Mohamed AlgarjINVESTIGATIONS · 2024—2026
Inside Libya’s
Letter of Credit
System.
27 investigations follow official dollars from the national foreign-exchange account to individual products, companies, banks and beneficiary networks.
investigations
in this collection
- $146.7mone family-linked network
- $14bncredits through Nov. 2025
- 2024—26archive period
THE PREMISE
Libya’s letters of credit are not merely a banking instrument. They determine who gains access to oil dollars, what enters the market, which companies expand, and how public finance reaches everyday life.
THE ARCHIVE
From the national ledger
to the individual product.
Each article preserves the original reporting window, then rechecks the arithmetic and labels every correction. Overlapping updates are separated instead of added together.
FX DISCLOSURE · DATA INVESTIGATION · 23 SEP 2026
$419 Million Left the CBL’s Coffers Through 104 Companies. Who Stands Behind These Names?
From “Abundance of Livelihood” to “Moments of Happiness”: $419.24 million associated with 104 companies and factories in CBL data. Names and amounts are public; legal representatives are missing from the table. Who stands behind them, and what arrived in return for the transfers?
Read investigation ↗LETTERS OF CREDIT · CONCENTRATION · 19 AUG 2026
How did credits worth 1.54 million barrels of oil become concentrated among 27 companies tied to one family?
A ministry review tied $146.7 million in documentary credits to 27 companies and three beneficiaries from one family. The concentration — and the controls that allowed it — is the real story.
Read investigation ↗PUBLIC HEALTH · 05 APR 2026
$581.5 Million in Medicine FX Approvals: Where Is the Oversight?
Starting from a Central Bank of Libya appendix showing $581.49 million associated with medicine-related foreign-currency use in 2025, The investigation contrasts the total with shortages and high retail costs. He calls for health-sector involvement in approvals and stronger auditing, while also making a broad fraud allegation that needs transaction-level proof.
Read investigation ↗LETTERS OF CREDIT · 12 JAN 2026
The missing tax question behind $14 billion in import credits
A transparent scenario tests the gap between the profits implied by Libya’s 2025 import-credit economy and the tax revenue recorded through November.
Read investigation ↗TRADE & PUBLIC FINANCE · 8 JAN 2026
One billion dollars for feed, half a billion for meat
Libya’s 2025 import figures raise a basic accountability question: what economic reality can explain simultaneous spending at this scale on animal feed and imported meat?
Read investigation ↗LETTERS OF CREDIT · TEA · 28 SEP 2025
$35.5 Million for Tea in Eight Months
This later tea-only update extended the reporting window to August 2025 and put financing at $35.5 million. It complements, but overlaps, the earlier four-month coffee-and-tea basket and must not be added to it.
Read investigation ↗PRODUCT-LEVEL ANALYSIS · 26 SEP 2025
Four million dollars for blankets — and a market hidden inside one line
A historical product-level reading follows the value from financing banks and importers to an estimated quantity of blankets.
Read investigation ↗LETTERS OF CREDIT · DAIRY · 20 SEP 2025
Eight Months of Dairy Financing: $134 Million and a Per-Capita Question
A later update put January–August 2025 dairy-related financing at about $134 million for roughly 55,000 tonnes and compared it with domestic output. It should be read as a later reporting window, not added to the earlier four-month total.
Read investigation ↗TRADE & INDUSTRY · 10 SEP 2025
LYD 130 Million for Nuts: What Libya's 2025 Import-Financing Data Show
This investigation highlights more than LYD 130 million in nut-import financing over eight months and an August spike. The stronger analytical question is how discretionary food imports rank against staples and production inputs under foreign-exchange constraints, after validating product codes and financing stages.
Read investigation ↗TRADE & INDUSTRY · 09 SEP 2025
More Than $6 Million in Nut Imports Financed in One Month
Algarj aggregates August documentary-credit records for nuts to more than $6 million and asks which bank handled the largest share. This investigation is best framed as a concentration and disclosure question, not as evidence that importing nuts or receiving a credit is improper.
Read investigation ↗PUBLIC PRIORITIES · 23 AUG 2025
Why medical and consumer import credits need the same transparency test
A public post contrasted reported restrictions on oncology finance with approvals for consumer imports and demanded one standard of scrutiny.
Read investigation ↗AVIATION · 15 AUG 2025
One Airline Took 52% of Libya’s Aviation FX Allocation
Using central-bank foreign-currency data, The analysis finds Berniq received $100.6 million over seven months, more than half of the aviation-sector total. This investigation frames the concentration as a competition and allocation-governance question rather than conclusive evidence of wrongdoing.
Read investigation ↗AVIATION · 09 AUG 2025
Medsky's Flights, Fuel and Foreign Exchange: Testing a Multi-Million-Dollar Gap
This investigation models Medsky's expected operating needs against Central Bank foreign-currency figures and identifies an apparent gap. The model should be rebuilt with aircraft-specific burn rates, routes, wet-lease terms, maintenance, handling, and the actual execution status of credits.
