Ghanaian Businessman Kevin Okyere's Springfield Denies Fraud Allegations In 100 Million Dispute

Springfield denies fraud claims, says 100 million dispute with Petraco is contractual, not criminal, and lacks supporting evidence.

Arbitration records show both parties completed due diligence before Petraco allegedly withheld half the agreed funds.

Springfield reaffirmed its legal compliance and criticized one-sided media coverage amid ongoing offshore oil expansion in Ghana.

Springfield Group, the energy conglomerate led by Ghanaian businessman Kevin Okyere , has strongly rejected fraud allegations filed by Petraco Oil Company SA. The complaint, submitted to Ghanas Economic and Organized Crime Office EOCO, accuses Springfield of wrongdoing in a 100 million facility agreementclaims the company calls false and unfounded.

According to Springfield, the disagreement stems from a 2023 financial arrangement with Petraco. Arbitration records reviewed by this publication confirm the matter involves a commercial dispute, not a criminal one. The company insists the petition misrepresents the nature of the disagreement and lacks supporting evidence.

Court filings show the dispute centers on a facility agreement in which Petraco allegedly pledged to provide 100 million in funding. Springfield contends that Petraco disbursed only half the agreed sum, but still registered collateral against 10 percent of its shares.

Verified arbitration documents reveal that both parties completed due diligence before signing off on the terms. Springfield argues that Petracos referral of the matter to EOCO is a sharp departure from how commercial disagreements are typically handled.

The company also raised concerns about media reporting it considers one-sided. This remains a contractual matter, not a criminal one, Springfield said in a letter shared with this publication. The company stressed its clean compliance record and reaffirmed its commitment to operating lawfully within Ghanas energy industry.