By Stanley Onyeka, Lagos
The World Bank said it has uncovered $32 million in unaccounted funds in Nigeria’s water project, according to its recently released FY2024 Sanctions System Annual Report.
The missing funds, it said, were intended to boost water infrastructure (specific projects not identified) in the country but were not adequately accounted for, prompting an intervention to safeguard the integrity.
However, the specific project was not named, this seems to be part of a larger pattern of troubled water projects in Nigeria.
“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.
“INT met with the Task Team Leader, Operations Manager, Program Leader, and Financial Management Specialist to identify steps to reduce the risk of embezzlement,” the report states.
As a recommendation, the CBN has asked to reimburse $22 million, while $6 million remains in the project account to cover anticipated operational expenses.
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.
