The Gambia’s National Water and Electricity Company (NAWEC) has denied reports circulating on social media that electricity tariffs, commonly referred to as “Cash Power” rates, have been increased.
In a statement, NAWEC said no increase in electricity tariffs had been implemented.
Any adjustment to electricity tariffs would be subject to the necessary regulatory approval processes and would be formally communicated to the public through NAWEC’s official channels, the company said.
NAWEC also said electricity tariffs remained subsidised by the Gambian government.
“These subsidies are intended to cushion consumers from the effects of rising global fuel prices and help maintain affordable electricity services for households and businesses across the country,” the company said.
NAWEC urged customers and the general public to rely only on verified information shared through its official platforms and refrain from circulating unverified claims that could cause confusion or unnecessary concern.
The company said it remained committed to transparency and would continue to keep the public informed of developments affecting its operations and services.
Iran said on Tuesday that the Strait of Hormuz would remain closed unless the United States ends the war and meets Tehran’s conditions, raising the bar for a deal that would restore oil traffic through the key waterway.
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Washington must end the conflict and unfreeze Iranian funds held overseas before Tehran would agree to reopen the strait.
Iran has also delivered additional conditions to the United States through mediators, Rezaei said in comments carried by the semi-official Tasnim news agency. He did not publicly identify those demands.
The comments complicate expectations that a shipping agreement could be reached quickly. U.S. officials had suggested last week that negotiations involving Iran and Oman were making progress towards allowing more vessels through the Strait of Hormuz.
Brent crude moved higher on Tuesday, with the October contract trading at $88.70 a barrel shortly after 1 p.m. ET, up 98 cents, or 1.12%.
The market has spent weeks reacting to signs that shipping through the Persian Gulf could normalize, even as actual tanker traffic has remained constrained and commercial vessels continue to face security risks.
Iran has previously discussed conditions that would give it greater control over inbound traffic through Hormuz and greater visibility over outbound vessels. Tehran has also insisted that any agreement recognise its security interests in the waterway.
The latest demands make clear that Iran is tying the shipping issue directly to the broader war rather than treating Hormuz as a separate maritime problem.
Rezaei’s comments leave the next move with Washington. Ending the war and releasing frozen Iranian funds would represent substantially bigger concessions than simply agreeing on shipping rules, and Tehran says the Strait of Hormuz will remain closed until those demands are addressed.
News of Bukari’s death circulated on social media on Tuesday, Aug. 11, 2026, with some reports claiming that he died in London, where he had travelled for medical treatment.
The NPA confirmed his death at about 4 p.m. in a post on its official Facebook page, but did not disclose the cause or location of his death.
“Indeed, to Allah we belong and to Him we shall return,” the regulator said, accompanying the statement with a reference to Qur’an 2:156.
“It is with profound sorrow that the Board and Management of the National Petroleum Authority (NPA) announce the sudden passing of our Deputy Chief Executive, Dr. Dramani Bukari,” the statement said.
“Dr. Dramani Bukari’s passing is a great loss to the Authority, the downstream petroleum industry, and all who had the privilege to work with him.”
The NPA said it was deeply saddened by his death but took solace in the knowledge that he had “returned to his Maker.”
The board and management extended their condolences to his family, loved ones, colleagues and others mourning his death.
“We pray that the Almighty Allah give us all strength, comfort, and peace in this difficult time. May Allah grant our brother and leader eternal rest. Amen,” the statement said.
Several players in Ghana’s energy sector also expressed their condolences, recalling their interactions with the late deputy CEO.
GOIL PLC Group Chief Executive Officer and Managing Director Edward Abambire Bawa said he first met Bukari while they served together on a subcommittee of Ghana’s Transition Team.
“I remember you as very affable, kind, and accommodating. God knows best. May your soul rest in perfect peace, bro. You will be missed,” Bawa wrote on Facebook.
Onasis Kobby, Deputy Chief Executive Officer of the Petroleum Hub Development Corporation, also expressed shock over Bukari’s death.
“Ohhhhhhhh Dramani Bukari, how can you do this? I am devastated,” Kobby wrote in a Facebook post.
