An investigative commission in Equatorial Guinea has shed light on the whereabouts of over 2.5 billion Central African Francs (XAF) allocated for technical fees and training funds for employees of the Ministry of Hydrocarbons, Mines, and Electricity. The commission's report, presented at a meeting at the People's Palace in Malabo, detailed findings from 2017 to 2022. During this period, oil companies deposited the total funds for Hydrocarbons technicians into a Société Générale de Banques en Guinée Équatoriale (SGBGE) account, now known as VistaBank GE.
The investigation identified several payments totaling over 867 million FCFA made through this account, but the source of funding for these transactions could not be justified. These payments were authorized by the corresponding signatories of the bank account. The lack of justification for these funds illustrates that they were made with money provided by companies to pay technical fees to personnel, who have since denounced the case. The commission discovered that a common practice during this period was to create companies that worked for the same ministry, resulting in clear conflicts of interest.
One notable example is EquatorialAtlantic S.A, where the commission verified that payments from this contract were made through the technical fees account for 89 million FCFA and the Training Fund account for 1.2 billion FCFA. The report also analyzed bank transactions in technical fees and training funds accounts from 2023 to 2026, revealing various irregularities in the administration and use of the funds, totaling 2,595,984,016 FCFA.
The investigative commission's findings indicate a significant mismanagement of funds allocated for technical fees and training. The report highlights the need for accountability and transparency in the management of public funds. The Vice President of the Republic, Nguema Obiang Mangue, has taken swift action in response to the findings.
Nguema Obiang Mangue has ordered the complete reimbursement of all misused funds and the payment of technical fees to personnel who have been waiting for years. This move aims to address the grievances of the technicians and restore trust in the management of public funds. The Vice President's directive underscores the government's commitment to transparency and accountability.
The investigation's outcome has significant implications for the Hydrocarbons Ministry and the broader public sector in Equatorial Guinea. The findings highlight the need for robust oversight mechanisms to prevent similar cases of mismanagement in the future. The government's response will be closely watched by stakeholders, including citizens, civil society organizations, and international partners.
The case also raises questions about the role of oil companies in the management of funds allocated for technical fees and training. The investigation's findings suggest that oil companies deposited funds into accounts that were not properly managed, leading to conflicts of interest and mismanagement. This highlights the need for greater transparency and accountability in the management of public funds.
Key points
- The investigative commission uncovered significant irregularities in the administration and use of over 2.5 billion XAF allocated for technical fees and training funds.
- The Vice President of the Republic has ordered the reimbursement of all misused funds and the payment of technical fees to personnel.
- The case highlights the need for robust oversight mechanisms to prevent similar cases of mismanagement in the future.
