A financial scandal has engulfed the National Oil Company of Liberia (NOCAL), with its Chief Executive Officer, Rustonlyn Suacoco Dennis, at the center of a controversial vehicle purchase scheme. Leaked documents obtained by Verity News reveal that CEO Dennis orchestrated a questionable transaction involving the acquisition of an MG 2024 Rx8 seven-seater SUV at an inflated price in what appears to be a deliberate attempt to siphon public funds.
The documents show that in November 2024, CEO Dennis approved the purchase of the luxury SUV from Cactus Motors for an exorbitant sum of US$75,000. However, sales documents from Cactus Motors in our possession confirmed that the duty-paid price of the vehicle, with a discount, is only US$45,000.
This means that CEO Dennis allegedly overpaid US$30,000—a sum intended to be returned to her in cash as a kickback.
Liberia’s Car Import and Purchasing Policy explicitly caps vehicle purchases for public officials at US$45,000, and the law mandates that the Cost, Insurance, and Freight (CIF) value of any government-procured vehicle must not exceed this threshold. Yet, CEO Dennis authorized a transaction far above this limit, raising serious concerns about financial impropriety at NOCAL.
Further investigation reveals that after paying the US$75,000, CEO Dennis sought to retrieve the US$30,000 kickback in cash from Cactus Motors.
However, the dealership’s compliance team refused, citing tax implications with the Liberia Revenue Authority (LRA), as they would have had to report the entire US$75,000 rather than the actual cost of US$45,000.
With her plan to pocket the difference thwarted, CEO Dennis took possession of a second vehicle worth US$30,000, subsequently registered as a private car under the name of a toiletry company called “Tanti,” owned by CEO Dennis.
Credible sources have also accused NOCAL Comptroller Richmond Jallah and Internal Auditor Markanue Dainsee of colluding with CEO Dennis to orchestrate this scandal.
The only vehicle officially registered under NOCAL’s name remains the US$45,000 SUV. In contrast, the additional US$30,000 vehicle—purchased with public funds—was allegedly registered under the name of a toiletry company called “Tanti,” owned by CEO Dennis.
This blatant public resource abuse constitutes a serious breach of financial regulations and ethical governance standards.
Key figures within NOCAL appear to have facilitated the transaction, further deepening suspicions of internal collusion. Comptroller Richmond Jallah played a central role, signing the check and taking possession of the vehicles from Cactus Motors.
This action was carried out despite objections from his immediate supervisor, Emmanuel Azango, NOCAL’s Vice President for Finance, who reportedly warned against the transaction, according to credible sources.
The internal auditor, Markanue Dainsee, responsible for ensuring that NOCAL received the goods it paid for, also allegedly conspired with CEO Dennis and Comptroller Jallah to cover up the fraudulent purchase.
By failing to flag the discrepancies, the internal auditor’s involvement suggests an orchestrated effort to defraud the company.
Adding another layer of controversy, Boakai Jaleiba, NOCAL’s Vice President for Administration, was reportedly kept in the dark about the entire transaction.
As the official overseeing procurement, his exclusion raises further red flags about CEO Dennis’s motives and whether she deliberately bypassed oversight mechanisms to carry out the scheme.
The scandal echoes a similar controversy that led to the resignation of former Commerce Minister Amin Modad in October 2024. Modad was forced to step down after it was revealed that he had purchased a government vehicle exceeding the US$45,000 limit. At the time, President Joseph Boakai condemned Modad’s actions as “a reflection of poor judgment and a lack of sensitivity to the current economic environment in Liberia.”
Given this precedent, questions are now being raised about whether the administration will take similar action against CEO Dennis.
