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Home Economy

World Bank and its big stick

Afrimarknews by Afrimarknews
January 30, 2025
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World Bank and its big stick
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Who colluded with two firms to rob Nigeria’s vulnerable?
The suspension of two Nigerian firms and their chief executive officer over alleged corruption by the World Bank comes at a time the country is in dire need of economic revitalisation . The two companies, Viva Atlantic and Technology House Limited, together with the Managing Director and CEO, Mr. Norman Didam, were debarred for 30 months for alleged fraud, collusion and corrupt practices linked to Social Safety Nets Projects in Nigeria.

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It is highly disappointing that the poor and vulnerable could be so shortchanged by the companies through very unethical practices during a 2018 procurement and ensuing contract process. Details of the alleged corruption included falsified company experience, submission of fake manufacturers’ authorisation letters and inducements to project officials.

The bank views the actions as undermining the integrity of the social safety net initiative designed to benefit Nigeria’s most vulnerable.

Nothing can be more embarrassing to Nigeria than being punished by the global apex bank, for misdemeanor of this magnitude. Nigeria already has huge image problems generated by social misdemeanors like militancy, insurgency, etc.

And the Nigerian officials who colluded with them to defraud the country: who are they and what would be their punishment? Why was it very easy for the companies and CEO to get willing allies in those alleged to have been induced? Individuals and companies doing business in or with Nigerians can only treat the people the way the indigenes treat their citizens. They must have done a good work of understanding the lack of care for Nigeria’s most vulnerable and taken a cue.

Issues of this magnitude fester because the system seems to lack accountability. The reward and punishment system seems non-existent and there seems to be room for impunity across board. This scandal must not be left for the World Bank to clean up. There must be thorough investigations, starting from how the companies were registered and those that didn’t do due diligence, that ought to have prevented the mess under review. The way each country takes law and order often defines the socio-economic choices people make. All those involved in the scandal must be named and shamed and duly prosecuted as a deterrent to future offenders.

The attitude of Nigerian leaders at all levels must change in ways that dignify human lives. The situation of the more than 137 million people living in multi-dimensional poverty must be reversed through systemic change. This issue must be a wake-up call to the governments to tighten the noose on officials in the private and public sectors of the economy.

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The world is waiting to see how Nigeria would handle this scandal.

By Edotorial  @TheNation

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