Libya’s largest operating refinery, the Zawiya refinery, was hit by drones on Monday evening, triggering a large fire and prompting the country’s National Oil Corporation (NOC) to warn that it could declare force majeure and suspend operations if attacks continue, Al Jazeera reported.
Libya’s Ambulance and Emergency Service said on Tuesday that there were no “serious injuries” from the fire, with most patients treated for smoke inhalation.
The refinery is located about 40 km (25 miles) west of the capital, Tripoli.
In a statement shared on Facebook, the NOC said the fire broke out on Monday evening at tank 402-T, operated by the Brega Oil Company.
The tank contained about 4.5 million litres (1.2 million gallons) of gasoline and was “directly targeted, resulting in a severe fire before the tank completely collapsed”, the NOC said.
The NOC said the attack followed drone strikes on a water desalination plant at the refinery on Sunday and a naphtha reservoir on Saturday.
The company declared a “maximum emergency” in the area and called on authorities to investigate the attacks and bring those responsible to justice.
There was no immediate claim of responsibility for the attacks, and the NOC did not say who it believed was behind them.
Hours later, the NOC said the refinery was “still being subject to sabotage attacks”, with a drone targeting an oil blending and filling plant operated by the Zawiya Oil Refining Company.
The drone fell near the refinery’s main oil tank and a pipeline network used to produce oils for the domestic market, the NOC said, adding that there were no casualties or damage.
“The company’s board of directors also confirms that if these attacks continue, it will have to declare a state of force majeure and suspend operations at the refinery,” the NOC said.
The Brega Oil Company called on “all parties to stop the fighting and stay away from oil facilities and depots”.
It said oil facilities were “vital infrastructure and owned by all Libyans” and that protecting them was “a national responsibility that does not tolerate any negligence”.
The attacks highlight the continuing security challenges in Libya, where rival administrations and armed groups have retained influence despite a 2020 ceasefire that halted major fighting.
Libya has been divided since 2014, following years of political turmoil after a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011.
Two governments are currently vying for power: the United Nations-recognised administration in Tripoli, led by Prime Minister Abdul Hamid Dbeibah, and a rival administration in the east backed by military commander Khalifa Haftar.
In a statement, the Tripoli-based government said Dbeibah had met earlier on Tuesday with senior officials, including the interior minister and the chiefs of several armed groups in the capital, to discuss the latest security developments.
Dbeibah “stressed the need to deal firmly with any transgressions or actions that threaten security or harm vital facilities and installations”, the statement said.
Separately, a Libyan parliamentary panel condemned the attack and called for stronger protection of oil installations.
“The House of Representatives’ Energy and Natural Resources Committee condemns in the strongest terms the criminal attack targeting the Zawiya Refinery, one of the most vital facilities in the oil and gas sector that is a cornerstone of the national economy,” it said in a statement.
Electricity Company of Ghana (ECG) said it is saving GHS 13.2 million a month after renegotiating its contract with Hubtel, a local IT firm that reduced its commission fee from 3% to 1.65%, according to ECG’s 2025 annual financial statement.
“We also renegotiated the Hubtel contract, slashing commission fees from 3% to 1.65%, which delivered substantial monthly savings of GHS 13.2 million,” Managing Director Julius Kwame Kpekpena said.
Hubtel provides commercial, billing and digital payment infrastructure for ECG. Its system processes and secures transactions for electricity meter credits, prepaid quota purchases and postpaid utility bills, while supporting ECG’s revenue collection system.
ECG said it also saves approximately GHS 5.6 million per month after decoupling its electronic payment platforms, effectively eliminating duplicate charges.
The utility said it had also terminated 202 underperforming supply contracts, preventing further capital drain and generating savings of $227.6 million.
“These actions demonstrate the Board and Management’s resolve to enforce fiscal discipline,” ECG said.
Malawi’s Electricity Generation Company (EGENCO) on Monday inaugurated the 10 MW Salima Solar Power Plant, the first phase of a planned 50 MW project aimed at diversifying electricity generation and improving the reliability of power supplies to support economic growth.
