Africa-Press – Gambia. <\/strong><\/span>When the FPAC\u2013PEC report traced the $30 million petroleum mystery, it discovered something bigger than missing invoices or tank balances. It found a web of foreign companies, registered abroad, unlicensed in The Gambia, quietly running the nation\u2019s fuel economy.<\/b><\/p>\nAt the centre of that web: Apogee FZC (Dubai), Creed Energy Ltd (London), and Ultimate Beige Logistics (Ghana).<\/p>\n
None of the Oil Marketing Companies (OMCs) is registered in The Gambia. None appear in the PURA licensing database. Yet between 2022 and 2023, they dominated the supply chain through Gam Petroleum.<\/p>\n
The foreign trio<\/b>
\nApogee FZC \u2014 Dubai\u2019s shadow trader<\/b><\/p>\n
Registered in the United Arab Emirates, Apogee FZC entered the Gambian market through a loophole labelled \u201cre-export storage.\u201d<\/p>\n
It brought diesel cargoes \u201cfor onward export\u201d but sold them locally to OMCs, bypassing regular import duties.<\/p>\n
The inquiry linked Apogee to at least five cargoes, worth over USD 55 million, handled through Gam Petroleum tanks.<\/p>\n
Payments were processed through Access Bank Gambia, where the Committee found SWIFT transfers matching fuel quantities offloaded at Mandinari.<\/p>\n
No Pura licence, no GRA registration, no corporate tax file.<\/p>\n
One line in the Committee\u2019s report captures it best:<\/p>\n
\u201cApogee FZC traded petroleum products within The Gambia without regulatory authorisation, taxation, or physical verification by customs.\u201d<\/p>\n
Creed Energy Ltd \u2014 the London broker<\/b><\/p>\n
Creed Energy appears on several bill-of-lading and correspondence chains as the \u201ctrading partner\u201d to Apogee FZC.<\/p>\n
Registered in the UK as a commodity broker, Creed positioned itself as a \u201cfinancier and off taker,\u201d arranging cargoes through Apogee\u2019s Dubai office and receiving payment through offshore accounts.<\/p>\n
The Committee found that in at least two documented shipments, fuel consigned to Creed was later sold locally through intermediaries, but no records show any Gambian taxes paid.<\/p>\n
Creed\u2019s London address corresponds to a virtual office, not a physical trading floor.<\/p>\n
When asked whether Creed had a Gambian business registration, neither PURA, GRA, nor the Registrar of Companies could produce one.<\/p>\n
Ultimate Beige Logistics \u2014 Ghana\u2019s silent partner<\/b><\/p>\n
Ultimate Beige Logistics Ltd, incorporated in Accra, emerged as a key \u201clifting partner\u201d in 2023.<\/p>\n
Gam Petroleum storage logs showed multiple releases labelled UBL, but no corresponding licence or tax record existed.<\/p>\n
The company\u2019s name surfaced in communications between the depot\u2019s operations team and an official in the Ministry of Petroleum, requesting \u201cexpedited clearance for urgent re-exports.\u201d<\/p>\n
The FPAC\u2013PEC inquiry determined that these \u201cre-exports\u201d were fictitious; the fuel never left Gambian borders.*<\/p>\n
How the web worked<\/b><\/p>\n
Foreign trader brings in fuel under a \u201cre-export\u201d arrangement (tax-exempt).<\/p>\n
Fuel stored at Gam Petroleum tanks.<\/p>\n
Instead of exporting, the trader sells to local OMCs, often in cash or informal transfers.<\/p>\n
OMCs distribute the fuel locally, and the state loses import duties and excise taxes.<\/p>\n
The committee estimated that millions of dalasis in potential revenue were lost through this cycle every quarter.<\/p>\n
They called it \u201ca parallel petroleum market\u201d, running alongside the official one, but invisible to government books.<\/p>\n
The Access Bank connection<\/b><\/p>\n
Access Bank Gambia\u2019s records became crucial to the inquiry.<\/p>\n
Investigators found that nearly all foremost transactions related to Apogee FZC, Creed Energy, and Ultimate Beige passed through Access Bank accounts.<\/p>\n
Transfers often referenced vague terms like \u201cfuel storage fees\u201d, \u201coperational uplift\u201d, or \u201cre-export settlement\u201d, without tax withholdings or Pura clearance letters.<\/p>\n
The Committee demanded that Access Bank furnish full transaction details to the Central Bank and Financial Intelligence Unit for review, warning that \u201ccommercial banks must not become conduits for unlicensed trading.\u201d<\/p>\n
Who should have stopped it?<\/b><\/p>\n
\u2022 Pura: Licensed neither the traders nor the transactions.<\/p>\n
\u2022 GRA: Failed to monitor \u201ctemporary imports\u201d under the re-export scheme.<\/p>\n
\u2022 Gam Petroleum: Let unlicensed foreign entities control its tanks.<\/p>\n
\u2022 MOPE: Issued the original policy directive that opened the door.<\/p>\n
In other words, every guard left the gate unlocked.<\/p>\n
Key Findings from FPAC\u2013PEC<\/p>\n
\u2022 Gam Petroleum\u2019s management \u201ccollaborated or negligently enabled\u201d unlicensed operations.<\/p>\n
\u2022 Pura \u201cfailed in its statutory oversight\u201d of storage and trading.<\/p>\n
\u2022 GRA \u201clost significant customs revenue\u201d through tax-free local sales.<\/p>\n
\u2022 The Ministry\u2019s re-export policy \u201cshould be rescinded immediately.\u201d<\/p>\n
\u2022 All foreign traders involved \u201cshould be banned pending full tax assessment.\u201d<\/p>\n
What this means for citizens<\/b><\/p>\n
Every dalasi lost here could have funded fuel subsidies, hospital ambulances, or school transport.<\/p>\n
Instead, offshore traders made untaxed profits, while Gambians paid record-high pump prices.<\/p>\n
The report is not just about corporate misconduct; it\u2019s about a broken chain of accountability that allowed foreign interests to capture a national asset.<\/p>\n
When you next see a fuel tanker at the depot or a sudden pump-price hike, remember that the receipts may be in Dubai, not Banjul.<\/p>\n
What FPAC & PEC recommend<\/b><\/p>\n
Immediate forensic audit of Apogee FZC, Creed Energy, and Ultimate Beige Logistics transactions through Access Bank.<\/p>\n
Suspension of all re-export licences until a new regulatory framework is drafted.<\/p>\n
Mandatory real-time customs and PURA monitoring at Gam Petroleum.<\/p>\n
Criminal and civil action against any official facilitating or ignoring illegal trading.<\/p>\n
The moral bottom line<\/b><\/p>\n
Foreign traders didn\u2019t just siphon fuel; they siphoned sovereignty.<\/p>\n
They turned The Gambia\u2019s fuel tanks into private cash machines, with the help of silence, loopholes, and neglect.<\/p>\n
Accountability must now move from committee paper to courtroom reality.<\/p>\n
Until every dalasi is traced and every name is held to account, Gambians will keep paying the price, incur higher fuel costs, have more profound deficits, and lose trust.<\/p>\n
Source: The Standard Newspaper | Gambia<\/b><\/p>\n
For More News And Analysis About Gambia<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Modou Jallow, US Africa-Press – Gambia. When the FPAC\u2013PEC report traced the $30 million petroleum mystery, it discovered something bigger than missing invoices or tank balances. It found a web of foreign companies, registered abroad, unlicensed in The Gambia, quietly running the nation\u2019s fuel economy. At the centre of that web: Apogee FZC (Dubai), […]<\/p>\n","protected":false},"author":84,"featured_media":88229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[260],"class_list":["post-88230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-gambia"],"yoast_head":"\n
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