A damning account of corruption and ethical betrayal has emerged, identifying Fabian M. Lai, the current President and Chief Executive Officer of the National Oil Company of Liberia (NOCAL). Evidence suggests Lai’s ascent to the helm of the state-owned company was paved by a stunning breach of public trust during his time as an auditor, followed by a series of questionable financial decisions that squandered millions in public funds.
Lai’s controversial history with NOCAL began not as its CEO, but as its auditor. From 2011 to 2013, he served as a member of the General Auditing Commission (GAC) team assigned to audit NOCAL. However, instead of upholding the integrity of the audit, insiders report that Lai began systematically undermining his colleagues, displaying a profound “lack of integrity and professionalism.”
A Compromised Auditor: Luxury Trips and Covert Employment While still officially employed by the GAC to provide independent oversight of NOCAL, Lai accepted a luxury trip to London fully funded by the very institution he was auditing. This gross conflict of interest was merely the prelude to a more serious transgression.
Sources confirm that during this period, Lai was covertly working for NOCAL, manipulating the company’s financial records—“cooking the books”—in advance of the official audit he was supposed to be conducting. When this egregious ethical violation came to light, Lai did not face disciplinary action from the GAC; instead, he abruptly resigned and was immediately welcomed into the fold at NOCAL, a move that has been widely condemned as a blatant reward for subterfuge.
From Cooking the Books to Wasting Millions Once inside NOCAL, Lai’s influence grew, and with it, the scale of the financial controversies. He is identified as the mastermind behind the falsification of figures related to a consulting project for the National Bank building on Broad and Ashmun Streets. NOCAL had intended to purchase and convert this property into its headquarters.
Under Lai’s oversight, millions of dollars in public resources were funneled into feasibility studies and consultancy work. Despite the massive expenditure, the project was abandoned, yielding zero tangible results for the Liberian people. The entire investment is now considered a complete write-off. In another contentious deal, Lai participated in the controversial acquisition of a $700,000 plot of swamp land in Congo Town, a transaction that has long raised eyebrows for its valuation and purpose.
Desperate Smear Campaign and Baseless Grudges Rather than address these serious allegations, Fabian Lai is accused of worsening his own deteriorating reputation by deploying surrogates to spread falsehoods about the original GAC audit. It is noted that this matter was later investigated by the LACC (Liberia Anti-Corruption Commission), which found no wrongdoing on the part of the GAC, effectively discrediting Lai’s narrative.
His apparent grudge against critics is seen as a transparent attempt to deflect from his own record. This is particularly evident when contrasted with the recent success of the new, state-of-the-art NOCAL Headquarters, a project delivered under a limited budget through the vision and hard work of others—a stark reminder that when “Fabian’s NOCAL was swimming in millions,” its primary achievements were the acquisition of swamp land and unproductive studies.
Ongoing Questionable Practices The pattern of suspect financial management appears to continue. This publication can also reveal that NOCAL has, to date, paid two separate contractors for internet connectivity, a scheme allegedly covered within the original contract, suggesting potential duplicate payments and a continued lack of fiscal discipline.
The allegations against Fabian M. Lai paint a picture of a public official who leveraged his position as an auditor to secure a powerful role, which he then allegedly used to preside over the systematic waste and potential misappropriation of millions of dollars meant for Liberia’s development. The Liberian public deserves a full and transparent investigation into these grave matters.
This is a developing story. We will provide updates as more information becomes available.
