World Bank Flags $32M Missing in Nigeria’s Water Project, Demands Accountability

|By Adejumo Adekunle-

The World Bank has uncovered $32 million in unaccounted funds tied to Nigeria’s water infrastructure project, according to its FY2024 Sanctions System Annual Report. The missing funds, intended to improve critical water services, raised red flags about financial mismanagement within the project.

The Bank’s Integrity Vice Presidency (INT) identified risks and alerted operations teams, sparking a review with Nigeria’s task team leader, operations manager, and financial management specialist to address the discrepancies.

In response, the Central Bank of Nigeria has been tasked to reimburse $22 million, while $6 million remains in the project account for pending operational costs. The intervention underscores the World Bank’s commitment to safeguarding project integrity and ensuring financial accountability.