In a news publication seen by Investogist earlier today, The African Development Bank Group announced the debarment of China Zhonghao Nigeria Limited, a Civil Engineering Company registered in Nigeria, for 18 months.
The suspension follows an investigation conducted by the Bank’s Office of Integrity and Anti-Corruption, which established that China Zhonghao Nigeria Limited, as a member of a joint venture with Oceanic Construction and Engineering Nigeria Limited, was jointly responsible for its joint partner’s fraudulent misrepresentations of its year of incorporation, the value of its reference contracts, and the experience of its key personnel, while bidding for two tenders under the Bank-financed urban water supply and sanitation improvement project in Nigeria.
Having been debarred, China Zhonghao Nigeria Limited and its affiliates will no longer be eligible to participate in the Bank-Financed projects during the debarment period. The debarment by African Development Bank qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of debarment decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.
At the completion of this period, China Zhonghao Nigeria Limited will only be eligible to participate in Bank-Financed projects on condition that it implements an integrity compliance program consistent with the Bank’s guidelines. In June, 2019, the Bank debarred Oceanic Construction and Engineering Nigeria Limited for a period of 48 months, for related fraudulent practices.
The Urban Water Supply and Sanitation Improvement Project is financed under the African Development Fund, an entity of the African Development Bank Group and aims at enhancing access to safe water supply services in the Nigerian states of Oyo and Taraba through, among other components, extension and rehabilitation works on the water transmission and distribution network.
About the Office of Integrity and Anti-Corruption
The Office of Integrity and Anti-Corruption of the African Development Bank Group is responsible for preventing, deterring and investigating allegations of corruption, fraud and other sanctionable practices in Bank Group-financed operations.
Written by:
Basil Maduakor
Disclaimer: Any person accessing this information and considering potential investment opportunities featured here should make their own commercial assessment of an investment opportunity after seeking the advice of an appropriately authorized or regulated financial advisor. This information should not be construed as advice or a personal recommendation to any prospective investor.
I suspected that the initiator of all this most be a Nigerian
Yes, very possible. The Nigerian company that was a part of the Joint Venture has already be debarred because of fraudulent activities.