Hamidou Jah, Chief Executive Officer of Jah Oil, has shed light on why his company decided to return the $50 million BADEA loan—a decision he said was made to protect the country’s reputation and avoid further public controversy.
Speaking publicly about the matter for the first time, Jah explained that the backlash surrounding the loan was driven by misinformation and politically charged narratives. While the loan was meant to help Gambian businesses import essential goods, it quickly became the subject of national debate due to concerns about transparency and the fact that only one company—Jah Oil—ultimately received it.
According to Jah, Jah Oil didn’t receive any special treatment. The conditions attached to the facility were tough: a non-refundable administrative fee of D48 million and a corporate guarantee for the full loan amount. These requirements discouraged other companies, leaving Jah Oil as the only one willing and able to meet them.
“We didn’t take the loan because we were favoured. We took it because no one else stepped forward to meet the terms,” Jah said. “We came in at the last minute so the country wouldn’t lose the opportunity. The same people criticizing us now were present when the offer was made but chose not to take it.”
Jah explained that the criticism intensified even after his company had fulfilled all conditions and secured guarantors. Faced with rising public suspicion and political noise, they made the decision to return the money.
“Despite the false accusations, we made the decision to give the loan back. Interestingly, since we returned it, no other company has shown willingness to take it up—because they still expect the government to meet the conditions on their behalf, which isn’t going to happen,” he added.
Jah stressed that the move was in the best interest of the country. With growing concerns about how the ongoing controversy could damage The Gambia’s creditworthiness and international financial reputation, the company chose to step back.
He also reassured the public of Jah Oil’s continued commitment to national development, including the ability to supply high-quality cement at affordable prices.
