By Omar Bah
Hamidou Jah, CEO of Jah Oil, has explained that the decision to return the $50 million BADEA loan was primarily driven by the intense unnecessary controversy driven by misinformation surrounding its allocation, as well as in national interest.
The loan, intended to support Gambian businesses in importing essential commodities, became a focal point of national debate due to concerns over transparency, fairness, and the lack of a competitive tender process.
Even after Jah Oil became the only bidder to meet a strict requirement for the loan, there was a significant backlash from citizens and some lawmakers questioning why the loan was awarded to a single private company.
The BADEA facility required a one-off, non-refundable administrative payment of D48 million (about $770,000), as well as a corporate guarantee for the full loan amount. Jah Oil was the only company willing and able to meet these stringent requirements.
Commenting on the controversy for the first time on Kerr Fatou, Hamidou Jah, said contrary to speculations peddled by critics and some businesses, the government didn’t give Jah Oil the loan, nor were they favoured to access it.
“We were simply the only company to meet the conditions that other businesses could not. There was a condition that businesses were required to fulfill and Jah Oil was able to meet those conditions and also brought our own guarantors. When the proposal came, most of th businesses lying against Jah Oil were there but they refused to take it because of the conditions,” Mr Jah said.
He said Jah Companies came in at the last minute when it was established that none of the businesses were willing to take it.
“We came in to ensure that the country does not miss out on the opportunity. But following a lot of lies and unjustifiable noise, we decided to return the money. It is interesting to note that since we returned the loan, no business has come forward to take it because what they want is for the government to shoulder the conditions for them which the government is not willing to do,” he clarified.
Mr Jah emphasised that the decision to return the loan was made with the country’s reputation in mind as there were concerns that if the loan was not utilised properly or if the controversy continued, it could negatively affect The Gambia’s credit rating and future access to international financing. The Jah Oil CEO also assured the nation that Jah Oil has the capacity to supply cement at affordable prices and of top quality.
