Allegations about Bawumia, Hubtel and ECG payments: What we know so far

Claim: A Facebook user alleged that Dr. Mahamudu Bawumia, former Vice President of Ghana, is a co-owner of Hubtel. The claim states he receives a share from payments made to the Electricity Company of Ghana (ECG) through the app.

Verdict: False! DUBAWA’s checks at the Office of the Registrar General show Bawumia is not an owner or shareholder of Hubtel. Hubtel is owned by Alexander Adjei Bram and Ernest Kwesi Apenteng. The ECG's 2023 financial report shows no payments to Dr. Bawumia.

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Weeks before the 2024 elections, allegations surfaced about Dr. Bawumia owning Hubtel, a digital payment platform. Some claimed he had a corrupt deal with ECG to exploit the country financially.

These allegations spread across various platforms. An account called @StatsAfric claimed Bawumia was linked to Hubtel.

Others shared videos alleging that Bawumia owned Hubtel and had contracts with ECG for payment processing. They suggested that payments to ECG included a percentage for Hubtel, benefiting Bawumia.

This sparked public outrage and raised questions about ownership and potential corruption involving taxpayer money.

Given these serious claims, DUBAWA decided to investigate further into this matter.

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DUBAWA aimed to find out if:

1. Bawumia owns Hubtel.
2. ECG contracted Hubtel as its payment platform.
3. If so, when was this contract established?

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To investigate, DUBAWA checked Hubtel's website for information on their relationship with ECG. According to Hubtel, their partnership began in 2007 when they operated as SMSGH.

In 2011, they managed ECG’s first point-of-sale devices for payments while Dr. Bawumia was not vice president.

In May 2022, after receiving a license from the Bank of Ghana, Hubtel approached ECG with proposals for billing technology solutions.

By July 2022, ECG launched a digital transformation plan that included working with Hubtel without upfront costs.

Hubtel then overhauled ECG’s commercial systems and took over payment processing responsibilities.

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Next, DUBAWA investigated Hubtel's ownership structure and any conflicts of interest with ECG.

The researcher spoke with Cornelis Rouloph Otoo from Hubtel's legal team. He confirmed that Dr. Bawumia has no shares or beneficial ownership in the company.

Otoo stated there are only two shareholders: Mr. Bram and Mr. Apenteng. No shares have ever been held by Dr. Mahamudu Bawumia or anyone outside these shareholders.

He emphasized that all filings under the Companies Act show no evidence linking Bawumia to ownership in Hubtel.

Additionally, Alex Bram reinforced this on social media, stating he and Ernest Apenteng are still the only shareholders of Hubtel.

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DUBAWA also contacted Haruna Mohammed from the New Patriotic Party (NPP). He dismissed claims about Dr. Bawumia having stakes in Hubtel as false rumors meant to discredit him.

When asked for evidence by Marie Afua Amoakwa-Boadu regarding her claims, she declined to comment further.

To verify ownership claims conclusively, DUBAWA filed a Right to Information Request at the Registrar General’s Department under Ghana’s Companies Act 2019 (Act 992).

Official documents obtained disproved any claim of ownership by Dr. Bawumia regarding Hubtel.

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The records revealed:

- Company Name: Hubtel Ltd
- Incorporation Date: July 23rd, 2007
- Shareholders:
- Alexander Adjei Bram (50,500 shares)
- Ernest Apenteng (49,500 shares)
- Beneficial Owners: Same two individuals listed above.

Directors include:
- Alexander Adjei Bram
- Ernest Apenteng
- Hans Daniel Nilsson
- Patience Akyianu

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DUBAWA cross-referenced independent sources like PitchBook but found no investment from Chanzo Capital in Hubtel despite earlier claims suggesting otherwise.

No credible evidence links Dr. Bawumia directly or indirectly to any involvement in Hubtel's operations or finances either through public filings or reports available online.

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After establishing ownership structure clarity between ECg and hubTel; it was noted their business relationship started back in 2007 on a pilot basis but became formalized only in March 2023 when they signed a full contract allowing hubTel to collect funds on behalf of ECg .

A press statement from hubTel indicated significant revenue increases since launching new commercial systems in March 2023 .

DUBAWA analyzed financial reports showing steady revenue growth for ECg over recent years , culminating at GHC14 ,908 ,577 following signing contract with hubTel .

Former Managing Director Samuel Dubik Masubir Mahama confirmed that there were no financial transactions involving Dr .Bawmia through hubTel .

He stated clearly “It’s completely false” regarding any connection between them .

Some civil society organizations have called for audits into activities between ECg &hubTel but Mahama believes transaction has been financially viable overall .

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Conclusion: The claim that Vice President Dr .Mahamudu bawumi is co-owner or shareholder at hubTel is false . Authoritative statements & verified documents confirm he does not receive money from ECg via hubTel .