AfDB debars four Nigerian companies over fraudulent practices

The African Development Bank Group has announced the debarment of four Nigerian registered companies for 24 months over fraudulent practices.

It named the companies as Sangtech International Services Limited, Sangar & Associates Limited, Mashad Integrated and Investment Co. Limited and Medniza Global Merchants Limited.The AfDB explained that an investigation conducted by the bank’s Office of Integrity and Anti-Corruption established that the debarred companies engaged in fraudulent and collusive practices.

“The sanction renders Sangtech International Services Limited, Sangar & Associates Limited, Mashad Integrated and Investment Co. Limited and Medniza Global Merchants Limited ineligible to participate in Bank-financed projects during the debarment period. “Others including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group,” the bank explained.

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