A US$22 million incentive Agreement between the Republic of Liberia and Gboni Enterprises Incorporated has been ratified by the House of Representatives.

The decision was reached by the Houses’ Plenary following a comprehensive report from its joint Committee on Investment & Concessions, Judiciary and Ways, Means, Finance & Development Planning.

The agreement which was signed on April 21, 2023 is seeking to construct a 25,000 MT ultra-modern petroleum storage terminal in Liberia.

According to a release from the Houses’ Press Bureau, the construction of the terminal will help alleviate the looming shortage of petroleum products in Liberia.

In its report which was presented to the Plenary, the Joint Committee asserted that the investment will also create approximately 500 direct jobs and 1,500 indirect jobs, as well as boost the Country’s economic growth.

The total cost of the investment is valued at Twenty-Two Million United States Dollars (USD 22,000,000.00).

The joint committee further indicated that Gboni Enterprise is a 100% Liberian owned oil and gas importation and distribution company that has been successfully operating in Liberia for over twelve (12) years.

The Agreement seeks to have a significant positive impact on the Liberian economy by creating jobs and helping to ensure the long term security of energy supply.

Following the reading of the report, Margibi County Electoral District 5 Representative Clarence Gahr proffered a motion for the body’s endorsement thereby ratifying and forwarding the instrument to the Liberian Senate for concurrence.

Ecobank Liberia Loans US$22m

Few months ago, Ecobank Liberia loaned US$22 Million to Gboni Enterprise Company, a Liberian company headed by Boakai Sheriff.

The loan, according to the company, will be used for the construction of a huge petroleum storage terminal to boost the petroleum industry. The storage facility will be the fourth private storage facility in the country and will be added to the LPRC (Liberia Petroleum Refinery Company).

The Executive Director of Ecobank Liberia, David Kweku Thompson, graced the ground-breaking ceremony at the time, appreciating Boakai Sheriff, the Chief Executive Officer (CEO) of Gboni Enterprise, as a committed customer who usually pays back loans on time.

He also emphasized that the bank is there to support customers willing to invest in the Liberian economy.

Also during the event, the Deputy Managing Director for Operations at the Liberia Petroleum Refinery Company (LPRC), Adrian Mario Hoff, described the ground-breaking as a significant investment.

He highlighted that the completed project will create job opportunities for many ordinary Liberians, stating, “It will improve the job market and help boost the petroleum industry.”

The Board Chair of Gboni Enterprise, Mr. Abraham Dukely, announced that his company will invest the US$22 million in the project in the coming days following the ground-breaking ceremony.

“We started with a hundred gallons of gas, but today we are dealing with over a million gallons. We will comply with all requirements necessary for us to be in the petroleum industry, and we acknowledge that it is by God’s grace and the support of our valuable customers that we have reached this far,” said Mr. Abraham Dukely.