…Faces extradition to UK as Ghana’s EOCO & CID foot-dragging ends

Reports available to The Herald indicate the arrest of Kevin Okyere, Chief Executive Officer (CEO) of Springfield Exploration and Production Limited (SEP), in Dubai, in connection with a US$94 million fraud case filed by Switzerland-based Petraco Oil Company SA.

Strangely, Ghana’s Economic and Organized Crimes Office (EOCO) and the Police Criminal Investigations Department (CID) had both failed to act on petitions submitted to them by the Swiss company. The company was relentless in setting traps in the UK and the UAE, after it became apparent that political patronage was determining the instigation of the criminal matter.

There are several claims regarding the circumstances of Mr Okyere’s arrest, with some asserting he was en route to Paris, France, on an Emirates Airlines flight when Dubai police detained him upon landing for a transit stop on Friday night. 

Other reports claimed that Kevin Okyere had quietly flown out of Accra the previous night to meet with a senior official from a major oil company to discuss a prospective partnership with Lukoil, as well as with officials from Ghana’s Ministry of Energy. However, what was meant to be a discreet business meeting in the Gulf rapidly escalated into a diplomatic and legal storm.

Reports indicate that the Dubai authorities are expected to extradite him to the UK after failing to honour a court summons regarding a cargo of petrol supplied by EDURC Company DMCC and discharged at Tema, Ghana, valued at US$29,321,064.51 (Twenty-Nine Million, Three Hundred and Twenty-One Thousand, Sixty-Four Dollars and Fifty-One Cents).

Mr Okyere refused to travel to the UK, where he is a citizen, to attend the hearing and prove his innocence. This was despite a firm warning that a bench warrant would be issued for his arrest if he did not appear in court on Wednesday, 3 September 2025.

Petraco Oil Company SA’s dealings with Kevin Okyere and Springfield included an arbitration mechanism in the emirate, but the Ghanaian had refused to utilize that legal route after defaulting; as a result, he was detained upon arrival in connection with a pending adjudication at the Dubai International Arbitration Centre (DIAC).

Among other things, Petraco Oil had put its loss on GMP Energy Limited and Springfield Exploration at US$94 million in a petition lodged in May 2025, alleging that the Ghanaian companies diverted proceeds from crude oil lifting made through their joint venture, Petraco Energies DMCC, and failed to honour its reconciliation obligations.

In June this year, the Economic and Organised Crime Office (EOCO) was petitioned by the Switzerland-based oil company to initiate a criminal investigation into what has been described as a “systematic and orchestrated economic crime” involving nearly US$93 million allegedly committed by Springfield Exploration & Production Limited and GMP Energy Limited, both Ghanaian oil firms, along with their senior executives.

In response to the allegations, Springfield Exploration & Production Limited denied any wrongdoing, describing the petition as “misleading and damaging”. GMP Energy, owned solely by one of Springfield’s partners, Geena Malkani, a Ghanaian-born Indian, denied any wrongdoing and threatened legal actions against the media.

The petition dated 16 May 2025, Alberto G. Salsiccia, Chief Financial Officer of Petraco Oil Company SA, accused Springfield, GMP Energy, and their key officers, Kevin Okyere, Geena Malkani Punjabi, and Emmanuel Ansah Bernasko of executing a sophisticated fraud scheme through “calculated deception and abuse of business relationships” in Ghana’s petroleum sector.

According to Mr Salsiccia, the allegations span two major schemes: a petroleum products fraud totalling over US$30 million and a unitisation loan fraud totalling at least US$63 million.The petition also stated that GMP Energy Limited fraudulently retained over 35,000 metric tonnes of gasoline (worth US$29.3 million) supplied under a contract with EDURC Company DMCC and subsequently assigned to Petraco.

However, despite receiving full payment from the state-owned Bulk Oil Storage and Transportation Company (BOST), GMP executives are alleged to have deliberately concealed the receipt of the funds and falsely claimed non-payment.

“Geena Malkani and Kevin Okyere also admitted to wrongfully retaining the funds during a face-to-face meeting with us in Accra on 3 February 2025,” Mr Salsiccia wrote.

He added, “Despite receiving full payment from BOST, Geena Malkani, Kevin Okyere, and Emmanuel Ansah Bernasko have: deliberately concealed the receipt of this payment from us; made systematic false representations about non-payment coordinated with certain officials at BOST to corroborate these false claims; and diverted the proceeds for their personal benefit and other business operations.”

