By: Fatou Krubally
The National Assembly’s Joint Committee of the Finance and Public Accounts Committee (FPAC) and Public Enterprises Committee (PEC) has uncovered suspected money laundering, tax evasion, and regulatory failures linked to the controversial sale of over 36,000 metric tonnes of petroleum products valued at $30 million, according to its official report.
The report states that the foreign-based company Apogee FZC, unregistered in The Gambia, allegedly conducted business through two local firms, Creed Energy and Ultimate Beige Logistics. Both companies opened sub-accounts at Access Bank and Ecobank, with Mr. Aurimas Steblys, identified as a representative of Apogee, listed as the sole signatory. The Financial Intelligence Unit (FIU) told the Committee that this structure was “non-compliant” with anti-money laundering laws.
According to the report, the FIU raised several red flags over these transactions. The unit suspected that Creed Energy and Ultimate Beige were acting as fronts for Apogee, allowing funds from oil sales to pass through Gambian banks before being transferred to offshore accounts in the United Arab Emirates. The FIU testified that while Creed Energy is registered in The Gambia, it is not licensed by the Public Utilities Regulatory Authority (PURA) to trade in petroleum, nor is Ultimate Beige.
The report also cites intelligence suggesting that a top government official may have received monthly kickbacks of GMD600,000 to facilitate Apogee’s operations. The FIU confirmed sharing this intelligence with the Gambia Police Force, the Central Bank, and the Gambia Revenue Authority, but noted that no action had been taken as of the time of their testimony.
Further findings in the report reveal that the Ministry of Petroleum and Energy did not issue licenses to any of the three companies involved. A so-called new petroleum policy that appeared to allow foreign traders like Apogee to sell directly to local oil marketing companies was declared “fictitious” by the Committee, which found no evidence of Cabinet approval.
The Joint Committee concluded that the entire arrangement may have been designed to bypass regulations and benefit Apogee, undermining transparency, fair competition, and state revenue.
The final report has now been submitted to the full Assembly for deliberation and possible further action.
