Jonathan Nwokpor
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In Nigeria’s water project, the World Bank has discovered $32 million in undeclared payments.
The banks recently released their FY2024 Sanctions System Annual Report, which included this information.
According to the study, the lost monies were meant to improve Nigeria’s water infrastructure but were not properly accounted for, which led to an intervention to protect 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.”
The World Bank worked with the project team, which included the operations manager, financial management expert, and task team leader for Nigeria, in an effort to retrieve the money.
While $6 million is still in the project account to cover expected operating costs, the Central Bank of Nigeria has requested reimbursement of $22 million.
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