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Liberian Senate Wants Forensic Audit For Collapsed Nocal

Monrovia (AFP) – Liberia’s Senate ordered Wednesday a “forensic” audit of the bankrupt state oil company and vowed to punish anyone found to have negligently handled its finances. The National Oil Company of Liberia (NOCAL) laid off its entire staff — including the board — in August as falling oil prices hitting the sector hard. NOCAL said it could no longer afford the “administrative and operational bills” for managers and low-level workers alike, and would later rehire for a downsized operation. Some 200 people lost their jobs, a source at…

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News 

Liberian Senator Varney Sherman Calls For Forensic Audit At NOCAL

By Wilfred Gortor MONROVIA, (LINA)—Grand Cape Mount County Senator Varney Sherman has recommended a forensic audit at the National Oil Company of Liberia (NOCAL) dating back to the signing of the company’s Production Sharing Contract (PSC) by the National Legislature in 2010. The recommendation was one of several made during the Senate’s second day Extraordinary Sitting of the Fourth Session of the 53rd Legislature at the Capitol Building Tuesday. Sherman said the audit will authenticate and determine what led to the financial crisis that nearly sent the oil company to…

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Liberia’s National Oil Company Sacks Entire Staff

By; James Butty The National Oil Company of Liberia (NOCAL) Tuesday sacked its entire staff of 200, saying it did so to save itself from collapse due to declining oil prices. President Ellen Johnson Sirleaf endorsed the cuts, saying they will reduce costs and put NOCAL on a more viable financial footing. A statement issued Tuesday said Sirleaf instructed NOCAL’s board of directors to restructure for organizational efficiency and effectiveness. Rodney Sieh, publisher of Liberia’s FrontPage Africa newspaper and online magazine, said the reductions are not surprising given NOCAL’s reputation…

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Liberia’s Lavish NOCAL Travel Rumors

The Editor, Who give these bureaucrats (20 executives at NOCAL) immunity to steal from us with impunity? (Re: “Lavish NOCAL Travel Rumors Abound…”) The last time I checked, NOCAL was a state-owned enterprise! In other words, we the Liberian people own NOCAL. As owners (shareholders) of NOCAL, shouldn’t we have access to the minutes of their board meetings and audited financial statements? And shouldn’t we hold them accountable to spend our money wisely? If NOCAL’s CEO (Randolph McClain) and his board members want to take lavish trips, why can’t they…

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Business 

Liberian Crude Is a Game Changer

By T. Q. Harris Jr.   There is no doubt Liberia is well on its way to becoming an oil producing country; but along with the benefits this is likely to bring, there’s certain to be enormous challenges as well as the possibility of a disaster. Maximizing benefits and minimizing the challenge requires meticulous planning and strategizing at the current pre-production stages. With the stakes as high as they are, there is no time for learning on the job. Therefore we must at this juncture engage the services of veteran…

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