The first phase includes a 3.5 MW battery energy storage system (BESS) to help manage fluctuations in solar power generation and improve the stability and reliability of electricity supplied to the national grid.
EGENCO Chief Executive Officer William Liabunya said manufacturing of the battery system was already underway, with installation expected by the end of the year.
“The battery storage system will help manage fluctuations in power generation and improve the stability and reliability of electricity supplied to the national grid as Malawi continues to increase its uptake of renewable energy,” Liabunya said.
Liabunya also commended the Ministry of Finance, commercial banks and the Reserve Bank of Malawi for their support during the implementation of the project.
He said the support had enabled EGENCO to meet its financial obligations and that there were no outstanding payments to the contractor.
Land has been secured for the construction of the remaining 40 MW, while the process of procuring a company to conduct feasibility studies for the second phase is underway.
Speaking at the commissioning ceremony, Energy Minister Jean Mathanga reaffirmed the government’s commitment to expanding the country’s electricity generation capacity.
“We need to increase electricity generation capacity in this country,” Mathanga said.
The Salima Solar Power Plant forms part of the government’s efforts, through the Energy Ministry and state-owned power companies such as EGENCO, to expand and diversify Malawi’s electricity generation sources.
Ghana’s former power minister, Dr. Kwabena Donkor, has denied meeting former Goldman Sachs banker Asante Kwaku Berko or receiving a bribe from him to influence the selection of Turkish energy company Aksa Enerji Uretim A.S. to construct a power plant in Ghana in 2015.
Donkor’s denial follows the conviction of Berko by a federal jury in Brooklyn, New York, in a bribery case involving payments to Ghanaian officials in connection with a power project.
Donkor’s name and photograph, along with those of some current and former members of parliament, were circulated on social media over the weekend following Berko’s conviction.
The case has prompted public and media discussion in Ghana, with speculation over the identities of Ghanaian officials allegedly linked to the case.
In a statement issued on Monday through his lawyers, Cavendish Chambers, Donkor said allegations linking him to the U.S. case were false and had gained traction on social media following Berko’s conviction.
“Our client has absolutely no knowledge about the allegations linked to him,” the statement said, adding that Donkor “completely and emphatically denies any knowledge of a request or demand for any money as alleged.”
Donkor acknowledged that he was minister for power during the period in question and said the ministry negotiated with Turkish energy company AKSA Energy during Ghana’s power crisis, popularly known as “dumsor”.
According to the statement, the negotiations formed part of the government’s efforts to secure emergency power generation during a period of severe nationwide power shortages.
Donkor said the procurement process included a technical team made up of stakeholders in the electricity sector travelling to Istanbul, Turkey, to inspect equipment before it was shipped to Ghana.
He described the inspection as standard pre-shipment practice.
He said, however, that he never met Berko during the negotiations.
“At no point in the course of this negotiation did he once set eyes on Mr. Asante Berko, nor has he since,” his lawyers said.
The statement said Donkor had never met Berko, discussed or sought any personal financial benefit from him or any other person, authorised anyone to solicit money on his behalf, or received money or any other personal benefit from Berko or anyone else.
It also said Donkor could not be held responsible if anyone had used his name to solicit money for personal gain.
The lawyers said they were not aware of any evidence presented at the U.S. trial linking Donkor to demands for or receipt of money.
“Our client does not understand that any evidence was led in the U.S. trial which linked him with demanding or receiving any money, cedis or dollars, or anything of value to him personally,” the statement said.
Cavendish Chambers said it would take legal action against any publication that suggested Donkor was involved in the alleged bribery or sought to damage his reputation.
Nigeria’s electricity regulator on Monday dissolved the board of Kaduna Electricity Distribution Plc (KAEDC) over cumulative market obligations of 456.5 billion naira (equivalent of $335,230,402.04) and prolonged financial, operational and regulatory failures.
The Nigerian Electricity Regulatory Commission (NERC) said it exercised its powers under Sections 75 to 79 of the Electricity Act 2023.
