Gambiaj.com – (BANJUL, The Gambia) – The  Standard Newspaper has revealed that the Central Bank of The Gambia (CBG) is investigating how three companies, suspected of importing and selling Russian fuel without paying taxes, managed to open accounts at commercial banks. Governor Buah Saidy disclosed this during a session with the National Assembly committee currently investigating the scandal.

“We are going to focus on how these businesses open accounts at our banks and whether customer due diligence is done properly and also movement of those monies in the accounts,” Governor Saidy told the National Assembly Members (NAMs). Although he did not name the banks involved, sources within the joint National Assembly Committee and testimony from the first witness confirmed that the accounts were opened at Ecobank and Access Bank.

According to the Standard, the companies under investigation—Apogee FZC, Ultimate Beige Logistics, and Creed Energy Limited—are accused of importing and selling 36,935.614 metric tons of petroleum products worth $30 million without paying taxes. 

Deputy Governor Dr. Paul Mendy, also testifying on the CBG’s actions, highlighted that the probe will determine whether accounts were opened for individuals or non-existent legal entities. “If that is the case, there are measures that the governor can approve in terms of penalties. This is multifaceted and all the key stakeholders ought to take appropriate action,” Mendy told the enquiry.

Dr. Mendy emphasized the severity of potential tax and money laundering violations, noting that Apogee FZC was not registered, raising serious concerns about how funds were moved under its name. “That to me is money laundering, and it ought to be prosecuted appropriately,” he added.

The CBG officials assured that their investigations would be completed in the coming days, with the findings to be submitted to the National Assembly Committee for further action.