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 investigated risks related to a water sector project in Nigeria and alerted operations to the risk, which was linked to $32 million in 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.
The Central Bank of Nigeria has recommended $22 million be reimbursed, while $6 million remains in the project account to cover anticipated operational expenses.
