The French intelligence website Africa Intelligence reported on Wednesday that a public financial auditor is looking to shut down Medoil, a subsidiary of the National Oil Corporation.
The website added that, as part of the investigations conducted by the Audit Bureau into the case of Medoil, new suspicious payments have been uncovered, according to the report.
The Central Bank of Libya exclusively revealed to our source that a new shipment of cash has arrived at the bank from abroad. This is part of the ongoing effort to distribute the cash to various branches of commercial banks across the country.
The Central Bank will continue sending additional shipments of cash to ensure all Libyan cities and villages are supplied. This move is part of the bank’s plan to resolve the ongoing liquidity shortage, in line with the directives of the Governor of the Central Bank of Libya, Mr. Naji Issa, and his deputy.
Our source has exclusively obtained a letter from the Acting Chairman of the National Oil Corporation regarding the suspension of the swap mechanism, effective March 1, 2025.
The letter calls for taking the necessary measures to schedule shipments of crude oil, condensates, petroleum products, and other derivatives, as well as purchasing fuel through a public tendering process as the primary means of contracting. Priority should be given to dealing directly with refineries instead of intermediary companies whenever possible, in line with the required transparency standards.
Additionally, the Chairman requested updates on the implemented procedures, ensuring that this transition occurs upon the legal expiration of current contracts without imposing any legal liabilities on the corporation.
Our source has obtained a letter from the Acting Chairman of the National Oil Corporation addressed to the Chairman of the National Oil Constructions Company.
The letter states that the Chairman of the National Oil Constructions Company has been temporarily assigned to oversee the duties of the Chairman of the Management Committee at Waha Oil Company, in addition to his current responsibilities, until further notice.
The decision comes in light of the current situation concerning senior management positions at Waha Oil Company, aiming to prevent any disruptions or obstacles that could hinder the company’s operations, negatively impact its activities, and ultimately affect the public interest.
Our source has exclusively obtained a correspondence from the Government of National Unity addressed to the Chairman and members of the Board of Directors of the LPTIC.
The letter emphasizes the necessity of postponing any changes to the boards of directors of subsidiary companies at this time. This decision aims to maintain the current stability of all subsidiaries under the Libyan Post, Telecommunications, and Information Technology Holding Company. It also seeks to provide the existing boards with further opportunities to demonstrate their ability to manage these companies effectively and to ensure the continued implementation of the plans and programs set by those boards.
International trade expert Dr. Yassin Abu Sriwil spoke to our source about the challenges and prospects of exporting for Libyan factories, stating: “Given the current economic conditions in Libya, the export sector faces significant challenges, including exchange rate differences, banking restrictions, and complex administrative procedures. At the same time, Libyan factories have enormous production capacities and a strategic position among the largest factories in Africa, making the development and expansion of export activity a pressing necessity to ensure sustainable production and open new avenues for economic growth.”
Regarding the impact of increasing challenges related to exchange rate differences and bureaucratic procedures on the competitiveness of Libyan exporters, particularly given that Libyan factories are among the largest in Africa, Abu Sriwil said: “The main issue lies in the gap between the official exchange rate used to evaluate export revenues (about 4.93 dinars to the dollar) and the rate exporters must purchase at (which reaches nearly 5.70 dinars or more, and even surpasses 6.5 dinars in the parallel market).”
He added, “This difference directly affects profit margins and significantly raises the total cost of exportation. While Libyan factories have huge production capacities and strategic importance in Africa, these policies prevent the full utilization of these capabilities and place Libyan products at a competitive disadvantage compared to international markets.”
Regarding the reasons that make export a strategic necessity for Libyan factories under these circumstances, he said:
There are several strategic reasons driving Libyan factories toward export:
When asked about the effect of banking policies and administrative restrictions on achieving these goals, given these significant capabilities, “Abu Srewil” continued: “Current policies represent a major obstacle. For instance, the Central Bank requires exporters to convert export revenues back into the country at the official exchange rate, which deprives them of managing their liquidity locally and investing in expanding their operations.”
He further explained: “Additionally, the complexity of customs and tax procedures increases both the time and financial costs of the export process, which discourages many manufacturers from expanding in this field despite their immense capabilities.”
During the discussion, Abu Sriwil suggested several solutions to improve the export environment and ensure sustainable production and success for Libyan factories in international markets, saying:
There are several necessary steps that should be taken at both the government and institutional levels:
Regarding his vision for the future of exports in Libya if these solutions are effectively applied, he said: “If significant and rapid reforms are implemented, Libya’s export future holds promising prospects. Libyan factories will be able to fully exploit their production capabilities, contributing to diversifying the national economy, increasing foreign revenues, and improving competitiveness in international markets. Supporting exports is not just a financial or procedural issue but a strategic investment in Libya’s economic future. Activating this sector will represent a quantum leap toward sustainable and comprehensive development.”
