By: Fatou Krubally
Alpha Kapital Advisory, the Gambian financial advisory firm responsible for managing the sale of former President Yahya Jammeh’s forfeited properties, has provided a detailed account of the structured methodology it used to ensure transparency, integrity, and accountability.
Speaking before the Special Select Committee on the Sale and Disposal of Assets Identified by the Janneh Commission on Wednesday, Mr. Alpha Barry, Chairman of Alpha Kapital, explained that the firm’s priority was operational efficiency and integrity. “The size wasn’t critical, but the competence and integrity of the team were essential,” Barry said, detailing how staff were carefully selected to oversee the execution of the assignment.
Barry stated that Alpha Kapital worked closely with public institutions, including the Office of the Sheriff, the police, and the Ministry of Lands, to identify and secure properties, particularly those occupied by squatters or public officials. He noted that, in some cases, authorities had to intervene to remove occupants, while families were given time to relocate.
The firm followed a structured sales process. Assets were first approved by a ministerial subcommittee before advertisements were placed in three local newspapers and on Alpha Kapital’s website. Prospective buyers could submit bids either physically at designated offices or through secure online platforms.
“All online bids were password-protected to ensure confidentiality,” Barry said. Envelopes were opened in the presence of the Attorney General and Solicitor General to verify authenticity before evaluation and awarding.
For specialized assets such as GAM Petroleum shares and Royal Atlantic properties, Barry said additional steps were taken. Interested investors were shortlisted, signed non-disclosure agreements, and gained access to a virtual data room containing detailed asset information. Evaluations for these assets also involved consultations with relevant agencies, including the Gambia Tourism Authority and GAM Petroleum’s CEO, to assess operational and development plans.
Barry acknowledged challenges, citing properties occupied by the army, including Hamza Barracks and a Carnegie site, which necessitated intervention and, in some cases, led to cancellation of sales. He confirmed that all proceeds from completed sales were directed to designated bank accounts, with receipts issued and title deeds or bills of sale provided to buyers
Mr. Barry is scheduled to reappear before the committee today to provide further details on the sale process.
