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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