KAEDC’s cumulative market obligations since its privatisation stood at about 456.5 billion naira as of May 2026, comprising 415.5 billion naira owed to Nigerian Bulk Electricity Trading Plc (NBET) and 41 billion naira owed to the Nigerian Independent System Operator (NISO), NERC said.
The company also had 14.26 billion naira in other non-market statutory and third-party obligations, the regulator said in Order No. NERC/2026/086, titled “Order on the Regulatory Intervention in Kaduna Electricity Distribution Plc Pursuant to the Electricity Act 2023“, which took effect on Monday, Aug. 10.
NERC said KAEDC’s financial position deteriorated after ASI Engineering Limited took over its operations in June 2024, with the company accumulating more than 118.6 billion naira in additional market debt between then and May 2026.
The regulator said the deterioration occurred despite government and regulatory interventions aimed at improving the company’s financial and operational performance.
“KAEDC is in a grave situation characterised by prolonged regulatory and market default, inadequate investment, weak operational and commercial performance, insufficient assets relative to liabilities, and inability to present a credible pathway to sustainable recovery,” NERC said.
The commission faulted KAEDC’s core investors for failing to provide NBET and NISO with acceptable payment bank guarantees as required under their vesting contract and the market rules governing Nigeria’s electricity supply industry.
It also said the core investor had failed to present a credible plan for settling the liabilities.
KAEDC paid 41.93% of its adjusted market invoices in 2025, resulting in a market shortfall of about 46.71 billion naira, NERC said.
The regulator attributed the poor remittance performance largely to KAEDC’s high aggregate technical, commercial and collection losses, which stood at 71.88% in 2025.
The losses meant the company could account for only about 28.2% of the electricity it received for delivery to end-use customers during the year, NERC said.
The regulator also said KAEDC failed to meet its capital investment commitments. Its actual capital expenditure in 2025 was about 2.48 billion naira, compared with a minimum requirement of 24.51 billion naira, representing about 10% of the prescribed investment level.
Meter coverage remained between 33.26% and 35.54% since ASI took over the company, despite interventions aimed at increasing metering across Nigeria’s electricity distribution companies, NERC said.
The regulator said KAEDC had received about 6.58 billion naira in regulatory derogations between January 2024 and May 2026, as well as about 53.79 billion naira in federal government interventions since July 2018.
Despite the support, the company failed to demonstrate a sustainable turnaround, NERC said.
“The continued underperformance therefore poses material risk to end-use customers, creditors, market stability and continuity of electricity service,” the commission said.
NERC said its analysis showed that KAEDC was facing severe liquidity constraints and that its commercial viability and continued participation in the electricity market posed a systemic risk to the Nigerian Electricity Supply Industry.
The regulator had previously notified KAEDC’s major shareholders and Afreximbank of the impending intervention and asked them to submit a credible recovery plan.
Representatives of ASI Engineering, NERC, the Bureau of Public Enterprises (BPE), Afreximbank and Fidelity Bank met on June 11 to discuss proposals to rescue the utility, NERC said.
The regulator said the meeting established that ASI had not complied with conditions attached to its acquisition of a 60% majority stake in KAEDC and had failed to meet BPE requirements for finalising the shareholding arrangements.
ASI subsequently requested an extension of up to 24 months to stabilise KAEDC’s cash flow, prioritise critical investments and improve market remittances.
NERC said the request was rejected after the commission, BPE and Afreximbank determined that a further extension was not justified given ASI’s lack of progress since taking effective control of the company in June 2024.
“The commission, BPE and Afrexim considered this request against the backdrop of ASI being in effective control of KAEDC since June 2024 without a corresponding improvement in the utility’s financial and operational performance, and determined that a further extension of comparable duration was not justifiable in view of the continuing risk to end-use customers and the market,” NERC said.
Henos Energy has commissioned what it says is Ghana’s first drive-through cylinder distribution outlet at East Legon Hills in Accra, as the company seeks to make liquefied petroleum gas (LPG) distribution more convenient and support the government’s 24-hour economy initiative.
The facility operates under Ghana’s Cylinder Recirculation Model (CRM), allowing motorists to drive in and exchange empty LPG cylinders for filled ones without leaving their vehicles.
