Nigeria- Former 1st Vice President of the Nigerian Bar Association (NBA) Mrs. Funke Adekoya (SAN) has been elected to the World Bank Group’s Sanctions Board, after claiming two-thirds of the available votes.
She and other members of the International Council for Commercial Arbitration ICCA Governing Board, elected from different parts of the globe to the World Bank board will serve for the next four years with effect from April 1, 2015
“In the World Bank’s Sanctions System, we tackle corruption through a two-tier administrative sanctions process because promoting good governance and tackling corruption are critical to achieving sustainable development and poverty reduction,” she told newsmen.
According to DAILY INDEPENDENT, one way that the World Bank combats corruption is through the use of administrative sanctions against firms or individuals who have engaged in fraud, corruption, coercion, collusion or obstruction (referred to collectively as Sanctionable Practices) in connection with World Bank-financed projects. The sanctions regime is designed to protect the funds entrusted to the World Bank, while offering the firms and individuals involved an opportunity to respond to the allegations against them.
“There are five possible administrative sanctions: Public Letter of Reprimand, Debarment, Conditional Non-Debarment, Debarment with Conditional Release, and Restitution. Allegations that a firm or individual engaged in a Sanctionable Practice are investigated by the World Bank Group’s Integrity vice Presidency (INT),”