In unconfirmed reports, Kevin Okyere, the founder of one of Ghana’s few Black-owned oil exploration companies, was reportedly granted a $20 million bail in Dubai last week after being detained upon arrival in the emirate.
The reports from online social media outlets state that the arrest stemmed from a $94 million commercial arbitration case.
Mr. Okyere, chief executive of Springfield Exploration and Production, is reportedly barred from leaving the United Arab Emirates while the case proceeds.
Neither he nor his company has publicly commented, and officials in the emirate declined to confirm details, citing privacy rules in civil enforcement actions.
Alleged Detention
The detention on October 31 or November 1 — accounts vary — was reportedly linked to a default judgment at the Dubai International Arbitration Center.
A Swiss commodities trader, Petraco Oil Company, had accused a Springfield affiliate, GMP Energy, of diverting proceeds from joint crude-oil liftings and failing to reconcile accounts in a venture called Petraco Energies DMCC.
When GMP did not appear or defend itself, the tribunal reportedly moved forward without it, leading authorities to flag Mr. Okyere’s passport.
Background of Kevin Okyere
Mr. Okyere returned to Ghana in the late 2000s after earning his degrees in both the US and the UK.
He started as a fuel trader before founding Springfield Group in 2011. His big break came in 2015 when Springfield acquired a stake in the deepwater Afina block and later the adjacent Odyeani block from little-known operators.
In 2019, the company announced Ghana’s first commercial deepwater discovery by an indigenous firm — the Afina-1X well — a milestone that made headlines across Africa.
Mr. Okyere positioned himself as the face of a new generation of African oil entrepreneurs. He became a regular at international energy conferences, courted partnerships with Russian and Norwegian firms, and in 2021 led Springfield into a controversial merger of the two blocks with state-owned Ghana National Petroleum Corporation.
The deal, which gave Springfield a 54 percent stake in the combined asset, drew criticism from opposition politicians who questioned the valuation and the speed of approval.
At its peak, Springfield claimed to be producing more than 50,000 barrels per day from its West Cape Three Points Block 2 in shallow waters and was negotiating financing with global traders.
Forbes Africa listed Mr. Okyere on its list of 5 Young African Millionaires To Watch, and he was frequently invited to speak on panels about “keeping African oil in African hands.”
A String of Legal Challenges
In Britain, where Mr. Okyere holds citizenship, prosecutors allegedly charged him this year with fraud over an unrelated $29 million gasoline cargo supplied by a Dubai-based firm and discharged in Ghana.
He was summoned to appear at Westminster Magistrates’ Court in September but did not show up, prompting warnings of a bench warrant.
Some reports allege that Dubai authorities may eventually hand him over to British officials.
In Ghana, the country’s Economic and Organized Crime Office (EOCO) is investigating at least two cases involving Springfield, including one tied to the state-owned Bulk Oil Storage and Transportation Company (BOST).
Mr. Okyere reportedly remains in Dubai under travel restrictions.
Any confirmed reports on this story will be updated in future publications
