A new World Bank report has flagged massive corruption in Nigeria’s water sector.

The global financial organisation which made the revelation in its recently released Fiscal Year 2024 Sanctions System Annual Report, stated that the unaccounted funds were meant to improve water infrastructure in Nigeria but were embezzled.

The discovery was made by a division of the organisation known as Integrity Vice Presidency (INT).

The INT investigates and pursues sanctions related to fraud and corruption in World Bank Group-financed projects.

According to the bank, the “INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds.

“As a result, the project team asked the Central Bank to reimburse the full amount ($22 million) and limited the remainder of the project to direct payments.

“The local account remained with about $6 million in undisbursed balance, a little more than the anticipated PIU expenses for the remainder of the project.

“The Chief Suspension and Debarment Officer (SDO) determined that the respondent, a Nigerian individual, engaged in a corrupt practice in connection with a consultancy contract under a social safety net project in Nigeria.

“Specifically, the SDO found that the respondent made two payments to an intermediary that were to be further transferred to a public official in order to improperly influence the official’s actions in connection with the contract.

“The SDO imposed a debarment with conditional release for a minimum period of two years and one month.”