Finally, Abu Sriwil commented on the efforts of relevant authorities to implement these reforms, which represent the hope of turning challenges into real opportunities, saying: “Certainly, political will and constructive dialogues between the concerned parties are key to liberating the Libyan economy and activating the private sector’s role as a major economic force in Libya.”
The Central Bank of Libya told our source exclusively that its goal is to ensure the black market exchange rate of the dollar does not exceed 6.30 LYD before Ramadan, with a further target of 6.15 LYD during the holy month.
The bank stated that its monetary policies rely on public spending and oil revenue to achieve these targets.
Our source at the National Commercial Bank revealed: “When leadership is under wise and youthful management, the results are more progress, more success, and ever-evolving capabilities.”
The source stated that, under the directives of the General Manager of the National Commercial Bank, Ali Al-Khuwailidi, branches and agencies of the bank have been instructed to increase the cash withdrawal limit via teller checks or ATMs to 3,000 dinars. Additionally, the General Manager issued instructions to the Issuance Department and the Green Mountain Region Branch Administration to send cash liquidity to partner banks, including Jumhouria, Sahara, and North Africa Banks, among others. A total of over 140 million dinars has been transferred, including cash shipments to partner banks in southern Libya via aircraft from Al Abraq International Airport.
The source expressed gratitude and appreciation to the General Manager, Ali Al-Khuwailidi, the Issuance Department in Green Mountain, and the Green Mountain Region Branch Administration for their efforts in ensuring cash availability and smooth transfers.
Our source has obtained documents confirming that the General Electricity Company of Libya (GECOL) was the first entity to report a fuel supply shortfall estimated at $1.9 billion. The company officially notified the Attorney General’s Office to investigate the missing fuel and take necessary legal actions. Supporting documents are attached.
Clarification from Power Plant Directors
Power plant directors across Libya held a meeting today, denying the allegations circulating about fuel supply management. They confirmed that the fuel delivered to power plants is limited and strictly regulated, varying according to electricity demand.
Commitment to Financial Oversight
GECOL emphasized that it operates under regular audits by the Audit Bureau and other regulatory bodies in compliance with Libyan laws. The current administration has closed the financial statements for previous years, a process left incomplete since 2010, reinforcing financial transparency.
To ensure financial integrity, GECOL has engaged three international auditing firms—Grant Thornton, KPMG, and PwC—to review its financial records and final accounts.
Clarification on Meter Procurement
Regarding the electric meter supply contract, GECOL confirmed that all agreements followed legal procedures and received approvals from relevant authorities, including:
The company also clarified that revenue from electricity meters goes directly to the Central Bank of Libya, not GECOL, as per legal provisions.
Call for Investigations
GECOL reiterated its readiness to cooperate with judicial authorities to investigate the missing fuel and hold those responsible accountable. Additionally, it warned against misinformation aimed at misleading public opinion or diverting attention from the real culprits.
Response to Expert Committee Report
GECOL criticized the UN Expert Committee’s report, stating it lacked accuracy and relied on unverified sources, including social media posts and fabricated documents. The company clarified that business proposals submitted to GECOL do not automatically become contracts, countering claims in the report.
In an exclusive statement to our source, Louay Al-Griw, advisor to the Libyan Investment Authority, emphasized the institution’s commitment to transparency. He highlighted that the UN Security Council’s adoption of the expert panel’s recommendations in Resolution 2769/2025 marks an unprecedented achievement for the LIA and serves the best interests of the Libyan people.
Al-Griw confirmed that, for the first time since 2011, the LIA will be able to optimize the utilization of its assets while they remain frozen, ensuring greater protection and an increase in their market value.
Today, Saturday, Radio France “RFI” conducted an interview with former Minister of Oil and Gas, Mohamed Aoun, who continues to fight to assert his legitimacy. His replacement, Khalifa Abdel-Sadiq, was immediately appointed in March 2024 by Prime Minister Abdul Hamid Dbeibah to manage the ministry’s ongoing affairs. It has now been about nine months since court rulings in Aoun’s favor were issued, and he is calling on the Prime Minister to either reinstate him or officially remove him.
RFI: What is your current status? Does Prime Minister Abdul Hamid Dbeibah still refuse to reinstate you despite the Supreme Court ruling in your favor?
Aoun: Unfortunately, the Prime Minister has failed to implement three court rulings, in addition to a decision from the Administrative Oversight Authority issued in 2024. These rulings have not been enforced for about nine months, which is unprecedented in Libyan history. Laws and regulations have never been violated or mocked to this extent, and judicial decisions have never been ignored so blatantly.