The model is intended to reduce waiting times and improve access to LPG, including outside traditional working hours.
Speaking at the commissioning ceremony on Friday, the Director of Gas at the National Petroleum Authority (NPA), Akua Ntiwaa Kwakye, said the facility demonstrated how innovation in the downstream petroleum sector could support the government’s 24-hour economy initiative while improving convenience and safety for consumers.
The NPA’s Head of Gas and Commercial Regulation, Obed Kraine Boachie, described the facility as a timely innovation that would make LPG cylinder exchange more convenient for consumers.
He said the initiative aligned with the government’s 24-hour economy agenda and would contribute to improving LPG accessibility and service delivery.
Henos Energy Chief Executive Henry Osei Yaw said the company plans to establish 30 drive-through cylinder distribution outlets across Ghana, starting with five in Accra before expanding to the Northern Region and other parts of the country.
He said the concept was developed in response to customer feedback received over the past five years.
“Our customers have consistently told us they wanted a complete LPG solution that is accessible and convenient. That is what inspired the drive-through concept,” he said.
The outlets will also stock LPG cylinders, regulators and other accessories, Osei Yaw said.
He said the company would accept damaged LPG cylinders from customers and replace them with safe cylinders under the CRM.
Henos Energy is also developing a digital platform with mobile money service providers that will allow customers to order LPG through a mobile application, he said.
Osei Yaw thanked the NPA and the Chamber of Oil Marketing Companies (COMAC) for their support for the project.
The commissioning comes as Ghana seeks to expand access to LPG and improve the efficiency and safety of its downstream petroleum distribution system.
Also present at the ceremony were NPA Director of Corporate Affairs Maria Edith Oquaye and Head of Business Development Ossei Yaw Danquah.
A Ukrainian drone attack on a city in Russia’s Tatarstan region killed 12 people and wounded at least another 39 in a massive strike that also hit one of the most technologically advanced oil refineries in Russia.
Radmir Belyayev, the mayor of the city of Nizhnekamsk, which hosts an oil refining hub with two refineries and a petrochemical plant, announced the death toll on Monday, following one of the deadliest attacks on Russian energy infrastructure since the beginning of the war four and a half years ago.
Tatneft’s Taneco refinery, one of the most technologically advanced in Russia, was hit in the attack, according to multiple unverified reports and videos on social media.
This year, Ukraine has pursued a relentless drone campaign targeting Russian oil refining infrastructure and oil supply routes to force Putin into negotiating peace.
Late last month, Ukraine struck one of Russia’s biggest refineries, Lukoil’s Volgograd processing facility. Ukrainian forces hit the Volgograd refinery, which has the capacity to process 300,000 barrels per day (bpd) of crude and produces gasoline, diesel, and jet fuel.
The renewed drone attacks on refineries from Ukraine came after several weeks of a lull, during which Ukrainian forces focused on hitting tankers in the Sea of Azov and the Black Sea.
The brief respite in the attacks on refineries allowed some units to resume operations after repairs. This past weekend, Russia’s Deputy Prime Minister Alexander Novak said that the fuel crisis in Russia had started to ease as some refineries have restarted operations.
However, Russia at the end of July extended the ban on gasoline and diesel exports from July 31 to the end of the year in a sign that the situation has not improved too much.
Amid peak demand season, Russia has been suffering from gasoline and diesel shortages for nearly three months, as Ukraine’s drone campaign to strike Russian refineries forced many large processing sites offline in the spring and early summer.
Zambia has launched construction of the $84.2 million Kasama 100-megawatt (MW) solar photovoltaic (PV) project, as the country steps up efforts to diversify its energy mix and reduce its dependence on hydropower.
The groundbreaking ceremony was held at Senior Chief Mwamba’s Sombe Village in Kasama.
President Hakainde Hichilema, in a speech delivered by Secretary to the Cabinet Patrick Kangwa, said the project demonstrates the government’s commitment to expanding renewable energy generation as Zambia responds to the impact of climate change on its power sector.
” The lessons from climate change are clear. We must diversify our energy sources to build a resilient and secure electricity supply that supports national development,” Hichilema said.
