Former Guinea central bank governor Dr. Lounceny Nabé appeared before the Court of Repression of Economic and Financial Infractions (CRIEF) on November 4, 2026. He is accused of diverting three tons of gold, valued at approximately $200 million. Dr. Nabé has denied all allegations, stating that the gold in question is currently held by Belgian refiner Affinor. According to him, there was a legal battle between Guinea and Affinor, which Guinea won, rendering any talk of diversion moot.
Dr. Lounceny Nabé served as governor of the Central Bank of the Republic of Guinea (BCRG) from 2010 to September 5, 2021. He was sued following a complaint from the BCRG for alleged embezzlement of public funds, illicit enrichment, and corruption. The case revolves around the alleged diversion of three tons and 135 kilograms of gold intended for Affinor, a Belgian-based company, under a 2015 contract for refining and managing part of Guinea's gold reserves.
During the hearing, Dr. Nabé pleaded not guilty to the charges. He emphasized that he has always respected the law and had no personal involvement with Affinor. The gold, he explained, was legally transferred to Affinor as part of a monetization operation, converting raw gold into monetary gold that can be converted into currency. Dr. Nabé expressed his frustration that people believe he diverted the gold, stating it hurts him personally.
The case has a background in a 2015 contract between the BCRG and Affinor. Under this contract, Affinor was responsible for refining and managing part of Guinea's gold reserves. Dr. Nabé maintained that the gold was in Affinor's possession and that Guinea had successfully contested any claims against it. This, he believes, conclusively proves that there was no diversion of the gold.
Dr. Nabé also discussed his remuneration during his tenure at the BCRG. He disclosed that his monthly salary was around 30 million Guinean francs, supplemented by certain allowances, particularly during festive occasions. Furthermore, he provided details about his assets, including several real estate properties and bank accounts. He has had a bank account at the BCRG since 1993 and another savings account at Bicigui since the 1990s.
In addition to his financial disclosures, Dr. Nabé listed several properties, including a house in Entag acquired in 1994, a house in Matam since 2001, and a family house in his village. He also owns land in Sonfonia, Kironty, Manéah, and Kagbélen. This detailed disclosure was part of his effort to demonstrate transparency and clarity regarding his financial situation and assets.
Dr. Lounceny Nabé's case will continue before the specialized jurisdiction. The former governor's assertions that the gold was not diverted and that he has always acted lawfully will be weighed against the evidence presented by the prosecution. The outcome of this case will likely have significant implications for the management of Guinea's gold reserves and the accountability of its financial leaders.
Key points
- Dr. Lounceny Nabé denies diverting three tons of gold, valued at $200 million.
- The gold in question is held by Belgian refiner Affinor, according to Dr. Nabé.
- Dr. Nabé served as governor of the BCRG from 2010 to September 5, 2021.
