"Some of PIDG's investments raise questions over its decision making and the Department's oversight," the report said. "We questioned the Department [for International Development] and the Private Infrastructure Development Group on alleged links between investments funded by PIDG with UK taxpayers' money and companies associated with known criminal fraudsters."
In one example, PIDG's Emerging Africa Infrastructure Fund provided 20 million of pounds [$30 million] to Nigerian oil and gas company Seven Energy, for a gas processing and distribution project, despite the company's questionable reputation.
"Seven Energy was named by the former Governor of the Central Bank of Nigeria in a 2014 investigation he conducted into the allegations of looting of Nigerian oil revenues," the report highlights.
The UK Department for International Development, a major funder of the PIDG, is likely to see its activity examined by the Committee of Public Accounts and the National Audit Office on whether British government expenditures were granted inappropriately, according to British media.