He said the Kasama solar project would contribute to the government’s target of adding 10 gigawatts (GW) of electricity generation capacity over the next five years.
Zambia has historically relied heavily on hydropower for electricity generation, leaving the power sector vulnerable to drought and declining water levels at major hydroelectric facilities.
Hichilema said reliable electricity was critical to supporting the country’s mining sector, expanding manufacturing and advancing industrialisation.
He called for prudent management of Zambia’s energy resources to ensure that they support economic development and long-term energy security.
The president urged the engineering, procurement and construction (EPC) contractor to complete the project within the agreed 12-month timeframe while maintaining the required quality standards.
He also directed that the project comply fully with Zambia’s environmental laws and regulations.
Hichilema called on local communities to protect the solar infrastructure from vandalism and thanked Senior Chief Mwamba for supporting the project and making land available for its development.
The Kasama project adds to Zambia’s efforts to expand solar power generation as the country seeks to strengthen electricity supply and reduce its exposure to hydropower shortages caused by drought.
ZESCO Managing Director Eng. Justin Loongo reaffirmed the corporation’s commitment to delivering sustainable energy solutions.
“As we break ground today, we reaffirm our commitment to delivering reliable, sustainable and affordable electricity that will power homes, businesses, industries and communities for generations to come,” he said.ZESCO Managing Director Eng. Justin Loongo
Bui Power Authority (BPA), Ghana’s state-owned power producer, posted a net profit of $66.2 million on revenue of $145.9 million and generated 1,438 gigawatt-hours (GWh) of electricity, exceeding its annual target by 6.5%, its chief executive, Ing. Ekow Eduakwa Sam, said.
Despite the profit, Ing. Sam said cash flow remained constrained by high accounts receivable from the Electricity Company of Ghana (ECG), the authority’s major off-taker, limiting its ability to support expansion of its power generation business and critical operations.
Addressing stakeholders at the company’s annual general meeting on Friday, Sam said the Bui Hydroelectric Plant maintained an average availability rate of 95%, underscoring the reliability of the authority’s main generation asset.
“Despite prevailing cash flow constraints, BPA continued to focus on the expansion of its solar PV portfolio,” Sam said.
Operational solar PV capacity increased to 105 megawatts peak (MWp) from 55 MWp, he said. Hydropower remained the authority’s main source of generation, producing 1,339 GWh, or 97% of total output.
Feasibility studies for proposed hydropower projects on the Tano, Pra and Ankobra rivers also made significant progress during the year, Sam said.
The authority also advanced its digital transformation programme through a comprehensive cybersecurity risk assessment and the development of a cybersecurity solutions roadmap.
Other initiatives included the rollout of the BPA Work Point corporate intranet and completion of the Corporate Data Centre and Disaster Recovery Infrastructure Project.
Looking ahead to 2026, BPA will focus on proactive plant maintenance, system optimisation and renewable energy expansion, Sam said.
The authority expects to add about 100 MWp of solar PV capacity during the year, taking operational solar PV capacity to about 205 MWp.
BPA also plans to develop 300 MWp of dispatchable solar PV integrated with large-scale battery energy storage systems by the end of 2028, Sam said.
Delivering remarks on behalf of Board Chairman Amb. Kwadwo Nyamekye-Marfo, board member Hon. Alhaji Mohammed Kwaku Doku said BPA’s 2025 performance demonstrated its capacity to deliver on its mandate while laying the foundation for its next phase of growth, particularly in renewable energy.
Energy and Green Transition Minister Hon. Dr. John Abdulai Jinapor commended BPA for its performance and urged management to maintain financial prudence, transparency, accountability and sound governance as the authority advances its expanded mandate under Act 1046 and contributes to Ghana’s renewable energy agenda.
Iran has effectively rejected expectations of an imminent reopening of the Strait of Hormuz, laying out sweeping conditions that would require the United States to fundamentally change its policy toward Tehran.
In a statement issued by Mohammad Baqer Zolghadr, secretary of Iran’s Supreme National Security Council, Tehran said the strait would remain closed until Washington ends what Iran described as its hostile behavior.
