Congo Republic has appointed a new head for the state-run oil company. President Denis Sassou Nguesso named Maixent Raoul Ominga with immediate effect, as general manager of Societe National des Petroles du Congo (SNPC), as the company struggles to pay its creditors.
According to Bloomberg, the appointment was confirmed by communications minister Thierry Moungalla by phone on Wednesday, from the capital Brazzaville.
Ominga replaces Jerome Koko, who is expected to become director of Congo’s Treasury following the departure of Albert Ngondo eight months ago, Moungalla said.
According to the International Monetary Fund (IMF), Congo which is considering a bailout owes creditors $9.14 billion, equivalent to about 110 percent of gross domestic product.
While the advocacy group Global Witness says debt has more than tripled since 2010 because of a series of SNPC oil pre-financing deals – which involve loans that are paid back in crude instead of cash – that have been used by people who are close to or part of Sassou Nguesso’s family as vehicles for corruption.