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Another P60 million missing from NPF

Another P60 million missing from NPF
April 10
11:13 2018

P31 million Kgori contract also missing


A staggering sum of P60 million is currently missing from National Petroleum Fund (NPF) while a contract that authorized a P31 million payment to Kgori Capital is missing, Permanent Secretary in the Ministry of Mineral Resources, Green Technology and Energy Security, Dr Obolokile Obakeng has confirmed.

Dr Obakeng appeared before the Public Accounts Committee (PAC) on Monday morning where he admitted that the Ministry is still investigating what became of the millions.

He told the PAC that it has been discovered that the then Director in the Energy Department of the Ministry, Kenneth Kerekang held P60 million in an account with Bank Gaborone.

Obakeng stated that the sole purpose of monies in the account was apparently for purchasing strategic fuel stocks.

However, Obakeng noted that he cannot recall a time when the Fund Management Committee, of which he is  Chairman, gave Kerekang the explicit mandate to stash funds for strategic fuel stocks in the Bank Gaborone account under his name.

He further stated that the committee cannot even find the minutes that gave Kerekang explicit permission to keep the stash in a separate account.

Furthermore, Obakeng who stated that he doesn’t know what became of the funds, revealed that the P60 million is not related to the P230 million that was diverted from NPF to the Isaac Kgosi-led Directorate of Intelligence and Security Services via Khulaco PTY LTD.

He also stated that a contract awarded to Kgori Capital to design and manage an online system which collates players in the fuel industry, is missing.

“We are looking for documents on how they have been procured so as to understand the substantive part that deals with the contract,” Obakeng noted.

However, Obakeng observed that even though the ministerial audit noted some anomalies in the awarding of the Kgori contract, the system developed actually ended up helping the Ministry in the collections of the fuel levy.

Meanwhile, Obakeng pointed out two instances of “individuals overriding the controls, acting alone or in cohort with third parties.”

He noted that a law was broken when a Kgori Capital contract was varied without following the laid down procedures of government procurement.

Obakeng also shared that in another instance, Kerekang signed an agreement relating to payments, tantamount to a contract with Kgori (then Afena Capital) which was a subcontractor for Basis Points Capital, which was the major contractor with the ministry.


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