The World Bank Group has explained why it announced a 30-month debarment of two Nigerian companies, including Viva Atlantic Limited and Technology House Limited.

The Washington-based bank disclosed this in a statement issued on Monday.

The ban also affected their Managing Director and Chief Executive Officer, Mr. Norman Didam.

The World Bank said the companies and their CEO were banned for fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project in Nigeria.

Accordingly, the bank explained that the project aimed to provide targeted financial assistance to poor and vulnerable households, which was compromised due to several unethical practices during a 2018 procurement and subsequent contract process.

“The World Bank Group today announced the 30-month debarment of two Nigeria-based companies—Viva Atlantic Limited and Technology House Limited—and their Managing Director and Chief Executive Officer, Mr. Norman Bwuruk Didam.

“The debarment is in connection with fraudulent, collusive, and corrupt practices as part of the National Social Safety Nets Project in Nigeria.”

We earlier reported that the companies were indicted for fraudulent handling of the World Bank’s project in Nigeria.

Last year, the Nigerian government secured a $1.5 million loan from the World Bank for key economic reforms, which include fuel subsidies and the introduction of comprehensive tax policies.

The Minister of Finance and Coordinating Economy, Wale Edun, and his counterpart in Budget, Senator Abubakar Bagudu have been summoned by the National Assembly over paltry allocation to the Solid Minerals Sector in the 2025 Budget.

Their summon to appear before the joint Committee- Senate and House of Representatives on Tuesday was to give further clarification on concerns about inadequate funding of the Solid Minerals sector considered to be critical to diversification of the nation’s economy.

The Joint Committee added that the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, should also appear before it.

The committee, jointly chaired by Sen. Ekong Samson and Hon Gaza Jonathan, spoke after the Minister of Solid Minerals, Mr Dele Alake, appeared before the lawmakers on Monday to express the frustrations he had faced fighting hard to increase the budgetary allocations to the ministry without success.

Alake lamented how Nigeria continued to get things wrong by leaving the development of solid minerals behind in revenue generation, stressing that his frantic effort could only get N5 billion envelope.

“In fact, to let you know, the envelope we first received was N5 billion. I don’t know if you are aware of that. It was N5 billion” ,he informed the members.

Alake disclosed that when he stepped up mounting pressure on the ministers and the DG budget after President Bola Tinubu presented the estimates to the National Assembly, he was reassured that the allocation would be increased substantially only to just N9bn.

“The Permanent Secretary is here and the night before the president came here, when we were working on the rehearsal of the budget speech, the Director of Budget came in and the Minister of Budget and I took them up in the presence of the President.

“And what did they do? They promised that it would be done. So, again the following day, after the President’s presentation, we found N9billion”, he stated.

“There is no way that I can begin to tell you, except I have videos that I can show you of the several engagements that we had with the relevant budgetary authorities and individuals driving this process and at every turn we received very positive responses,” he stated.

Justice Ibironke Harrison of the Lagos State High Court has ordered the arrest of Access Bank’s acting Managing Director, Bolaji Agbede and three others for allegedly failing to appear for arraignment.

The judge’s order also affected Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro.

Justice Harrison issued the arrest warrant after the Lagos State prosecution counsel, Uthman̈ Rilwan informed the court that he had served the defendants with notice, but they failed to attend the arraignment.

The Lagos State government had filed a four-count charge of conspiracy, stealing, and attempted theft against the defendants.

When the case was called, Rilwan informed the court that the day’s purpose was to arraign the defendants; however, they were absent despite receiving notice of the court date.

The prosecutor stated that on or about September 2, 2013, at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos, the defendants conspired to commit theft.

He alleged that Adejare, Balmoral, Access Bank, and Agbede stole the property of MOB Integrated Services at Plot 40b, Burdillion Road, Ikoyi, Lagos, by using it as security for a loan without the complainant’s consent and subsequently entered into a consent judgment.

Additionally, they were accused of attempting to steal the property of MOB Integrated Services on May 26, 2019, by offering and granting DDSS International Company Limited a credit facility of N1 billion.

According to the prosecutor, these offences contravened Sections 411, 280, and 21 of the Criminal Laws of Lagos State 2011.

Rilwan stated, “My Lord, this matter is for arraignment today, and the defendants have been duly served with a copy of the charge. We request the court to issue a bench warrant for the defendant’s arrest to ensure they attend proceedings on the next court date.”

Consequently, Justice Harrison issued a bench warrant against the second to fifth defendants, Balmoral International Limited, Access Bank, Bolaji Agbede, and DDSS International Company Limited.

The judge directed that the bench warrant be executed against the principal officers and adjourned the case until February 24, 2025, for the arraignment of the defendants.