The six demands include an end to U.S. threats and military action, a permanent end to the war, withdrawal of U.S. naval and air forces from around Iran, compensation for war damages, sanctions relief and the release of frozen Iranian assets.
The statement is significant because it indicates that the much-discussed U.S.-Iran draft agreement does not, at least from Tehran’s perspective, amount to a deal to reopen Hormuz.
Any agreement would ultimately require approval from Iran’s Supreme National Scecurity Council.
The shipping data also points to continued disruption.
Just 33 vessels transited Hormuz from Monday through Thursday, down from 50 during the same period the previous week, while only six crude tankers have reportedly cleared the strait outbound so far this week.
The decline comes despite expectations that Iran and Oman were close to an arrangement governing a shipping corridor.
That uncertainty has kept the energy market on edge. Iran has also been considering restrictions on U.S. and Israeli vessels, while previous proposals for transit fees have added another layer of uncertainty.
The European Union has already accused Iran’s IRGC Navy of enforcing a screening and toll system for vessels using the strait.
Washington, however, is presenting a considerably more optimistic picture.
Vice President JD Vance said the U.S. expects oil and gas flows from the Gulf to eventually return to pre-war levels.
He also said Iran had told Washington it had no plans to impose tolls, although the U.S. does not fully trust Tehran’s assurances.
That leaves the market facing two very different interpretations of the same negotiations. Washington is talking about restoring normal energy flows. Tehran is demanding major political, military and financial concessions before reopening Hormuz.
For oil traders, the key question is therefore no longer simply whether talks are taking place, but whether the two sides are actually negotiating the same outcome.
Ghanaians are seeking to establish which public officials and lawmakers were allegedly paid more than $1 million in bribes in connection with a power plant deal between the government and Turkish energy company Aksa Enerji Uretim A.S., following the conviction in the United States of former Goldman Sachs banker Kwaku Asante Berko.
Berko, 52, who is also a former Managing Director of Tema Oil Refinery was convicted by a federal jury in Brooklyn of conspiring to violate the U.S. Foreign Corrupt Practices Act (FCPA), violating the FCPA and conspiring to commit money laundering in connection with the development and financing of the power plant in Ghana.
The case has renewed questions in Ghana about the identities of officials who allegedly received payments.
Social media users have linked a former power minister and a former chairman of parliament’s Mines and Energy Committee to the scheme, although the allegations circulating online do not by themselves establish that either man received a bribe.
According to U.S. court filings, Berko and his co-conspirators sought to pay more than $1 million to multiple Ghanaian government officials to secure approvals for the project.
Berko, a Ghanaian-American dual citizen and former executive director in Goldman Sachs’ investment banking division, was responsible for securing and managing a deal between Ghana and Aksa, a Goldman Sachs client, for the construction and financing of a power plant during Ghana’s energy crisis.
The case has also drawn renewed attention to the role of Ghana’s Ministry of Power, which was created in 2014 by then-President John Mahama as the country struggled with severe power shortages, known locally as “dumsor”.
Mahama appointed Kwabena Donkor as the first minister of the newly created ministry.
Donkor resigned in December 2015 as the power crisis persisted.
Alleged payments
According to the U.S. court filings, Berko and his co-conspirators established an entity called Ghana Consultancy Company to facilitate payments linked to the scheme.
The Turkish energy company transferred $500,000 to Ghana Consultancy Company through a Ghanaian bank on April 20, 2015, the filings say.
The documents say Berko and his co-conspirators subsequently arranged a trip to Turkey for officials from Ghana’s Ministry of Power, the Public Utilities Regulatory Commission and Ghana Grid Company Ltd. to inspect equipment for the proposed plant.
A five-member delegation travelled to Turkey, and each member was paid $5,000, according to an email exchange between Berko and his co-conspirators cited in the court filings.
The filings also say a Turkish holding company transferred $1 million to Ghana Consultancy Company on Sept. 8, 2016. Additional transfers were made to Berko’s Ghanaian bank account between Sept. 28 and Dec. 20, 2016, according to the documents.
