The World Bank has revealed the discovery of $32 million in unaccounted funds in a water infrastructure project in Nigeria.
This finding was disclosed in the bank’s FY2024 Sanctions System Annual Report, which highlighted financial mismanagement within the project.
The missing funds were initially allocated to enhance water infrastructure but were not properly accounted for, raising concerns over 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 response to the discovery, the World Bank’s Integrity Unit (INT) flagged the risk and worked closely with the project team, including Nigeria’s task team leader, operations manager, and financial management specialist, to address the issue.
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To recover the funds, the Central Bank of Nigeria has been instructed to reimburse $22 million, while $6 million remains in the project account to cover future operational expenses. The intervention is aimed at ensuring the project’s continued success and safeguarding its integrity.
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