According to Petraco, the second scheme centres on a US$50 million loan extended to Springfield Exploration & Production Limited under a Facility Agreement signed in February 2023. The money was purportedly intended to finance a pending unitisation project involving Eni Ghana a project Petraco now asserts was never realistically viable.

“Our due diligence was based on misrepresentations by Springfield and its executives, particularly Kevin Okyere,” said Mr Salsiccia.

“They claimed the unitisation was imminent, had full government approvals, and guaranteed returns, none of which was true.”

He added, “The perpetrators have leveraged their business connections to evade accountability. These actions constitute organised economic crime and are of serious international consequence.”

“The second scheme involves the fraudulent obtaining of loans totalling US$50 million….”

“Kevin Okyere approached our company seeking a loan to facilitate a purported unitisation project with Eni Ghana Exploration & Production Limited, representing that the unitisation of Eni’s Sankofa Gye Nyame (SGN) Field and Springfield’s West Cape Three Points (WCTP) Afina discovery was imminent and certain.

“Springfield Exploration & Production Limited claimed it had secured all necessary approvals from the Petroleum Commission and government. The project was said to guarantee returns, with repayment to be made from crude oil proceeds.

“Based on these representations, our company agreed under a Facility Agreement dated 7 February 2023 to make available up to US$100 million to Springfield, to be drawn in two tranches of US$50 million.

“Springfield drew down the first tranche of US$50 million in two disbursements of US$25 million each, under utilisation requests signed by Kevin Okyere on 7 and 27 February 2023.

“Springfield represented that it would repay the US$50 million if unitisation did not occur within 18 months of the first utilisation date, that is, by 7 August 2024.”

The petition urges EOCO to act swiftly, calling on the Office to freeze assets, obtain banking and financial records, and coordinate with international enforcement agencies to prevent further dissipation of funds.

Mr Salsiccia continued, “Despite our initial report to the Criminal Investigations Department (CID), the suspects have evaded proper investigation by falsely claiming unavoidable absence from Ghana and asserting that the matter is purely civil in nature due to ongoing arbitration proceedings in Dubai and London. This is a deliberate attempt to escape criminal liability while continuing to benefit from the proceeds of crime.

“The companies and their officers, especially Geena Malkani, Kevin Okyere, and Emmanuel Ansah Bernasko, knew the unitisation was highly unlikely to materialise. Key representations about project approvals were false, and the necessary conditions for unitisation were never met.

“The loans were obtained through calculated deception and never used for the stated project. Springfield and its officers never intended to repay the utilised funds”, adding “Kevin Okyere has personally made representations to our executives, using his purported business standing to maintain these deceptions.”

Mr Salsiccia described the fraud as “premeditated and methodically executed”, involving “multiple corporate entities across different sectors” and sustained over an extended period. He accused the perpetrators of obstructing justice by failing to cooperate with CID investigations and leveraging high-level connections to delay accountability.

“These actions constitute serious offences under various Ghanaian laws,” he noted, referencing the Economic and Organised Crime Office Act, the Criminal and Other Offences Act, including defrauding by false pretences, conspiracy to defraud, and criminal breach of trust, and the Anti-Money Laundering Act.

While acknowledging the ongoing arbitration, Petraco insists that: “The existence of civil proceedings does not preclude criminal liability. The facts reveal criminal intent beyond mere contractual disputes. The systematic deception and the organised nature of the schemes elevate them to criminal conduct. Public interest demands criminal investigation alongside civil remedies.”

The petition warns of reputational risks to Ghana’s investment climate, suggesting that similar schemes may have targeted other foreign companies.

“We respectfully request that EOCO open a formal investigation into this organised economic crime and exercise its powers to freeze relevant assets, obtain banking records, coordinate with international agencies, and prevent further asset dissipation,” the petition concludes.

But in a letter addressed to Norvan Reports and dated 24 June 2025, Nana Osei Addae, Legal Manager for Springfield, dismissed the allegations.

“Your report suggests that Springfield has engaged in criminal conduct based on a petition filed by Petraco. We wish to state categorically that the allegations contained in the purported petition are baseless, false and misleading,” Mr Addae stated.

Springfield acknowledged the existence of a US$100 million loan agreement, but clarified that only US$50 million had been disbursed. The company maintains that the transaction was purely commercial and that it had provided security, including a charge over 10% of its issued shares.

