The Head of the National Oil Corporation (NOC), Farhat Bengdara, is seeking to establish a financial oversight committee to oversee the NOC’s operations. This according to a report from the Africa Intelligence website. The move is seen as an effort to strengthen his control over the significant oil revenues generated in Libya.
As detailed by Africa Intelligence, Bengdara is urging for the formation of a supervisory committee inclusive of delegates from the Libyan Central Bank, Audit Bureau, and the Administrative Control Authority.
He firmly believes that such supervision will be beneficial to the NOC, facilitating auditing of expenditures and transactions, and consequently promoting financial transparency and accountability.
However, the proposition by the NOC’s Head is encountering resistance. Critics argue that the prerogative to establish such an oversight committee should rest with the Government of National Unity (GNU). This should not be a decision made unilaterally by the Head of the NOC.
The French-based news website interprets Bengdara’s call for a financial committee as a strategic maneuver to fortify his influence and control over the oil revenues managed by the corporation in Tripoli.
Forming a supervisory body without a political agreement among the nation’s significant actors could exacerbate tensions among rival power factions in Libya. This could potentially undermine efforts aimed at reunifying the oil-abundant nation, which has endured years of civil war and disorder following the overthrow of Moammar Gaddafi.
The website further added that the NOC Head’s strategy concerning the supervision of the NOC underscores the fact that Libya’s natural resources remain a political battleground.
Various officials and factions are contesting for control and profit in this volatile country. Bengdara will need to navigate this landscape cautiously, so his actions are not perceived as a unilateral takeover, especially if his financial oversight committee is to thrive.
