Abdulwahab Isa 
The Office of the Accountant General of the Federation (OAGF) has unveiled a series of reforms to enhance transparency, accountability, and efficiency in the management of World Bank-funded projects across Nigeria.
Dr. Shamseldeen Babatunde Ogunjimi made the disclosure during remarks at a financial workshop for the Accountant-General’s office, Heads of Project Financial Management Units (PFMUs), and coordinators of World Bank-funded projects held on Tuesday in Abuja.
According to a statement by OAGF’s Director of Information, Bawa Mokwa, the workshop focused on strengthening financial oversight and ensuring proper use of donor funds.
Dr. Ogunjimi noted that transparency and accountability are foundational to building trust, achieving development objectives, and securing favourable evaluations from the World Bank.
He also announced the development of a Financial Management Manual (FMM) to guide the execution of financial transactions in donor-funded projects. Project coordinators, accountants, and PFMU heads are expected to adopt the manual to minimize infractions, improve performance, and maintain high ratings.
The Accountant General further revealed that the World Bank has begun rolling out its “Funds Chains” system, a blockchain-based platform designed to improve transparency, accountability, and efficiency in project fund management, initially covering six projects.
To ensure continuity and prevent disruptions, Dr. Ogunjimi said OAGF and the World Bank agreed that project financial management staff should not be removed six months before a project’s closure. Additionally, new officers are to work alongside outgoing staff for at least three months to maintain smooth operations.
Addressing persistent challenges in project execution, he highlighted efforts to reduce lapsed loans and undocumented advances, noting that collaboration with the World Bank has cut outstanding lapsed loans from USD 18 million to USD 7 million, a 61% reduction and reduced undocumented advances by 15%. He urged all project coordinators and PFMUs to prioritize documentation, refund of lapsed loans, and strict adherence to World Bank agreements.
Dr. Ogunjimi emphasized that collaboration, transparency, and accountability are critical for strengthening project management systems, building capacity, and achieving results in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
In his welcome address, the Country Director of the World Bank, Mr. Mathew A. Verghis, represented by FM Coordinator Mr. Akram Elshirbegy, praised the strides made by the OAGF and reaffirmed the Bank’s commitment to project continuity with the office’s support.
