Liberia: Ecobank Liberia Loans U.S.$22 Million to Liberian Businesses for Construction of Petroleum Storage Terminal

28 July 2023
FrontPageAfrica (Monrovia)
By Edwin G. Genoway, Jr.

Monrovia — Ecobank Liberia has 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 for the construction of the storage terminal, which is expected to be undertaken by Gboni Enterprise Company.

In his remarks, Ecobank Liberia's boss, Thomson, praised 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.

"This is what the bank is here for. You know, we take people's money and we give it to others for investment, so it's important that loans are paid back on time," Thomson stated.

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."

"LPRC is pleased to be working with any company willing to invest in the petroleum sector," Adrian Mario Hoff added, emphasizing that the petroleum sector contributes significantly to national development through revenue generation.

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.

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