Home Business World Bank Suspends Nigerian Firm Over Bribery

World Bank Suspends Nigerian Firm Over Bribery

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The World Bank Group on Wednesday announced the suspension of SoftTech IT Solutions and Services Ltd. (SoftTech) for 50 months over corrupt allegations in the National Social Safety Nets Project.

The Washington-based institution also announced a 60-month debarment of Isah Kantigi, the company’s managing director.

According to the bank, the debarment make both Nigeria-born Mr Kantigi and SoftTech, an information technology solutions company based in Nigeria, ineligible to participate in projects and operations financed by the bank.

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The bank said its decisions are parts of settlement agreements under which the company and Mr Kantigi acknowledged their responsibility for the underlying sanctionable practices and agree to meet specified corporate compliance conditions as a condition for release from debarment.

“The project is designed to provide access to targeted cash transfers to poor and vulnerable households under an expanded national social safety nets system,” the bank said.

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