JollofNews has gathered from credible sources that the Turkish company that owned 80% of the Banjul Port has been running from pillar to post, knocking on bank doors for financial bailout.
According to sources close to Al-Bayrak now re-christened Al Port, the company has approached local banks, seeking a financial lifeline.
“If AGIB should be frank with you, the bank would tell you that Al Port had reached out to it for a €9M US loan. I am not sure whether the process is still underway or not,” the source said.
The Al Port took over 80% of port operations in February of this year and has since then been making only minimal investments. After taking over the majority shares of the Banjul Port amid high hopes of turning around the fortunes of the national asset, Al Port is now struggling to pay its staff eight months on.
The Managing Director of the Gambia Port Authority (GPA), Ousman Jobarteh, startled the nation and kept many talking until now when a letter linked to the GPA was leaked to an online media, revealing how Al Port surreptitiously contracted a €13.5M loan from Zenith Bank.
The company is currently facing a threat of protest as its aggrieved staff plan to be on the picket lines over delays in salary payment and improved working conditions. It is also up in arms against the dock workers over wages.
The company’s communications team has not responded to JollofNews’s request for comment.
When contacted, AGIB’s communications specialist Ebrima Jobe said he was not aware of any move by Al Port to contract loan from AGIB.
Meanwhile, Al-Bayrak has questionable track records in some countries that it once operated in.
