Why World Bank blacklisted CCECC, 5 other Chinese firms

CCECC Nigeria Railway Company Limited and 5 other Chinese firms have been blacklisted by the World Bank. 

The 5 other companies backlisted are CRCC Petroleum and Gas Company Limited, CCECC Nigeria Company Limited, China Railway Construction (International) Nigeria Company Limited, China Railway 18th Bureau Nigeria Engineering Company Limited, and CCECC Nigeria Lekki (FTA) Company Limited. 

This was revealed in the publication of the World Bank’s titled ‘Procurement – World Bank Listing of Ineligible Firms and Individuals’It was learnt that the companies were among several firms from different parts of the world that were sanctioned by the financial institution. 

Reason for the sanction: According to the bank, the firms were sanctioned over corruption and fraud.  

While the specific cases involving the blacklisted companies were not disclosed, the World Bank explained that the firms were given an opportunity to respond to the allegations brought against them. 

The bank also made known that some of the firms were sanctioned as a result of cross-debarment in accordance with the Agreement for Mutual Enforcement of Debarment Decisions dated April 9, 2010. 

It is however of common knowledge that companies involved in World Bank projects and contracts are obliged to adhere strictly to the guidelines, which have a high level of ethics and frown at all instances of fraud and corruption, including bribery and misappropriation of funds. 

Consequence: As a result of the sanction, the firms are now ineligible for any World Bank-financed contract for the periods indicated because they have been sanctioned under the bank’s fraud and corruption policy as set forth in the Procurement Guidelines and the Consultant Guidelines (for projects before July 1, 2016) or through the World Bank Procurement Regulations for Investment Project Financing Borrowers (for projects after July 1, 2016). 

 

Source: Nairametrics

 

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