President Joseph Nyuma Boakai, Sr., has, with immediate effect suspended the President/Chief Executive Officer (CEO) of the National Oil Company of Liberia (NOCAL), Madam Rustonlyn Suakoko Dennis.
The President’s decision follows a resolution of the Board of Directors of NOCAL recommending Madam Dennis’ suspension and an investigation into allegations of corruption.
According to an Executive Mansion Release, dated February 8, 2025, Madam Dennis has been ordered to turn over all government properties in her possession to the interim team headed by Mr. Fabian Michael Lai, NOCAL’s Vice President for Operations, who will assume interim oversight of the Company’s operations.
The Government of Liberia remains committed to transparency, accountability, and good governance in all sectors, particularly in the management of the country’s natural resources. An investigation of the allegations against Madam Dennis has been ordered.
It can be recalled that VERITY Newspaper reported in its February 3 publication that a financial scandal had 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.
The paper said it obtained leaked documents that 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,” the publication said.
According to the news outlet, 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.