“Petraco and its third-party consultants conducted thorough legal and technical due diligence before the agreement. There is no element of fraud or criminality in this transaction,” Mr Addae emphasised, and demanded that Norvan Reports correct the “false and damaging impression” created by its coverage.

GMP also refuted fraud allegations circulating in recent media reports, based on a petition filed by Petraco Energies DMCC to EOCO, describing them as “spurious, baseless, and grossly misleading.”

In a statement, the company insisted that the claims being peddled are nothing more than a deliberate distortion of a commercial disagreement between two joint venture partners.

“They mischaracterise what is, in fact, a straightforward commercial disagreement between two joint venture partners,” GMP stated.

In a statement, GMP said the matter stems from a commercial disagreement in a 50/50 profit-and-loss-sharing joint venture with Petraco Energies DMCC, not with Petraco Oil Company SA, as erroneously cited in some reports.

The company explained that it transferred $10 million to Petraco to procure petroleum products. However, while GMP claims to have transparently disclosed sale prices, Petraco allegedly failed to provide purchase cost details and ignored repeated requests for a formal audit of the transactions.

Key cost elements such as freight and hedging remain unverified, according to GMP.

“This is a purely commercial dispute. There is no evidence of fraud or criminality,” the company stated, adding the matter is currently under arbitration in Dubai, where it is pursuing a counterclaim and demanding accountability.

GMP expressed concern that certain publications relied solely on unverified claims from a petition, without seeking balance or input from the company.

“These one-sided reports create a false narrative and offer detractors an opportunity to discredit our operations and reputation,” it noted.

The company reaffirmed its willingness to engage with the media, but cautioned that it would not hesitate to take legal action against any outlet or individual that continues to promote defamatory or factually inaccurate content.

GMP concluded by urging media houses to uphold professional standards of fairness and accuracy, especially in matters involving an ongoing legal proceeding arising from disputes with Petraco Energies DMCC in Dubai. Interestingly, the two companies failed to show up, leading to Kevin’s arrest.

Despite the scale of the alleged losses, estimated at over $90 million, neither EOCO nor CID made a public move to investigate.

The arbitration tribunal scheduled preliminary hearings after Petraco Sister’s company in Dubai lodged its statement of claim. However, GMP Energy failed to file a defence or appear. The tribunal proceeded to record a “non-appearance”, allowing the complainant to pursue the case ex parte.

In July, The Herald had reported that Kevin fears being busted and having his passport confiscated until the fraud-related case is resolved, which can result in a penalty of up to 10 years’ imprisonment, a fine, or both.

He had declined to travel to the UK, where he is a citizen, to attend the hearing and demonstrate his innocence. This is despite a firm warning that a bench warrant will be issued for his arrest if he does not appear in court on Wednesday, September 3, 2025.

On August 20, 2025, The Herald had reported about how the United Kingdom court had threatened to issue an arrest warrant for the founder and owner of Springfield Exploration and Production Limited (SEP), a subsidiary of the Springfield Group, if he failed to appear before it on September 3, 2025, to answer criminal charges of fraud.

Mr Okyere, who is currently in Ghana, was summoned by Westminster Magistrates’ Court, located at 181 Marylebone Road, London, and sternly warned that failure to attend could result in proceedings continuing in his absence or in a warrant being issued for his arrest, with the possibility of being remanded in custody until brought before the court.

The summoned, intercepted by The Herald, had UK Prosecutors alleging that between July 2024 and June 2025, Mr Okyere dishonestly represented that he would pay the stated amount within 30 days, knowing this to be untrue, to make a personal gain.

According to the summons, dated 13 August 2025, Mr Okyere’s UK address was traced to 14 St John’s Wood Road, London NW8 BRE. The matter, filed under case number 012500503129, identified Petraco Oil Company SA, represented by Bracewell (UK) LLP, Tower 42, 25 Old Broad Street, London EC2N 1HQ, as the complainant.

The court scheduled the hearing for 3 September 2025 at 10:05 a.m. at Westminster Magistrates’ Court, with Mr Okyere instructed to report at least 30 minutes prior to the listing time. The notice reiterated that attendance is mandatory and that failure to comply may result in the issuance of an arrest warrant.

According to the charge sheet, the alleged conduct constitutes offences under Sections 1 and 2 of the Fraud Act 2006, which criminalize making false representations for personal gain or to cause loss to another.

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