A detailed analysis of looted asset sales from the estate of former Gambian President Yahya Jammeh has unveiled a complex web of transactions, with major buyers securing high-value properties, commercial assets, and vehicles at varying price points. The sales include prime real estate, industrial equipment, institutional shares, and strategic acquisitions, with some buyers paying significant premiums for perceived high-value assets while others secured deals below market estimates.
The top buyer by value was Baaton Company Ltd., in partnership with Corendon Hotels & Resorts, which acquired the Royal Atlantic property for a staggering 344.65 million GMD, a 498% premium over its guide price of 57.6 million GMD.
Analysts suggest this purchase reflects the property’s immense potential for tourism development, a key driver of Gambia’s economy. Similarly, institutional buyers like SSHFC, Star Oil, and GNPC collectively purchased shares in Gam Petroleum for 551.25 million GMD, a 20% premium over the guide price, securing a strategic stake in a critical national asset. The Central Bank also made a notable acquisition, purchasing Futurelec for 100.25 million GMD, more than double its guide price of 50 million GMD, underscoring the asset’s long-term value.
Among repeat buyers, Serign Gai emerged as one of the most active, amassing properties worth over 68.99 million GMD. Gai’s portfolio includes the Kerr Serign property at Senegambia Junction, acquired for 50 million GMD against a guide price of 40 million GMD, alongside No. 15 Dobson Street, No. 13 Picton Street, and No. 18A Picton Street. Gai’s willingness to pay a 10 million GMD premium for the Kerr Serign property highlights its prime commercial location, suggesting a strategy of neighborhood consolidation for future development.
Jah Oil, another prominent player, secured assets worth at least 48.75 million GMD, including No. 16 Kairaba Avenue for 41.75 million GMD, exactly at its guide price, and used construction equipment in Brikama for 7 million GMD, a 21% discount from the guide price of 8.9 million GMD. The below-market equipment acquisition suggests Jah Oil capitalized on undervalued assets to bolster its operational capacity. Similarly, Hamidu Jah, associated with Jah Oil, spent over 29 million GMD, notably paying 8 million GMD for the Jengbula nightclub—419% above its guide price of 1.91 million GMD—indicating strong commercial interest in this nightlife venue.
Other repeat buyers included Mahadi Touray, who acquired three properties on Daniel Goddard Street for 9.45 million GMD, and Fanta Touray, who purchased No. 13 Grant Street and No. 34 Liberation Avenue for 19.15 million GMD, both paying slightly above guide prices. These transactions suggest targeted real estate consolidation in specific areas, potentially for residential or commercial development. Jahoil Company and members of the Jallow family, including Yaya, Saidou, and Omar Jallow, were frequent buyers in the vehicle and scrap categories, likely benefiting from volume purchases for resale or parts.
While most properties sold at or above guide prices, indicating fair market transactions, some assets were acquired below the guide. For instance, Mahadi Touray purchased No. 69 Daniel Goddard Street for 1.9 million GMD, 5% below its guide price, and Ms. Alimatou Sallah secured No. 214 Paradise Estate for 3.675 million GMD, a 14% discount. These deals, though fewer, highlight opportunities where buyers gained advantageous pricing.
The analysis also revealed properties sold at significant premiums, reflecting competitive bidding. Hanna Ltd., led by Narendra Rawani, paid 18 million GMD for No. 26 Buckle Street, 260% above its guide price, while Fouta Enterprise acquired No. 72 Gloucester Street for 12 million GMD, a 60% premium. These high prices suggest buyers saw substantial future value in these assets, likely driven by their commercial or strategic locations.
The Jammeh estate sales have drawn attention for their scale and the strategic nature of acquisitions. Institutional buyers like the Central Bank and SSHFC secured assets with long-term national significance, while private buyers like Serign Gai and Jah Oil pursued portfolios that could reshape local real estate and commercial landscapes. The competitive pricing, with most assets sold at or above the guide, indicates a robust market and fair transaction process, though questions linger about the long-term implications of such concentrated asset transfers.
As Gambia continues to navigate the legacy of Jammeh’s regime, these sales mark a significant redistribution of wealth and resources, with buyers positioning themselves for future growth in a dynamic economic landscape.
