Oil Minister in OPEC’s Newest Member Denies Graft Allegations

LAGOS (Capital Markets in Africa) – The Republic of Congo’s oil minister denied allegations he embezzled state funds, as the government clamps down on corruption to secure International Monetary Fund aid.

National Commission for the Fight Against Corruption Chairman Lamyr Nguele said Hydrocarbons Minister Jean-Marc Thystere-Tchicaya is suspected of being involved in the disappearance of at least $2.73 million between 2015 and 2017. The funds were intended for use in a building project in the capital, Brazzaville, and training of ministry staff, Nguele said in a phone interview.

“Allegations against me by the National Commission for the Fight Against Corruption are baseless,” Thystere-Tchicaya said Aug. 2. “Until proven guilty, I am innocent.”

The IMF has set improved governance as one of the objectives Congo needs to achieve in order to receive a bailout. The oil-producing central African nation, which became an OPEC member in June, owes creditors at least $9.14 billion and sought assistance from the Washington-based fund last year.

Link to related article about the battle against corruption in Congo

Congo ranks among the world’s 20 most corrupt nations, anti-graft campaigner Transparency International said in May. Debt more than tripled since 2010 to over 110 percent of the gross domestic product because of a series of pre-financing deals by the state oil company that has been used by people close to or part of President Denis Sassou Nguesso’s family as vehicles for corruption, according to Global Witness. The government has rejected the claims.

Nguele said the allegations against Thystere-Tchicaya were based on an investigation carried out by the commission.

“Many more revelations and exposures of corrupt Congolese will be done in the coming days,” he said Aug. 1. “Corruption has to be fought tooth and nail.”