-Swiss Firm Demands Springfield Take-Over Amidst Debt Scandal
-Oil Tycoon Seeks Palace Help as Accusations of a $90M Fraud Hits Hard
A bombshell petition has landed on the desk of Energy Minister John Abdulai Jinapor, demanding he greenlight a massive share transfer of Ghanaian oil powerhouse Springfield Exploration and Production Limited to a Swiss firm, Petraco Oil Company SA.
The explosive request comes as The New Republic newspaper unleashes claims of a mind-boggling $90 MILLION FRAUD allegedly orchestrated by Springfield’s kingpin, Kevin Okyere, and his cronies.
The scandal has spiralled so fast it’s already caught the attention of Ghana’s top crime fighters – the Economic and Organized Crime Office (EOCO) and the Police Service’s Criminal Investigations Department (CID) are now poring over the sensational allegations.
The Debt That Could Sink An Empire
The drama centers on a colossal $100 million loan facility agreed upon in February 2023. Petraco stumped up the first $50 million tranche to Springfield, earmarked for the “unitisation” of Ghana’s Afina oil find and the proven Sankofa-Gye Nyame field. Kevin Okyere himself, alongside Springfield Energy Limited, personally guaranteed the whopping sum.
But Petraco claims Springfield and Okyere have simply REFUSED TO PAY BACK A SINGLE PENNY. As of April 8, 2025, the debt has ballooned to an eye-watering $62,757,214.35, leaving Springfield in default for a staggering ten months.
In a stunning move, Petraco has secured a “no-objection” memorandum from Ghana’s Registrar of Collateral Registry, granting them the legal right to seize 100% equity shares in Springfield Exploration held by Springfield Partners Ghana Limited (SPGL).
This means, incredibly, Petraco could take over the “Charged Shares” without even needing a court order.
The Swiss firm has written to Minister Jinapor, reminding him that his ministry’s approval is the final hurdle to complete this audacious takeover, citing Section 15 of the Petroleum (Exploration and Production) Act, 2016.
They insist they’ve met every legal requirement to enforce this drastic measure against the “defrauding parties.”
More Woes for Okyere: $29M Oil Cargo Mystery and Mounting Bank Debts.
As if the Springfield saga wasn’t enough, fresh reports reveal another dark cloud hanging over Kevin Okyere.
Petraco alleges he’s involved in a separate $29.321 million oil cargo deal (MT Hatay; September 6, 2024) that went south.
They claim GMP Energy, a company majority-owned by Geena Malkani (Springfield’s second-in-command), pocketed funds from the sale of oil to Ghana’s state-owned BOST under the country’s controversial Gold-for-Oil scheme, then fraudulently denied receiving the money.
Meanwhile, sources tell The New Republic that Okyere, who’s been “rolling with the big boys in town and living a big and large life,” is allegedly drowning in a sea of other debts.
Major banks including Standard Bank, Ghana Commercial Bank, Ecobank, and Fidelity Bank are reportedly chasing him for millions of cedis.
The financial pressure is so intense that Fidelity Bank dramatically moved to court on Monday, June 23, 2025, seeking an order to GARNISHE Okyere’s accounts.
Adding another layer of intrigue, Okyere was spotted on the very same day in the company of the revered Asantehene, Otumfuo Osei Tutu II, during the king’s private visit to President John Dramani Mahama.
Whispers suggest Okyere is desperately trying to enlist the Asantehene’s influence to secure leniency from the government regarding his past “criminal dealings” now under investigation. He’s also said to owe other companies, Genesis, a whopping $5 million, Tullow- $5.6mm, Stena (rig)-$5.6m and some others.
Okyere Fights Back Against “Sakawa” Claims
In a furious response to The New Republic’s article titled “Kevin Okyere In $90M Oil ‘Sakawa’,” Okyere has issued a fiery rejoinder through his protégé, vehemently denying the allegations and demanding a retraction.
This developing story promises more twists and turns as Ghana’s top investigators delve into the alleged multi-million dollar mystery. Will Kevin Okyere’s glittering empire crumble under the weight of these accusations and debts, or can the embattled oil magnate somehow pull off a miraculous escape? Only time will tell.
By Gifty Boateng