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Wednesday, May 25, 2022

GNPC made D100M profit in 2016-17

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By Baba Sillah

The general manager of GNPC, Saikou Drammeh, has revealed that the corporation has made approximately D100million from 2016 to 2017. He also revealed between 2015 and 2016, it made a profit of D94million.
Mr Drammeh made these revelations as he reappeared before the Janneh Commission yesterday to shed light on the corporation’s storage facility in Mandinaring village, Kombo North.

According to him, the net cash flow of the corporation from 2017 to 2018 was D84million, noting that the corporation was making unnecessary spendings which made it hard for them to generate profit at the time until when he took over as managing director sometime last year.

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He testified that the corporation also had hired six expatriates comprising fabrication, security and electrical engineering but they terminated the contracts of some experts while other contracts were not renewed and they instead localised some of the positions.

On the shareholders of the corporation, he said SSHFC has 31% , GPA 14%, GNPC 10% ministry of finance 3%, Muhammad Bazzi 31.5% and Fadia Mazegi 10.5%, respectively.

According to Mr Drammeh, the board of the corporation consisted of six members at the time he took over and consisted of the same shareholders.

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He said from 2009 to 2014, Euro Africa Group had monopoly over the supply of fuel to the national power energy company, Nawec.

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