An October 2025 damning Audit Report obtained by Verity News shows that the Liberia Electricity Corporation (LEC) conducted procurement valued at US$61,151,609 without any evidence of bid proceedings and contract awards from 2018 to 2023.
The report also reveals no evidence of remittance of Personal Income Tax (PIT) amounting to US$10,044,606.64 for the periods under audit.
According to the report, the management of LEC, headed by former CEO Monie Captan and former COO Kwame Kpekpena, awarded a contract to vendor Petro Trade Inc. amounting to US$2,700,000.00, later amended to US$2,845,998.40, without any evidence of the required procurement process or “No Objection” approval from the Public Procurement and Concessions Commission (PPCC).
The audit covers the 2018–2023 periods, during which LEC was managed by the following Board of Directors:
Monie R. Captan, Chairman/Acting CEO
Samuel D. Tweah, Jr., Statutory Member
Musah F. Dean, Jr., Statutory Member
Gesler E. Murray, Statutory Member
Charles R. Bright, Statutory Member
Josiah K. Pah, Private Sector Member
Victoria Tweh, Private Sector Member
Dave Koomey, Sr., Private Sector Member
Jacob M. Fayad, Private Sector Member
Samuel Reeves, Private Sector Member
The GAC audit uncovered significant discrepancies between LEC’s reported and recalculated social security contributions, US$950,685.04 for employer contributions and US$634,328.57 for employee contributions.
Questionable CLSG Investments
The report also cited irregularities related to LEC’s investments in the CLSG project, including:
No evidence explaining the purpose of a US$975,000.00 subsequent investment made by the Government of Liberia (GoL) in FY 2018/2019.
No evidence of any return on investment for the periods under audit.
Regarding the LIBENERGY electricity supply agreement in Maryland, River Gee, and Grand Gedeh, the audit observed:
No evidence of installed check and revenue meters at input points to measure electricity inputs, outputs, and revenue generation.
No fixed assets register to track assets transferred to LIBENERGY.
No monthly billing or collection reports submitted to LEC.
No records of total megawatts supplied by Compagnie Ivoirienne d’Electricité (CIE) or consumed by LIBENERGY from March to December 2023.
No evidence of GOL revenue share payments by LIBENERGY since the agreement’s commencement in March 2023.
Poor maintenance of power lines, with no periodic clearance of vegetation around transmission poles and lines
Governance Failures at the Board Level
The audit revealed serious lapses in LEC’s corporate governance, including:
No evidence of Board By-laws.
No recorded Board meetings between July 2018 and December 2021.
No evidence of established Board committees, such as audit, nomination, remuneration, or risk committees.
LIBANGO Super Vendor Contracts Under Question
The GAC also flagged major irregularities related to the LIBANGO Super Vendor Contracts, including:
No evidence of total tokens sold by LEC to LIBANGO or by LIBANGO to end users during the audit period.
No periodic sales reports from LEC to verify total revenue from token sales and commissions.
No biannual compliance assessments of LIBANGO by LEC.
No independent investigation or report following the August 2023 IT disruption that impacted operations.
No evidence of insurance coverage assessments during the disruption period (August 25–30, 2023).
No independent assessment of LIBANGO’s cyberattack report or IT system integrity.
The GAC report paints a grim picture of widespread financial mismanagement, poor oversight, and a total breakdown in governance at the nation’s power utility.
The Audit report, among other things underscores the urgent need for accountability and systemic reforms to restore transparency and public trust in the management of Liberia’s energy sector.
