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06.05.2019 Business & Finance

Revealed: David Adomakoh Is ThE Local Partner Of AGM Petroleum

By Clement Akoloh
David Adomakoh

The personality behind the local company cited as the local partner in the re-negotiated Aker/AGM Petroleum agreement with the government, has been revealed as Mr. David Adomakoh.

The agreement names Quad Co. Ltd as the local partner to Aker/AGM Petroleum with 5 percent equity stake in the Deep Water South Tano Oil Block.

The Minority Caucus in Parliament who have maintained that the re-negotiated deal is a “sell-off” and a “rip-off”, have demanded to know the faceless person(s) behind the local partner, Quad Co. Ltd.

In a Minority press conference last Friday to raise red flags about bow the deal was badly re-negotiated by the President Akufo-Addo led government against the interest of the state, Minority Leader, Haruna Iddrisu suggested that the introduction of a company which was incorporated in less than a month ago on April 10, 2019, was an indication of a fishy deal.

The Minority statement said, “Even more disturbing is the attempt to introduce a less than one month old company known as Quad Co. Ltd as the local partner with 5% Equity stake. Clearly this is an attempt by some unknown hands to hijack the process and introduce entities without the requisite financial and industry experience.”

However, a letter seen by Modernghana named Mr. David Adomakoh as the Ghanaian local partner with no industry experience.

The said letter signed by one Mr. David Adomakoh as the Director of Quad Energy Limited, states that the company has been invited to partner AGM in its oil and gas exploration and production activities Offshore Ghana.

“AGM has invited Mr. David Adomakoh to form a consortium of established and robust Ghanaian businesses as its local partner. Quad Energy, and indigenous Ghanaian company incorporated in April 2019, is the entity that will partner AGM in its oil and gas exploration and production activities Offshore Ghana,” the letter stated.

It further goes ahead to indicate that “Mr. Adomakoh is currently the 100% shareholder of Quad Energy.

The credentials of the said David Adomakoh was captured in the letter as follows:

“Mr. Adomakoh is a former senior banker at JP Morgan Chase who in 2001 established Tiso Group, a diversified investment holding company based in South Africa. In 2011 Tiso Group participated in a merger to create one of the largest privately held South African Investment holding companies, Kagiso Tiso Holdings, a significant shareholder in Fidelity Bank (Ghana). He is Chairman of Tiso Blackstar Group, the leading South African English speaking full spectrum media group which also has a significant shareholding in The Multimedia Group (Ghana).

“Through his investment in Bayport Financial Services South Africa he has an indirect interest in its Ghana subsidiary. Until recently, he was a former non-executive director of Nedbank Group and Nedbank Limited, Africa’s fourth largest bank. He was recently included as one of the Africa Report ‘100 most influential Africans’. He is a founder trustee of the Tiso Foundation, a public benefit organization focused on the development of skills and leadership for the youth, and is a World Fellow of the Duke of Edinburgh International Award. Mr. Adomakoh also currently serves as an independent non-executive director of Aker Energy (Norway).”