AfDB Debars Express Automation Limited for 36 Months for Fraudulent Practices

Proshare

Thursday, October 07, 2021 / 4:54 PM / by AfDB Group / Header Image Credit: AfDB


The African Development Bank Group, on 7 October 2021, announces the 36-month debarment of Express Automation Limited with effect from 18 August 2021. Express Automation Limited is a limited liability company registered under the laws of the Republic of Kenya.


An investigation conducted by the Bank's Office of Integrity and Anti-Corruption established that Express Automation Limited engaged in fraudulent practices during a tender for the Technical Security Upgrade to the Bank's Eastern Africa Regional Centre.


During the debarment period, Express Automation Limited and its affiliates will be ineligible to participate in Bank Group-financed projects. Additionally, the debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.


At the expiry of the debarment period, Express Automation Limited will only be eligible to resume participation in African Development Bank Group-financed projects after it implements an integrity compliance program consistent with the Bank's guidelines.


The Technical Security Upgrade was aimed at upgrading the existing security system in the Bank's Eastern Africa Regional Centre in Nairobi, Kenya.


Proshare Nigeria Pvt. Ltd.

 

Related News

1.       AfDB Debars Rockey Africa Limited, its Affiliates and CEO for Fraudulent Practices

2.      Nigerians Have Lost Over N300bn to Ponzi Schemes - CIIA

3.      Ponzi Schemes: Plugging the Ills of Unregistered Fund Managers in Nigeria

4.      US SEC Issues Investor Alert on Digital Asset and "Crypto" Investment

5.      AfDB Debars Sargittarius Nigeria Limited and its Affiliates for 18 months for Fraudulent Practices

6.      FHC Abuja Issues Judgement in Respect of BARA Finance and Investment Ltd and Its Promoters

7.      Shareholders Hail Management of Oando Plc for Reaching Settlement with SEC

8.     3 Years Later, SEC and Oando Plc Resolve Impasse

9.      SEC Issues Official Disclaimer on the Registration of MBA Capital and Trading Limited

10.  Crowdyvest Issues Further Updates About Its Registration

11.   Crowdyvest Reacts to SEC's Cease and Desist Order, Clarifies Position


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP