The African Center for Energy Policy (ACEP) asserts that Dr. K.K Sarpong, Chief Executive Officer of Ghana National Petroleum Corporation (GNPC), and NPP’s Freddie Blay are beneficial proprietors of an offshore business, Jubilee Oil Holdings, according to Deputy Energy Minister Andrew Egyapa Mercer.
He believes that a firm cannot function without directors, and hence sees no problem with K.K Sarpong and Freddie Blay serving as directors of Jubilee Oil Holdings.
“Clearly, a company cannot operate without directors,” the deputy energy minister said in an interview with JoyNews, “So, if that transaction has been concluded, it makes sense that the director, the Board Chairman, and the Chief Executive of the GNPC will be made directors of that company.”
He, on the other hand, refuted reports that Jubilee Oil Holdings directors are shifting shares to their own company.
He remarked, “The idea that certain persons are looking to dump shares in Ghana offshore companies is simply false.”
His remark comes after ACEP’s policy lead for petroleum and conventional energy, Kodzo Yaotse, claimed at a press conference in Accra on Thursday, January 13, 2022, that because GNPC CEO is a shareholder in Jubilee Oil Holdings, the 7 percent interest in the Jubilee, TEN Oil Fields has been diverted to his company instead of Explorco.
He went on to say that Dr. K. K. Sarpong intended to use Jubilee Oil Holdings to pay off creditors before Explorco gets the 7% commercial interest.
As a result, the policy think tank has urged the Ghana National Petroleum Corporation to provide additional details on how it plans to fund the $199 million purchase of the Jubilee and TEN Oil Fields from Kosmos Energy.