NPP Gurus’ Oil Companies Collapsed By NPA

Senior officials of the New Patriotic Party NPP including the Board Chairman of the National Petroleum Authority (NPA) have lost their license to trade in Petroleum products at filling stations across the country as Oil Marketing Companies (OMC).

The NPA announced the closure of some 30 fuel filling stations across the country. The NPA said the 30 had repeatedly flouted operational regulations and had therefore been closed down including an Petra Energy Limited, owned by Joseph Addo-Yobo, a former Managing Director of BOST and now NPA Board Chairman.

Publishing the names of the companies, their CEOs, addresses and other relevant information, checks show several of the stations are owned by persons with close ties to the government including a major Regional Chairman of the NPP.

A source says some of the companies are so indebted that by dissolving and declaring bankruptcy, they hope to avoid the burden of liability hiding under the veil of incorporation.

Beyond external exposures, checks show some of these collapsed OMC companies also owe NPA to the tune of Millions in state margins that are overdue but unpaid to date.

It is not yet clear how those state funds will be recouped aside these companies other commitments.

The affected companies included LillyGold Energy Limited, Nuru Oil Abagurugu Oil Company Limited; Apex Petroleum Ghana Limited; Avos Oil Company Limited; Best Petroleum Limited; Bisvel Petroleum Services; Capstone Oil Limited; Deep Petroleum Limited; Deliman & Company Ltd.; Glee Oil Limited, and Golden Petroleum Limited.

Others are Green Petroleum Limited; Hak Oil Company Limited; Havilah Oil Ghana Limited; Hossana Oil Company Limited; Jas Petroleum Limited; Maiga & Hhm Company Limited; Mba Global Petroleum Limited, and Peta Energy Limited.

The rest are Petro Afrique Ghana Limited; Precious Energy Ghana Limited; Q8 Oil (Gh.) Company Limited; Rigworld Petroleum Services Limited; Royal Roses Oil Company Limited; Titan Petroleum Limited; Union Oil Ghana Limited; Universal Oil Company Limited; Warren Oil Company Limited, and Zoe Petroleum Limited.