Disturbing revelations have come to light concerning the recent real estate purchase by the outgoing Chief Executive Officer (CEO) of Ghana National Gas Company Limited (GNGCL), Ben Asante.
It has been disclosed that he acquired an unfinished apartment block for a substantial amount of twenty-eight million, five hundred and twenty-nine thousand, four hundred and fifty Ghana cedis (GHc28,529,450), significantly exceeding the property’s original valuation of GHc12,265,000.
The unexplained difference of GHc16,264,450 has raised doubts, prompting many to scrutinize the circumstances surrounding this suspicious transaction.
Further investigations reveal that Mr. Ben Asante disregarded warnings from a structural engineer during an initial valuation, advising against proceeding with the purchase due to potential defects that could necessitate the demolition and reconstruction of the building post-acquisition.
Back in 2021, a consulting firm called Bolai Consulting, engaged by Ghana Gas, appraised the property using a dollar to cedi exchange rate of 1:59 and cautioned against paying more than twelve million two hundred and sixty-five thousand Cedis (GHc12,265,000) for it.
Despite this professional advice, the property was acquired at a significantly higher price, raising concerns about the CEO’s decision-making and financial management.
While the company allocated four million Ghana cedis (GHc4,000,000) for refurbishing the property, no improvements have been made to the building’s structures after the payment was made to the lessor.
Interestingly, the consulting company was personally selected by CEO Ben Asante without undergoing any competitive bidding process. In a letter dated February 1, 2021, from the valuer to the CEO of Ghana National Gas Company, it stated, “We have carefully assessed the subject property in accordance with your request.
Based on our findings, the market value is determined to be twelve million two hundred and sixty-five thousand Ghana Cedis GHc12,265,000.00.”
Furthermore, reports indicate that the property was structurally unsound, leading Ghana Gas to demolish and reconstruct the building, resulting in additional delays and expenses.
Amid these controversies, rumors suggest that Ben Asante is trying to influence key figures within the government and the National Democratic Congress (NDC) to maintain his position.
With emerging details of the inflated property price, concerns linger regarding the CEO’s accountability and the overall transparency of the transaction.
Allegations of artificially inflating the property value and involving extra land parcels in the deal have surfaced, hinting at potential misconduct and ethical lapses in the acquisition process.
As inquiries progress into this contentious property transaction, stakeholders eagerly await more clarity on the motivations behind this extravagant purchase and the implications for Ghana National Gas Company Limited.