Fraud: AfDB Bars Nigerian Firm, MD

akinwumi-adesinaPresident of the African Development Bank (AfDB), Mr. Akinwumi Adesina
  • Fraud: AfDB Bars Nigerian Firm, MD

The African Development Bank Group on Wednesday announced the debarment of a Nigerian firm, ALG Global Concept Nigeria Limited, a construction company registered in Nigeria and its Managing Director, Mr Abuharaira Gero, for a period of 36 months.

In a statement issued on Wednesday, the bank explained that the debarment rendered the company and its Managing Director ineligible to participate in bank-financed projects during the debarment period.

The debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition 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.

According to the bank, an investigation conducted by the bank’s Office of Integrity and Anti-Corruption established that ALG Global Concept and its managing director engaged in numerous fraudulent practices in bidding for a construction contract under the Agricultural Transformation Agenda Support Programme Phase One in Nigeria.

While participating in a tender for the conduct of construction of social infrastructure in Niger State, the company misrepresented its experience in conducting such construction contracts as well as by submitting false bid security, the bank added.

ATASP-1 is financed under the African Development Fund, an entity of the African Development Bank Group.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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