AfDB Sanctions 12 African Firms For Fraud
Most companies sanctioned by the AfDB were found guilty of breaching ethical and legal standards, particularly in areas such as procurement, project implementation, and governance practices.
Between 2023 and 2024, AfDB sanctioned 12 African firms for various forms of misconduct, including fraud and corruption in projects financed by the bank.
These sanctions typically render the firms ineligible to participate in contracts funded by the AfDB for a defined period.
Such measures aim to uphold integrity and accountability within its operations.
Last year, the bank launched a six-month campaign to raise awareness of its updated Whistleblowing Policy, approved in January 2023.
Paula Santos-Da Costa, Director of the Office of Integrity and Anti-Corruption, stated that the campaign will include activities such as setting up information desks, distributing educational materials, and providing fact sheets and FAQs
According to the AfDB, it has an ethical and legal responsibility to ensure funds are utilized for their intended purposes.
