- Debarment to be enforced by other development banks
The African Development Bank Group has slammed a 36 month debarment period on a Nigerian registered company, Maxicare Company (Nigeria) Limited with effect from February 23rd 2021 for fraudulent practices.
According to the Bank, an investigation conducted by its Office of Integrity and Anti-Corruption into the activities of Maxicare revealed that the company engaged in collusive and fraudulent practices during a tender for the construction of weigh stations and supply of equipment under the Transport Facilitation Program for the Bamenda-Mamfe-Abakaliki-Enugu Road Corridor which connects Nigeria and Cameroon. A project being co-financed by the African Development Fund.
- Jaiz Takaful Insurance distributes N84.5m as directors talk up practice
- IMF sees pandemic shocks leaving long-lasting scars on economic recovery
- Lagos Customs seizes N6.6bn contraband goods in 2 months
- Farmers, manufacturers, DisCos, get N661.09bn in 2 months from CBN
- Nigerians gradually shift to cashless with N117.3trn transfers in 4 months
The Transport Facilitation Program for the Bamenda-Mamfe-Abakaliki-Enugu Road Corridor is a project aimed at increasing trade and strengthening cooperation between Nigeria and Cameroon in particular and the countries of the Economic Community of Central African States and those of the Economic Community of West African States.
With the debarment, Maxicare will thus not be eligible to participate in any of the Bank’s financed projects during the period. The company will also be debarred from participating in any bid by other development banks under the Agreement for Mutual Enforcement of Debarment Decisions and these includes the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.
The Bank further says that upon the expiration of the debarment period, Maxicare Nig. Ltd will only be eligible to participate in any project upon the condition that it implements an integrity compliance program consistent with the Bank’s guidelines.