By Yankuba Jallow
The General Manager of Gam Petroleum, has disclosed the net cash flow of the Company from 2017 to 2018, as D84 Million. Saikou Drammeh who made the revelation yesterday to shed light on the Company’s storage facility in Mandinary village, was testifying at the ‘Janneh’ Commission on Tuesday June 26th 2018. Drammeh said Gam Petroleum has made unnecessary spending, making it hard for them to generate profit at the time, until when he took over as the MD, sometime last year.
Drammeh disclosed to the Commission that Gam Petroleum made approximately D100 Million from 2016 to 2017 and D94 Million from 2015 to 2016. He added that the shareholders of Gam Petroleum are SSHFC with 31% shares, GPA 14%, GNPC 10%, the Ministry of Finance 3%, Muhammad Bazzi 31.5% and Fadia Mazegi 10.5% respectively.
He testified that the Company hired six experts in fabrication, security and electrical engineering, but that the contracts of some these experts were terminated and some of the positions localised instead.
Drammeh revealed to Commissioners that the board of the Company consists of six members at the time he took over; that from 2009 to 2014, Euro Africa Group had the monopoly for the supply of fuel to the national power energy company, NAWEC. Correspondences and other relevant documents relating to the affairs of the Company were tendered and admitted as exhibits.
The Commission will continue its sittings today at 10 am.