounted funds in Nigeria’s water project.

This was disclosed in the banks’ 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.

“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.

EIIen:
Why put money into the wrong hands and expect them to make judicious use of it ?

Dpharisee:
This is why Chinese loans is better than World Bank, they won't give you the cash knowing it could be looted, they ask you to show them where to construct the Water project using Chinese skilled manpower with local support

Mindlog:
"As a recommendation, the Central Bank of Nigeria has asked to reimburse $22 million"...
CBN to repay $22m of the misappropriated fund!

OneCandleAway:
That's the reason the Chinese come down themselves to carry out the project. Chinese know how to deal with africans greed. They will ensure they bring their people to carry out the job, incase they have to seize the project later on they know that they have done a quality job.