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March 1, 2024

March 1, 2024 IFMNEWS

Nigerian Central Bank Director-Nominee From South-East Rejects Tinubu’s Appointment

A nominee for membership of the Central Bank of Nigeria Board of Directors, Urum Kalu Eke has declined the offer stating that he was currently engaged in the World Bank.

This came to the fore during today’s plenary when the Senate began the process for the confirmation of the nominees.

President Bola Tinubu had on February 13 forwarded the names of Urum and four others for confirmation as members of the board for the CBN.

But during the confirmation, former Governor of Abia State, Senator Orji Kalu told the Senate that the person who is his constituent had called him on the phone to reject the offer, noting that it would conflict with his present job as a consultant with the World Bank.

Meanwhile, the Senate has confirmed the appointment of four other members of the Board of Directors of the CBN forwarded to it by the President.

Those confirmed by the Senate on Thursday as Directors are Robert Agbede; Ado Yakubu Wanka; Professor Murtala Sabo Sagagi and Mrs. Muslimat Olanike Aliyu.

November 27, 2023

November 27, 2023 IFMNEWS

Serap Urges World Bank To Suspend Loans To States

The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank, asking it to suspend loans to the country’s 36 states.

In a letter addressed to the World Bank President, Ajay Banga, SERAP urged him “to promptly, transparently, and effectively conduct an investigation into the spending of loans and other facilities by the 36 state governors."

SERAP said the World Bank should suspend any loans and funding if there is relevant, admissible evidence of mismanagement or diversion of public funds by any of the states.

This was disclosed in the letter dated November 25, 2023, signed by SERAP deputy director Kolawole Oluwadare.

SERAP alleges that many of the 36 states were mismanaging public funds, including loans obtained from the Bank and its partners and allocations from the Federal Government.

The statement said the World Bank and its partners need to make it clear to Nigeria’s state governors that they will not tolerate any mismanagement or diversion of public funds by immediately suspending any pending loans and other funding to them until the allegations of mismanagement or diversion of public funds are investigated.

SERAP threatened it would consider the option of seeking legal action should the World Bank fail to implement the recommendations contained in its letter.

July 3, 2023

July 3, 2023July 3, 2023 IFMNEWS

Ex-Minister Of Finance, Zainab Ahmed Lands World Bank Job

Mrs. Zainab Ahmed, the former Minister of Finance, has secured a role as an Alternate Executive Director at the World Bank.

Assuming all goes as planned, she will commence her duties at the bank's headquarters in Washington on July 10.

However, there have been allegations from certain quarters suggesting that the former minister did not follow proper procedures in her appointment.

According to an online publication, sources in Washington claim that Mrs. Ahmed bypassed the appointment protocols by nominating herself. The report further states that the World Bank had requested nominations for three economists for an AED position several months prior to the end of President Muhammadu Buhari's administration, but the minister kept the letter to herself.

It has also been alleged that Mrs. Ahmed neither obtained President Buhari's approval for her self-nomination nor the approval of the new President, Sen. Bola Tinubu.

Nevertheless, a reliable source within the federal government, familiar with the World Bank system, informed Vanguard that Mrs. Ahmed did nothing wrong in her appointment.

The source explained, "It's impossible for her to nominate herself, and she didn't. She was validly nominated by the Ministry (of Finance), and President Buhari approved her nomination before he left."

The source further emphasized that such nominations are routine, citing the example of a former Director-General of the Budget Office who was nominated at the end of the Jonathan administration to serve as an Executive Director at the African Development Bank.

The source clarified that the AED position is typically filled by former Ministers of Finance (Governors of the World Bank) or Permanent Secretaries in the Federal Ministries of Finance (Alternate Governors of the World Bank).

It is intended for individuals knowledgeable about development policy issues, the transfer of resources to developing countries, and familiar with World Bank Executive Board matters.

The source concluded by stating that the AED position is not suited for theoretical economists lacking experience working with the Ministry of Finance in sovereign member countries.

October 25, 2021

October 25, 2021October 25, 2021 IFMNEWS

World Bank Blacklists 18 Nigerian Companies, Individuals

The World Bank has blacklisted eighteen Nigerian firms and persons for engaging in corrupt and collusive practices in its 2021 financial year

In a new annual report titled World Bank Group Sanctions System FY21, the World Bank said the individuals and companies were sanctioned for different sentences depending on their offences.

The global lender noted that the firms and individuals were blacklisted by the World Bank Sanctions Board, World Bank Chief Suspension and Debarment Officer and the African Development Bank (AfDB).

According to the report, Elie Abou Ghazaleh and Fadi Abou Ghazaleh, alongside their firm, Abou Ghazaleh Contracting Nigeria Limited, were debarred for six months for collusive practices.

It added that a Nigerian firm, Swansea Tools Resources, was debarred for fraudulent practices for two years and 10 months, while Juckon Construction and Allied Services Nigeria Limited, was debarred for corrupt practices for three years.

Another Nigerian, Okafor Glory, was debarred for fraudulent practices for four years, while the firm involved, Unique Concept Enterprises, was debarred for five years for same reason.

The bank added that another Nigerian company, Asbeco Nigeria Limited, was debarred for five years for corrupt practices.

It added that A.G. Vision Construction Nigeria Limited was debarred for fraudulent practices and collusive practices for four years and six months.

According to the World Bank, there are some firms that were debarred by other multilateral organisations under cross-debarment, which makes them debarred by the World Bank.

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Tag: World Bank

World Bank Blacklists 18 Nigerian Companies, Individuals

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