Gambia’s $30 million petroleum scandal exposes systemic governance and regulatory weaknesses
Gambia’s Finance Minister Seedy Keita has responded to Parliament’s report on the $30 million petroleum scandal, acknowledging widespread governance and regulatory failures, but stressed that the most serious allegations of bribery, tax evasion, and money laundering could not be substantiated.
The inquiry was carried out by a joint committee of the Finance and Public Accounts Committee (FPAC) and the Public Enterprises Committee (PEC), which scrutinised transactions involving Apogee FZC, Creed Energy Limited, and Ultimate Beigee Logistics.
Local news portal Foroyaa reported that lawmakers adopted the report earlier this year and forwarded their findings to the government.
While the joint report stopped short of proving bribery or money laundering, it highlighted “serious governance and regulatory failures, pervasive non-compliance with financial, tax, and corporate laws, and a troubling disregard for due process.”
Minister Keita noted those concerns, telling lawmakers that the regulatory lapses and collusion exposed by the report posed a “significant risk to public interest” and undermined confidence in Gambia’s financial governance.
The report also revealed that Creed Energy and Ultimate Beigee Logistics owed D8.5 million and D12.2 million in tax arrears.
Keita said the Gambia Revenue Authority (GRA) had imposed “best of judgment assessments” after the companies failed to file returns and pledged that recovery actions would follow.
“GRA will use information available to generate a tax assessment, which may be disputed, and initiate recovery where possible,” he explained.
Among its recommendations, the report urged the suspension of Gam Petroleum’s General Manager and the launch of a criminal investigation into alleged conflicts of interest and fiduciary breaches. Keita confirmed the government would act on the proposal,
“The police will initiate investigations as recommended into any conflict of interest and breach of agreement and fiduciary duties against the General Manager.”
The Central Bank of The Gambia (CBG) was also flagged for failing to enforce prudential risk guidelines, with lawmakers calling for penalties against commercial banks found in breach. Keita assured Parliament that punitive sanctions would be maintained and a special audit would be undertaken to prevent hidden arrangements.
This story is written and edited by the Global South World team, you can contact us here.