Berko also received $500,000 from an account belonging to the Turkish energy company on Feb. 14, 2016, the filings say, about a month before his employment with Goldman Sachs ended.
The power plant became operational in 2017.
Payments to officials
Prosecutor Katherine Raut told the federal jury in Brooklyn during opening arguments that Berko and associates outside Goldman Sachs had conspired to pay more than $1 million in bribes to high-ranking Ghanaian government officials to secure approval for the development and financing of the plant.
According to evidence presented at trial, Berko and his co-conspirators discussed paying $1 million to Ghana’s minister of power in April 2015.
The minister was responsible for securing key approvals for the project, according to the prosecution.
They also discussed paying $250,000 to the minister’s senior adviser.
The prosecution said bribes were also paid to five Ghanaian officials during the trip to Turkey.
After Ghana’s parliament ratified the agreement with Aksa in July 2015, Berko and his co-conspirators exchanged emails discussing further payments, according to the court filings.
In August 2015, they discussed $250,000 in payments to various individuals, including $46,000 to members of parliament who had ratified the agreement, the filings say.
Berko personally made the $46,000 payment, according to the prosecution.
The co-conspirators also referred to an alleged recipient who was waiting for the “holy rain”, which they used as a reference to a bribe payment, the filings say.
Concealing the scheme
According to the prosecution, Berko concealed the alleged bribery scheme from Goldman Sachs’ compliance department, which was responsible for reviewing the transaction.
He used a personal email account rather than his Goldman Sachs account to discuss the deal and the alleged payments and instructed his co-conspirators to do the same, prosecutors said.
The court filings say Berko and his co-conspirators used shell companies, sham invoices, nominee account holders and cash withdrawals to conceal and launder payments.
Payments allegedly connected to the scheme were routed through U.S. and foreign bank accounts, according to the prosecution.
Goldman Sachs ultimately withdrew from the transaction because of corruption concerns.
Conviction
The verdict followed a nine-day trial before U.S. District Judge Diane Gujarati.
Berko has been remanded pending sentencing and faces up to 30 years in prison.
The verdict was announced by Joseph Nocella Jr., U.S. Attorney for the Eastern District of New York; A. Tysen Duva, assistant attorney general of the Justice Department’s Criminal Division; and James C. Barnacle Jr., assistant director in charge of the FBI’s New York field office.
“The defendant abused his access to high-level foreign government officials and his platform as an investment banker at a prestigious American firm to line his own pockets with millions of dollars,” Nocella said in a statement.
Duva said Berko had abused his position at a major U.S. investment bank by helping to bribe Ghanaian officials so that he and his co-conspirators, including senior executives at a Turkish company, could profit.
Barnacle said the verdict highlighted the importance of cooperation between U.S. and international law enforcement agencies.
Nocella also thanked British authorities, the U.K. National Central Bureau for INTERPOL, the U.S. Embassy in London, the U.S. Department of Justice’s Office of International Affairs and the U.S. Marshals Service for assistance in securing Berko’s arrest and extradition.
The U.S. government’s case was handled by the Business and Securities Fraud Section of the U.S. Attorney’s Office for the Eastern District of New York and the Justice Department’s Criminal Division’s Fraud Section.
The prosecution team included Assistant U.S. Attorneys Jessica Weigel, Nick M. Axelrod and Tara McGrath, as well as Assistant Chief Katherine Raut and Senior Trial Attorney Katherine Nielsen.
The outlets will also stock LPG cylinders, regulators and other accessories, Osei Yaw said.
He said the company would accept damaged LPG cylinders from customers and replace them with safe cylinders under the CRM.
Henos Energy is also developing a digital platform with mobile money service providers that will allow customers to order LPG through a mobile application, he said.
Osei Yaw thanked the NPA and the Chamber of Oil Marketing Companies (COMAC) for their support for the project.
The commissioning comes as Ghana seeks to expand access to LPG and improve the efficiency and safety of its downstream petroleum distribution system.
Also present at the ceremony were NPA Director of Corporate Affairs Maria Edith Oquaye and Head of Business Development Ossei Yaw Danquah.
