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.
Comments are closed for this story.