FG, World Bank Launch Blockchain for Donor Project Transparency

The Federal Government has announced a series of reforms to enhance transparency and accountability in World Bank–funded projects as the global lender begins rolling out its new blockchain-based financial tracking platform, “Funds Chains.”

The Accountant General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, disclosed the measures on Tuesday during a financial management workshop for Accountants-General, Heads of Project Financial Management Units (PFMUs) and Coordinators of World Bank–funded projects held at the Treasury House, Garki, Abuja. His remarks were contained in a statement by the Director of Press, Office of the Accountant General of the Federation, Mr. Bawa Mokwa.

The World Bank recently commenced implementation of the Funds Chains system across six projects. The platform is designed to ensure real-time digital monitoring of development funds, reduce leakages, and strengthen accountability in donor-supported interventions.

Dr. Ogunjimi said the OAGF had introduced management reforms to align with the World Bank’s new direction. He noted that the workshop was convened to deepen financial discipline in project execution. “This workshop is to deliberate on enhancing transparency and accountability in the financial management of donor-funded projects. These values are the foundation upon which we build trust, ensure effective use of resources and achieve our project development objectives,” he said.

He announced that the OAGF had developed a Financial Management Manual (FMM) to guide project teams on processing transactions under World Bank arrangements. The manual, he said, is expected to be the primary reference for project coordinators, accountants and PFMUs to minimise financial infractions, improve performance and maintain favourable ratings with the World Bank.

As part of the new measures, the OAGF and the World Bank have agreed that Project Financial Management staff should not be removed within six months of the closure of any project. The AGF explained that abrupt removal of financial personnel often results in lapsed loans and undocumented advances. He added that for continuity, newly appointed project officers must work alongside outgoing officers for at least three months to prevent project disruption.

Ogunjimi said the OAGF had intensified efforts to resolve longstanding issues that weaken project ratings. He revealed that collaboration with the World Bank had reduced outstanding lapsed loans from $18 million to $7 million — a 61 per cent drop — while undocumented advances declined by 15 per cent. “Projects will continue to receive letters from us on outstanding lapsed loans and undocumented advances. I urge all project coordinators and Project Financial Management Units to prioritise documentation, refund of lapsed loans and adherence to World Bank agreement terms,” he said.

The AGF emphasised the need for stronger internal controls, transparency and adherence to global best practices. He urged project managers to ensure that ongoing reforms within the OAGF translate into improved development outcomes, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

Speaking on behalf of the World Bank Country Director, Mr. Mathew A. Verghis, the organisation’s FM Coordinator, Mr. Akram Elshirbegy, commended the Accountant General’s efforts and called for sustained collaboration to ensure the viability of the projects.

Ogunjimi noted that with the World Bank’s adoption of the blockchain-based Funds Chains system and renewed financial governance measures at the OAGF, Nigeria is now better positioned to manage donor resources effectively and improve the impact of development projects nationwide.