Ofori-Atta again! Caught in a Secret Billion-Dollar ExxonMobil Deal

Former Finance Minister Kenneth Ofori-Atta is facing scrutiny over his reported involvement with American company ExxonMobil in the exploration of the Cape Three Point oil block, according to recent investigations by OpenSource Investigations.

Despite resigning from office following performance-related criticism, Ofori-Atta’s connections to lucrative ventures under his cousin’s government persist. Reports suggest that Ofori-Atta, through his companies Data Bank and Enterprise Life Assurance Company (ELAC) Limited, holds a stake in the Deepwater Cape Three Point oil block exploration project.

The intricate web of shareholding involves Ghana Oil (GOIL) and a partnership with ExxonMobil, facilitated during Ofori-Atta’s tenure as Finance Minister.

Allegations point to a maneuver orchestrated by former Energy Minister John Peter Amewu to allegedly influence ExxonMobil’s choice of local partner in the oil business.

This purportedly led to the exclusion of Griffon Energy Africa Limited, owned by prominent businessman Dr. Sam Jonah, in favor of GOIL, in which Ofori-Atta has direct interests.

Initially, ExxonMobil had selected Griffon Energy as its local partner in accordance with Ghana’s local content participation regulations, designating a 5% stake for an indigenous company alongside GNPC’s 15% stake in the block.

Despite GOIL’s lack of expertise in oil exploration, former Energy Minister John Peter Amewu purportedly facilitated Ofori-Atta’s inclusion as a partner to ExxonMobil, replacing the initially selected Griffon Energy Africa Limited, owned by billionaire mogul Dr. Sam Jonah.

The saga unfolds as ExxonMobil, mandated to have a local partner as part of Ghana’s local content participation requirements, originally selected Griffon Energy for a 5% stake in the multi-billion dollar venture.

However, under pressure from the Energy Minister, ExxonMobil switched to GOIL, a move orchestrated by Amewu and allegedly influenced by Ofori-Atta’s connections.

The maneuvering behind the scenes paints a picture of political influence and potential conflicts of interest, as Ofori-Atta’s ties to GOIL’s shareholders and his role as Finance Minister during the controversial partnership arrangement raise serious questions about transparency and fairness in the oil industry.

The alleged coercion to drop Griffon Energy in favor of GOIL, a company unversed in oil exploration, has fueled suspicions of ulterior motives and insider dealings. As the intricate web of relationships and questionable decisions surrounding the Cape

Three Point oil block deal comes to light, calls for accountability and ethical governance resonate across Ghana’s political and business spheres.

Ofori-Atta’s alleged involvement in this high-stakes oil venture underscores the importance of transparency, regulatory oversight, and ethical standards in the country’s economic landscape.

Source: whatsupnewsghana.com