We haven't been paid $25 million by ECG – Hubtel denies claims

The management of Hubtel has refuted claims that it received $25 million from the Electricity Company of Ghana for the development of its PowerApp.

In a press release dated Monday, September 30, 2024, Hubtel clarified that the $25 million figure mentioned was merely a cost limit set by the ECG board directors at the start of the project.

The company debunked claims that this amount was used as payment to Hubtel.

“At the start of the project, $25 million was only a figure set out as the cost limit by the Board of Directors of ECG. Hubtel has NOT been paid $25million,” parts of the statement said.

The fintech company condemned statements by some Civil Society Organisation officials and media commentators for making false claims and disinforming the public.

The statement further condemned the claims as attempts to discredit the fintech company’s contributions to ECG's revenue collection and commercial operations, as well as to accuse them of being involved in a procurement scheme.

“Over the past few days, officials of some Civil Society Organisations (CSOs) and media commentators have sought to put out false statements about Hubtel’s work at the Electricity Company of Ghana (ECG).

“Some of these false statements seem to be designed to totally discredit the work Hubtel has done in the recent transformation and record-breaking achievements in ECG’s revenue collection and commercial operations. Other false statements have also tried to paint the picture that Hubtel is part of a procurement scheme that has received payments for no work done,” it added.

Hubtel further denied claims that the ownership of the company involves a politician with several contracts from the Ghanaian government.

The company also stated that it has not received any contracts with the government since its inception.

“At no point since the founding of Hubtel have any of the company’s shares been held or owned, directly or indirectly, by an official of any government institution or any person affiliated with any political party in Ghana. Also, at no point since the founding of the company has it had any contract with the Government of Ghana,” it clarified

Read Hubtel’s full statement below



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