Monrovia – The National Oil Company of Liberia (NOCAL) has termed as “erroneous” recent media reports that accused its board of wasteful spending and meddling in the daily operations of the company, which is violation of the board’s statutory mandate.
According to a release form NOCAL, the “erroneous” media reports have accused its Board of earning “excessive Board fees, unnecessary foreign travels, running the day-to-day activities of NOCAL, and proceeding outside of its mandate with respect to organizing a bid round for potential oil blocks offshore in Liberia”.
“NOCAL clarifies that in keeping with its statutory obligations, it is taking proactive steps to revive Liberia’s potential oil & gas sector, and all its actions are and will always be taken in accordance with the New Petroleum Law of Liberia and other internationally acceptable standards,” the release said.
The company further refutes and describes as “unfounded,” the allegations of the Board interfering into the day-to-day activities of the corporation, although it fails to mention the name of any media institutions that have been making these allegations in their reports.
The release also slams claims that Board Members receive sitting fees for each meeting, excessive allowances, and make unnecessary travels.
“The day-to-day activities of NOCAL are executed by the Interim Management Team with all financial instruments being subject to the approval of the Minister of Finance and Development Planning, who is also a statutory member of the Board of NOCAL,” the release clarifies.
“The Board has not taken sitting fees, and its allowances have not been determined. Bid rounds for potential oil blocks offshore Liberia will be planned and executed in accordance with Liberia’s New Petroleum Law.”
The company insists that the focus of the Board, whose responsibility it is to set general policies, provide oversight and direction of the corporation, is to support and work with the incoming management team to rebrand NOCAL through strategic reforms that will revitalize its activities and make it attractive and competitive in executing its mandate.
NOCAL, it its release, assures the public and its partners of an unrelenting commitment to transparency, accountability and other principles of good corporate governance.
It also reaffirmed its commitment to the New NOCAL Act, stressing that the corporation will report to the public.
NOCAL encourages media entities with interest in reporting about the institution and the country’s oil sector to do so with professionalism and deep sense of responsibility, the release concluded.
NOCA was established in April 2000, by Liberia’s National Legislature for the purpose holding all of the rights, titles and interests of the country’s deposits and reserves of liquid and gaseous hydrocarbons within Liberia’s territorial limits and work to develop the oil and gas industry.
Between 2009 and 2014 the company attracted multi-billion dollar oil firms like Chevron and ExxonMobil. These multinational companies poured millions of dollars into the sector, most of it going toward signatures fees, licensing and geo seismic data information from.
But repeated mismanagement of the NOCAL’s resources during the regime of Ellen Johnson Sirleaf plunged the company into bankruptcy. Several allegations of bribery and financial misdeeds have often clouded the reputation of the company.
In mid-June this year, President George Weah appointed a new leadership at the company, naming Saifuah Mai Gray, President/CEO; Dr. Lester Tenny, Vice President for Technical Services and Carmena C. Yeke while General Counsel. Cllr. Charles Gibson was named as chairman of the Board.