Alarming levels of financial mismanagement at NAWEC, The Gambia’s state-owned energy company, with over D1 billion reportedly unaccounted for since 2017. These issues came to light following a leaked audio in which senior officials discussed inflating invoices, confirming long-standing suspicions of corruption within the organization.
An analysis of audited financial statements from 2017 to 2020 revealed a troubling pattern of discrepancies. In 2019, auditors uncovered a D60 million discrepancy in vendor payments, while in 2020, over D236 million in revenue was unaccounted for. Additionally, D18 million in stale cheques—payments not processed on time—added to the institution’s inefficiencies. On average, D204 million annually could not be accounted for during this period, pointing to systemic malpractice.
What is even more concerning is that NAWEC has not released audited financial statements for 2021, 2022, or 2023, raising questions about continued mismanagement. This delay in accountability has left the public and regulatory bodies in the dark about the state of the institution’s finances for nearly four years.
Critics argue that the government has failed to take meaningful action to address these issues. The appointment of officials with questionable track records to key regulatory positions has further undermined confidence in reform efforts. Moreover, the recycling of former NAWEC management into ministerial roles highlights a lack of commitment to genuine oversight and change.
The consequences of this mismanagement extend beyond financial losses. Unreliable energy services and frequent power outages have stifled economic growth, while NAWEC’s mounting debts strain the national economy.
Calls for accountability are growing louder, with demands for a special audit of NAWEC and the immediate release of overdue financial statements. Gambians are urging the government to prioritize transparency and reform to restore public trust in the country’s energy sector.
