A Nigerian contracting firm, Oceanic Construction and Engineering Nigeria Limited, is among 71 companies and individuals listed in the latest 2020 list of companies debarred by the World Bank and theThe company was indicted for lying about its corporate registration, including its year of incorporation, value of its reference contracts, and experience of its key personnel while applying for a contract awarded to it in a joint venture operated with a Chinese affiliate, China Zhonghao Nigeria...
Consequently, Oceanic Construction & Engineering Nigeria Limited, whose business address was given as Plot 1133 Aminu Kano Crescent, Wuse 2, Abuja, was sanctioned with a cross debarment for the period between July 17, 2019 and January, 31, 2023. During the period of their cross debarment, none of the companies would be eligible to be awarded any contract, or consultancy financed by any of the multilateral development banks .
Although the World Bank says cross-debarment is not a punishment, it is “an institutional decision not to engage in business with a firm found to have engaged in fraudulent or corrupt behaviour”, or has a dealings with another company involved in corruption.for their involvement in various infractions in contracts finance by the Banks.
The World Bank publication showed that of the names of companies and individuals published on its website, nine were fresh sanctions handed down between February 3 and July 23 this year, while the rest were ongoing penalties against the affected companies and individuals since February 11, 2000. The bank defines corrupt practice as the act of “offering, giving, receiving, or soliciting, directly or indirectly, of anything of value to influence improperly the actions of another party,” while fraudulent practice is “any act or omission, including a misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation.
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