FG Deploys World Bank’s Blockchain FundsChain to Curb Leakages in Donor-Funded Projects
The Federal Government has begun deploying the World Bank’s new blockchain-powered FundsChain platform to improve transparency and curb financial leakages in donor-funded projects.
The implementation was confirmed in a statement issued by Bawa Mokwa, Director of Press at the Office of the Accountant-General of the Federation (OAGF), after a workshop held Tuesday in Abuja.
Speaking at the event, the Accountant-General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, described the rollout as a major step in reforming how development funds are managed. He said the blockchain-driven system will boost traceability, accountability, and efficiency across World Bank–supported projects.
Six World Bank projects will be onboarded in the first phase.
Ogunjimi also announced the introduction of a new Financial Management Manual (FMM), which will serve as the official guide for processing transactions under World Bank–funded programmes, warning project coordinators to adhere strictly to the rules to minimise infractions and enhance Nigeria’s performance ratings.
A new policy jointly agreed with the World Bank will also bar project financial management staff from being removed within six months of project closure. Outgoing officers must now work with incoming ones for at least three months to ensure smooth handover and avoid undocumented expenditures.
Ogunjimi noted improvements from earlier reforms, including a 61% reduction in lapsed loans — from $18 million to $7 million — and a 15% drop in undocumented advances.
Representing the World Bank Country Director, Senior Financial Management Specialist Akram ElShorbagy commended the OAGF for ongoing reforms and urged sustained institutional collaboration to ensure project success.
