Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Wednesday, July 28, 2021
Home Uncategorized Access to fund: AfDB debars Maxicare for 36 months over fraudulent practices

Access to fund: AfDB debars Maxicare for 36 months over fraudulent practices

- Advertisement -

The African Development Bank Group on Wednesday announced a 36- month debarment of Maxicare Company (Nigeria) Limited with effect from 23 February 2021 for engaging in collusive and fraudulent practices during a tender for the construction of weigh stations and supply of equipment under the Transport Facilitation Program for the Bamenda-Mamfe-Abakaliki-Enugu Road Corridor connecting Cameroon and Nigeria.

Maxicare Company (Nigeria) Limited is a limited liability company registered in the Federal Republic of Nigeria.
AfDB in a statement said the debarment renders Maxicare Company (Nigeria) Limited and its affiliates ineligible to participate in Bank Group-financed projects during the debarment period. Additionally, the debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.
At the expiry of the debarment period, Maxicare Company (Nigeria) Limited will only be eligible to participate in Bank Group-financed projects on condition that it implements an integrity compliance program consistent with the Bank’s guidelines.
The Transport Facilitation Program for the Bamenda-Mamfe-Abakaliki-Enugu Road Corridor is aimed at increasing trade and strengthening cooperation generally between the countries of the Economic Community of Central African States and those of the Economic Community of West African States and between Cameroon and Nigeria in particular. It was co-financed by the African Development Fund, an entity of the African Development Bank Group.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Electricity generation from Egbin plant hits 883MW, loses N13.68bn to gas, grid constraints

  BY KAYODE EKUNDAYO Electricity generation from Egbin Power Plant has risen to 883MW as another 175MW unable to be utilized due to external constraints with...

Russia writes OPEC, restates commitment to cooperation

Russia has reaffirmed its commitment to the development of the constructive cooperation with the Organisation of Petroleum Exporting Countries (OPEC) both within the framework...

Oriental Energy Resources Announce Mustafa Indimi New Managing Director

Mustafa Indimi has been appointed the new Managing Director of Oriental Energy Resources Limited, a leading indigenous oil exploration and production company in Nigeria....

Shareholder protection is our priority- Lekoil Nigeria CEO

The Chief Executive Officer of Lekoil Nigeria Limited, Mr. Lekan Akinyanmi, has disclosed that the protection and growth of shareholder value remain priority in...

Recent Comments