The World Bank has uncovered $32 million in unaccounted funds in Nigerias water project.
The report, disclosed in the banks recently released FY2024 Sanctions System Annual Report, showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the projects integrity.
INT followed up on risks identified regarding a project in Nigerias water sector and flagged the operations, which was associated with $32 million of unaccounted funds, stated the report.
In a move to recover the fund, the World Bank engaged with the project team, including Nigerias task team leader, operations manager, and financial management specialist.
As a recommendation, the Central Bank of Nigeria (CBN) has asked to reimburse $22 million, while $6 million remains in the project account to cover anticipated operational expenses.
