Fueltrade Limited has denied claims by policy think tank, IMANI Africa that the company is owned by Dr K.K. Sarpong, Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) and is demanding a retraction as well as an apology.

IMANI Africa had accused Dr. Sarpong of engaging in a conflict of interest situation in a $4.4 billion petroleum agreement between Ghana and Aker Energy Ghana Limited.

At a press conference in Accra on Thursday, 25 April 2019, the Vice President of IMANI Africa, Kofi Bentil, said it is alleged that Dr. Sarpong and his family own Fueltrade, one of the local partners of the Deepwater Tano / Cape Three Points (DWT/CTP) Petroleum Agreement, with a two per cent stake.

But a strong-worded statement released and signed by Chris Chinebuah, Chief Executive Officer of Fueltrade Limited said the claim is false.

“The clear but unfortunate intention of Imani Africa and Kofi Bentil was to drag Fuel Trade Limited into its accusations of involvement in unethical business practices,” the statement read.

“Fuel Trade Ltd wishes to state that its shareholders are Messrs Chris Chinebuah and Dzifa French Cudjoe, who have the full legal and beneficial interest in the company. Fueltrade categorically states that it is not legally or beneficially owned by Dr. K.K Sarpong and/or his family,” it added.



The company further expressed disappointment in IMANI Africa for failing to do the needful before organizing the presser.

For making ‘injurious’ claims, Fueltrade Ltd says it will not hesitate to take legal actions against IMANI should the think tank refuse to retract and apologise.

It says: “Fueltrade is convinced that IMANI Africa and Kofi Bentil did not undertake any verification because they set out to act and speak with malice and/or reckless disregard for the truth, in order to achieve a collateral purpose.

In pronouncing our company as unethical and as being involved in unethical business (based on untruths) and for ulterior motives, IMANI Africa and Kofi Bentil have caused embarrassment and reputational damage to us. We have instructed our lawyers to make a demand for a retraction and apology from them. If no such of remorse materializes, we will take steps to protect our business and hard-earned reputation.”

Below is the full statement