Ghana Gas CEO’s multimillion-dollar deals under scrutiny

…Boardroom tension reveals his postdated contract

Recent developments at Ghana National Gas Company Limited (GNGCL) have brought to light serious allegations against the Chief Executive Officer (CEO) Dr Ben Asante, who is accused of entering into multi-million-dollar agreements without the board’s authorization.

Reports suggest that, some of these agreements were postdated to December 2024, causing significant surprise and concern among board members, particularly Chairman Kennedy Ohene Agyapong.

These agreements were presented to the board for approval, but Mr Agyapong, rejected them, citing potential criminal implications.

One such agreement, the “Transportation Service Agreement,” dated December 22, 2024, was signed by Dr Asante and other officials, including Elton Dusi, CEO of Maranatha Oil Services Limited.

 Witnesses to this postdated deal, included Stephen Borteye Jomo, General Manager of Commercial Operations, and Desmond Ohene Asante, Head of Finance.

Other controversial transactions submitted for board approval, included the WAPCo-GNGC Tema Interconnection Agreement, agreements with GLOBEX, Tetracore Energy Ghana Limited, Sentuo Oil Refinery Limited (SORL), and Integrated Logistics Bureau Company Limited (INTELS). Another deal with CIMPOR Limited was also under scrutiny.

Insiders revealed that, the board chairman was alarmed by the postdated agreements and confronted the CEO, resulting in a verbal altercation during which Mr Agyapong, angrily called Dr Asante “stupid.”

Despite this, workers at the Ghana Gas Company, have shown support for Dr Asante, opposing Mr Agyapong.

Interestingly, Dr Asante reportedly visited Mr Agyapong’s house after the publication of these reports by The Herald to plead for forgiveness, in the presence of some of the board chairman’s relatives. Mr Agyapong, is believed to be seeking a meeting with President Nana Akufo-Addo, to report the CEO’s conduct.

Dr Asante, is accused of trying to cover up his actions by spreading rumors and manipulating the press.

Earlier claims, had been that Mr Agyapong, faced resistance, while pushing a multimillion-dollar deal at the last board meeting, raising concerns among workers and some board members about potential future criminal implications.

The situation escalated into a major boardroom dispute over a contract valued at nearly $900 million. Reports indicate a near physical altercation between Dr Asante and Mr.Agyapong during a board meeting last Wednesday.

 The Assin Central Member of Parliament (MP) reportedly became furious, slammed his hands on the board table, and used unprintable words to insult the CEO.

Dr Asante, insisted on adhering to stringent procurement requirements, while Mr. Agyapong sought to bypass certain procedures.

The MP, wanted to push the deal through with the CEO’s signature and address other issues later, which Dr Asante rejected, further angering the board chairman.

Most board members sided with the CEO, much to Mr Agyapong’s frustration, who reportedly stood to gain $50 million, if the deal went through. The workers’ union has also shown support for Dr Asante in this matter.

The situation at GNGCL, remains tense as the board grapples with these allegations and the implications of the unauthorized agreements.

It remains, unclear if both parties; the CEO and the board chairman, were cooking their separate deals hence the clashes of egos.

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