RFI: Will you resort to legal measures again to reclaim your position?
Aoun: Yes, I will follow all legal procedures guaranteed by Libyan law. I also want to inform the current acting Minister of Oil and Gas and the Prime Minister that sooner or later, the consequences of these legal violations will be disastrous for them.
I take this opportunity to warn the heads of foreign companies partnering with the National Oil Corporation that they must pay attention to court rulings. Dealing with the appointed minister at this time is illegal, and these foreign companies will face consequences for their relations with an illegitimate oil minister.
RFI: The judiciary and the Administrative Oversight Authority cleared you of corruption allegations. This suggests that your removal from the Government of National Unity was due to disagreements with Prime Minister Abdul Hamid Dbeibah over oil exploration contracts, particularly in Ghadames. Is this what really happened?
Aoun: The question is very clear. Investing in the oil and gas sector requires approval from the Ministry of Oil and Gas.
Oil Law No. 25 of 1955 grants extensive powers to the Minister of Oil and Gas, and Law No. 24 of 1970, which established the National Oil Corporation, also outlines the minister’s powers.
This is the core of the dispute. These contracts should be discussed with the minister. Article 2 of the Oil Law states that the Minister of Oil must present any modifications or amendments to contracts to the government for approval, and this was not done properly.
RFI: Why did you personally oppose granting an Emirati company the rights to explore one of the largest oil fields in Ghadames? Was it due to non-compliance with legal conditions?
Aoun: We are not against foreign companies or foreign investments. We have no issues with any foreign company as long as it operates fairly, follows legal procedures, and complies with Libya’s applicable laws and regulations.
RFI: Who is behind the illicit trade of Libyan oil? Senior officials from both the east and west have been accused of involvement in smuggling operations.
Aoun: Personally, I cannot accuse anyone without solid evidence. However, suspicions about the smuggling of Libyan oil and fuel abroad are no secret. This issue has been highlighted in multiple reports, including those from the UN Panel of Experts on Libya and various countries. It has even been discussed in the UK House of Commons and covered by global media. I don’t think they would have raised this issue if they didn’t have evidence.
RFI: The National Oil Corporation is currently undergoing a series of audits on its expenditures over the past two years. Why is it so difficult to ensure transparency in its operations and the management of oil revenues?
Aoun: Since we took over the Ministry of Oil and Gas in 2021, the ministry has been unable to perform its role effectively—whether under the previous illegitimate head of the National Oil Corporation, Mustafa Sanalla, or his successor, Farhat Bengdara. Frankly, this situation has been enabled by the Prime Minister.
When we request reports and information, they refuse to provide them to the ministry. They are hesitant and insist on withholding the information we request. If the Ministry of Oil and Gas were allowed to carry out its full duties, this level of inconsistency and corruption would not exist.
RFI: Will Libya reach two million barrels per day by 2027, as announced?
Aoun: If the government does not adhere to existing laws and regulations and fails to appoint experienced, competent, and qualified individuals to manage the National Oil Corporation and other oil companies, then personally, with this current approach, I do not believe they will achieve the numbers they claim.
Our source has obtained a letter from Atiyatallah Hussein Abdulkarim, Deputy of the Libyan Audit Bureau, addressed to its President, Khaled Shakshak. The letter highlights concerns over an increasing number of informal meetings between Audit Bureau officials, members, and employees with ministers, deputies, board members, and top state officials. These interactions, according to the letter, occur without adherence to formal protocols, undermining the official communication system, which should be documented via official correspondence or government email.
The Deputy stated that some Bureau officials and members have gained personal benefits through these connections. Notable cases include:
In response to these concerns, the Deputy requested:
Sada Economic has obtained a letter from Atiyatallah Hussein Abdulkarim, Deputy of the Libyan Audit Bureau, requesting the Chairman of the Libyan Investment Authority and the Governor of the Central Bank of Libya not to allow Mr. Reda Mohamed Gergab, who is seconded to the Investment Authority and appointed as a member of the Central Bank’s Board of Directors, to assume these positions.
This request is due to a conflict with the Audit Bureau’s law and its violation.
Our source has exclusively obtained a letter from the Public Prosecution addressed to the head of the Audit Bureau, Khaled Shakshak, requesting details on the evaluation and safety measures of the Audit Bureau’s building, which is owned by the Libyan National Shipping Company.
The prosecution has asked the relevant department within the bureau to provide documentation related to the building’s safety assessment, the potential risks it poses to public safety, and any arrangements made with the company regarding this matter.
Our source has exclusively obtained a letter from several members of parliament addressed to the Speaker of the House of Representatives and his first and second deputies.
The letter calls for the urgent issuance of a decision ensuring that no state-funded entity is exempt from concurrent and subsequent oversight when contracting for project implementation.
