Fraud: Six Blacklisted Chinese Companies Are Operating In Nigeria

  • Fraud: Six Blacklisted Chinese Companies Are Operating In Nigeria

Some of the Chinese companies operating in Nigeria have been blacklisted by the World Bank for fraud and corruption.

In the newly released list of blacklisted companies under the World Bank’s, Procurement – World Bank Listing of Ineligible Firms and Individuals, six Chinese companies presently operating in Nigeria were blacklisted and their names published on the bank’s website.

The blacklisted Chinese companies are CCECC Nigeria Railway Company Limited, CRCC Petroleum and Gas Company Limited and CCECC Nigeria Company Limited.

Other blacklisted companies still operating in Nigeria are China Railway Construction (International) Nigeria Company Limited, China Railway 18th Bureau Nigeria Engineering Company Limited and CCECC Nigeria Lekki (FTA) Company Limited.

These companies were among several other firms sanctioned by the bank for violating its procurement guidelines and would not be eligible for any World Bank contract between June 4, 2019 and March 3, 2020.

The bank said, “The firms and individuals listed below are ineligible to be awarded a 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).

“Such sanction was imposed as the result of (1) an administrative process conducted by the Bank that permitted the accused firms and individuals to respond to the allegations.

“Through July 2007, this process was conducted in accordance with the Sanctions Committee Procedures adopted on August 2, 2001.

“The process is currently conducted in accordance with bank Procedure: Sanctions Proceedings and Settlements in the Bank Financed Projects.”

About the Author

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

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