Former Managing Director of the Bulk Oil Storage and Transportation Company (BOST), Edwin Provencal, has rejected claims that due diligence was not carried out in selecting partners for the government’s Gold-for-Oil (G4O) programme.
His response follows a forensic risk assessment report by policy think tank IMANI Africa, which alleged systemic fraud, fiscal leakages, and governance failures in the initiative. The report also raised concerns about former BOST officials and a partner company accused of exploiting the programme through offshore assets, trade-based money laundering, and fiduciary breaches. It further noted that international suppliers involved had opaque ownership structures linked to high-risk jurisdictions, including Dubai, Cyprus, and Switzerland.
Speaking on Citi FM’s Eyewitness News with Bernard Avle on Monday, September 29, Mr. Provencal insisted that all necessary checks were done before engaging any partner.
“Every partner we selected, there was some due diligence by BOST, there was due diligence by the Financial Intelligence Centre, and further due diligence by the BoG before they were onboarded onto the programme. So, I’m at a loss as to what is being discussed,” he stated.
He further emphasised that petroleum products brought into the country under the scheme were traceable and fully accounted for.
“There’s traceability of all the molecules that came into the country. So, I’m at a loss as to why products could not be accounted for. If products couldn’t be accounted for, the Auditor General and BoG would have flagged it when they audited BOST. Every molecule that goes to the market, the GRA and NPA ensure that the taxes and levies are slapped on it. So far as every molecule that came into the country from the G-4 Oil programme, there’s a paper trail and accountability. So, I’m at a loss as to how there could be leakages,” he explained.
Mr. Provencal maintained that the Gold-for-Oil programme was run transparently but said he welcomed any independent audit.
“I think that there’s nothing that stops any citizen from asking for more transparency or accountability, so if in their minds they have found something that warrants another audit, why not?” he asked.
Source:Lovinghananews.com
