By Kebba AF Touray
In a significant move toward enhancing corporate accountability, the Government of The Gambia has officially accepted a recommendation mandating strict enforcement of annual filing of returns from companies. Finance Minister Seedy Keita made the announcement while addressing the National Assembly’s joint committee on Finance and Public Accounts (FPAC) and the Public Enterprise Committees (PEC), in response to findings related to the 36,953.614 metric ton oil scandal, estimated to be worth US$30 million.
The PEC/FPAC joint committee’s report highlighted the need for the executive branch to hold accountable the heads of key regulatory bodies, including the Gambia Police Force, the Gambia Ports Authority, and the Central Bank of The Gambia, due to their inaction after receiving intelligence from the Financial Intelligence Unit (FIU). In response, Minister Keita clarified that both the Central Bank and the Police had taken steps following the intelligence report.
According to Keita, the Central Bank conducted an evaluation of Access Bank and Ecobank for potential breaches related to the implicated companies, Creed Energy and Ultimate Biege Logistics, sharing its findings with the National Assembly. He indicated that the police had also commenced investigations into the activities of these firms for potential violations of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Act.
In a bold step forward, the government will now require all registered companies to file their annual returns in accordance with the law, with penalties for non-compliance. “Failure to comply within the stipulated timeframe will result in the imposition of applicable sanctions,” Keita stated, emphasizing the need for adherence to legal obligations.
Additionally, the committee recommended the immediate presentation of a petition to the High Court to compulsory wind up UBL Gambia Ltd. Minister Keita affirmed that his Ministry would assess the grounds for initiating such proceedings and act without delay if warranted.
The joint committee further urged that Mr. Akufo be barred from serving as a director in any local company, a recommendation that the Finance Minister took seriously, underscoring the government’s commitment to good governance and regulatory reforms.
Minister Keita concluded by reiterating the government’s resolve to address identified anomalies and prevent a recurrence of similar issues. “We now submit herewith, Government’s response to the National Assembly Authority for your consideration, information, and necessary action,” he stated.
Moreover, the Registrar General has been tasked with reviewing the status of Apogee Gambia Ltd. to ensure compliance with the Companies Act, and initiate proceedings to strike it off the register if violations are confirmed.
In a final note, Minister Keita assured that following the necessary reviews, any findings regarding Apogee Gambia’s establishment and operations would be reported to the FIU and the Public Utilities Regulatory Authority (PURA) for further investigation.
This move marks a critical shift in The Gambia’s approach to corporate governance, illustrating the government’s commitment to strengthening regulatory frameworks and enhancing inter-agency collaboration to maintain integrity in the management of national resources.
