The controversial Elton & EBOMAF infrastructure financing deal, once considered dead, has resurfaced under the administration of President Joseph Boakai, years after it stalled during the George Weah era.
The revelation was made here on Thursday, October 16, 2025, by Grand Kru County Senator Albert Tugbe Chie, who chairs the Senate Committee on Public Works and Rural Development, during the opening of the 3rd and Final Quarter of the 2nd Session of the 55th Legislature.
“I have been informed that the government has been contacted about the Elton & EBOMAF Deal”, said Senator Albert Tugbe Chie. He made the statement while briefing his colleagues on developments during the constituency break.
The Elton & EBOMAF Deal traces back to 2018, when the Weah administration announced two major infrastructure financing agreements, including US$536 million with Eton Finance PTE Ltd (Singapore) to fund coastal corridor road construction, and US$420.81 million with EBOMAF SA (Burkina Faso) to construct and upgrade road corridors in Monrovia and northeastern Liberia.
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The contracts, once they were ratified by the Legislature and signed by the President, were set for multi-year implementation (36-48 months). Disbursements were expected within a set number of “banking days” following ratification and the issuance of sovereign guarantees.
Despite the early fanfare, both deals quickly became mired in controversy, sparking concerns from lawmakers, civil society, and international partners. Among the key red flags, Eton Finance was reportedly “struck off” from the Singapore registry before the deal was finalized, raising doubts about its legitimacy and financial capacity.
EBOMAF, managed by Burkinabé businessman Mahamadou Bonkoungou, was linked to President Weah through reports of providing a private jet, prompting allegations of conflict of interest.
The deals lacked transparency. There were no publicly vetted feasibility studies, cost assessments, or risk reports.
Some contract clauses appeared contradictory and non-standard, mixing language on sovereign guarantees, bond issuance, and confusing disbursement terms.
Though the deals were ratified, no funds materialized within the stipulated timeline. The “50 banking day” disbursement clause came and went without any actual transfers.
The International Monetary Fund (IMF) and external observers raised alarms over Liberia’s exposure to non-concessional debt, warning of potential fiscal instability.
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By 2020, the Ministry of Finance unofficially declared the deals “set aside.” Even then, Finance Minister Samuel Tweah acknowledged that the agreements contained default clauses and could be canceled for non-performance.
“The contracts had default clauses and could be canceled if they failed to comply”, said Tweah in 2018.
The government eventually turned to more traditional financing mechanisms, such as loans and grants from the World Bank, to support infrastructure development.
With news that the Boakai-led government may be reconsidering the Elton & EBOMAF deal, critics warn that all previous concerns still stand.
