(Fuel Files Series – FPAC & PEC Petroleum Inquiry, 2023 – 2025)
When The Gambia commissioned Gam Petroleum Storage Facility Ltd. (GP) at Mandinari in 2008, the goal was national energy security, steady supply, fair pricing, and a strategic reserve for the sub-region.
By 2023, that promise was fraying. The National Assembly’s Joint Committee on Public Enterprises and Finance & Public Accounts (FPAC & PEC) uncovered a system where access to storage space (ullage) could be granted or denied at will, regulators were ignored, and financial controls blurred.
What Gam Petroleum Was Supposed to Be
• Ownership: Shareholders include the Gambia Ports Authority (GPA), Social Security & Housing Finance Corporation (SSHFC), Ministry of Finance & Economic Affairs (MoFEA), Gambia National Petroleum Company (GNPC), and Star Oil Group (25%)
• Mandate: Operate a national storage and distribution hub for all OMCs under PURA oversight.
• Expectation: Transparent stock management and equal access to ullage.
The 2023 – 2024 Ullage Controversy
Testimony from Oryx Energy Gambia Ltd. showed that ullage requests in July and September 2023 were rejected while capacity was allocated to Apogee FZC. PURA later discontinued the ullage system, but GP management ignored the directive.
The Committee concluded that management operated outside board authority and failed to comply with regulatory instructions. Government shareholding was effectively dormant: no dividend, no board accountability.
The Legal and Regulatory Findings
• Central Bank of The Gambia (CBG): told the Committee that Access Bank Gambia Ltd. acted imprudently in issuing a comfort letter linked to petroleum transactions for Creed Energy, an unlicensed trader.
• Ministry of Petroleum & Energy (MoPE) and GRA: did not ensure reconciled import/export records were entered into ASYCUDA / IFMIS.
• Government Response (13 Aug 2025): acknowledged governance and oversight failures but noted the Inquiry did not establish bribery, money-laundering, or tax-evasion offences by Apogee, Creed, or UBL.
Committee Recommendations
1. Independent police investigation into possible conflict of interest/breach of fiduciary duty by the GP General Manager.
2. NAO audit of ullage allocations for 2023 to verify fairness and actual volumes.
3. Strengthen PURA inspection mandate and require monthly stock reconciliations.
4. Suspend GP management pending outcome of investigations.
5. Recover government shareholder oversight via GNPC and MoFEA.
What It Means for Ordinary Gambians
Fuel mismanagement translates directly into higher pump prices and forex pressure. When oversight lapses, the state must inject scarce foreign currency to stabilise supply, a cost ultimately borne by taxpayers. Every dalasi lost in weak controls is a dalasi diverted from health, education, and transport.
The Moral Bottom Line
Gam Petroleum began as a symbol of national self-reliance. The Inquiry exposes how quickly a public asset can slip into private capture when governance fades. Fuel security is national security. Until transparent audits and prosecutions restore trust, every litre sold will remind Gambians of what unaccountable power costs.
By Jallow Modou- Financial Analyst, Washington D.C., USA
Making the Petroleum Inquiry Speak for the People