Read investigation ↗LETTERS OF CREDIT · BANK FINANCE · 03 JUL 2025
How a $1 Million Credit Could Produce More Than $350,000: Testing Every Assumption
This investigation tests a scenario in which invoice inflation, an official/parallel exchange-rate gap and an 80% bank facility could produce more than $350,000 from a $1 million credit. It is a risk model—not evidence that a named person or transaction followed the route described.
Read investigation ↗LETTERS OF CREDIT · CONCENTRATION · 01 JUL 2025
Thirty Family Networks and 43% of June 2025 Credits
A company-by-company reading of the June 2025 disclosure attributed about $593 million—roughly 43% of the month’s $1.38 billion total—to companies grouped by family ties. The grouping is an analytical classification, not a legal finding of common ownership or misconduct.
Read investigation ↗TRADE & INDUSTRY · 21 JUN 2025
Four Years of Cement Credits, Four Shutdowns: What Did the FX Financing Deliver?
This investigation documents more than $170 million in cement-related credits over four years, including more than $160 million attributed to one company through May 2025. He compares that support with repeated plant shutdowns and asks whether official FX financing translated into stable output and domestic supply.
Read investigation ↗FOREIGN CURRENCY · 16 JUN 2025
Where did Libya’s oil dollars go in the first five months of 2025?
Letters of credit absorbed $6.291 billion — 44.4% of recorded foreign-currency uses — turning trade allocation into a public-finance question.
Read investigation ↗LETTERS OF CREDIT · SUGAR · 02 JUN 2025
Four Years of Sugar Credits: Quantity, Value and the Missing Reconciliation
This investigation compared annual sugar quantities and credit values from 2021 onward, highlighting a cumulative total above one million tonnes and sharp changes in unit value. Its claim that part of the volume was ‘missing’ requires customs, inventory, re-export and consumption data.
Read investigation ↗LETTERS OF CREDIT · VEHICLE PARTS · 11 MAY 2025
$49.38 Million in Tyre Credits—and the Million-Tyre Estimate
This investigation identified $49.38 million in tyre-related credits through April 2025 and estimated the financing could represent about one million tyres. The quantity is a scenario, not a disclosed customs count.
Read investigation ↗LETTERS OF CREDIT · DAIRY · 08 MAY 2025
More Than $80 Million for Dairy Products in Four Months
This four-month snapshot grouped milk, butter, ghee and cheese credits above $80 million. It is a useful import-basket measure, but the categories, weights and financing stages must be aligned before drawing per-capita or domestic-production conclusions.
Read investigation ↗PRODUCT-LEVEL ANALYSIS · 5 MAY 2025
Two million dollars for ketchup — or the cost of not producing locally
The 1,500-tonne ketchup bill became a historical test of import dependence, industrial policy and the opportunity cost of official dollars.
Read investigation ↗PRODUCT-LEVEL ANALYSIS · 3 MAY 2025
$41.9 million for coffee and tea in four months
An archived aggregation turned two familiar drinks into a wider question about demand, pricing and Libya’s import economy.
Read investigation ↗IMPORT BASKET · 3 MAY 2025
What four months of import credits reveal about Libya’s consumption model
Oil, sugar, feed, tea, coffee, cigarettes, bananas, diapers, shampoo and ketchup show the breadth of the official-dollar import basket.
Read investigation ↗TRADE & INDUSTRY · 02 MAY 2025
Libya Financed Nearly One Million Tonnes of Barley in Four Months
Algarj aggregates CBL documentary-credit records to estimate 962,271 tonnes of barley imports worth $240.57 million in January-April 2025. This investigation uses the scale to question demand, end use, import valuation and the opportunity for domestic agricultural production.
Read investigation ↗LETTERS OF CREDIT · FOOD IMPORTS · 30 APR 2025
The 115 Million-Litre Cooking-Oil Claim Behind Three Months of Credits
This investigation converted $116.5 million in cooking-oil credit records for January–March 2025 into more than 105,000 tonnes and roughly 115 million litres. The conversion is a model that depends on product mix, density, freight, packaging and the execution status of each credit.
Read investigation ↗PRODUCT-LEVEL ANALYSIS · 24 AUG 2024
Three importers, $25.9 million, and Libya’s rice market
A historical snapshot of rice credits shows why company-level disclosure matters as much as the aggregate import bill.
Read investigation ↗BANKING DISCLOSURE · 11 JUL 2024
$309 million in ten days: reading Libya’s import-credit ledger
A ten-day disclosure identifies leading companies and banks, then asks what aggregate transparency still leaves unanswered.
Read investigation ↗EDITORIAL METHOD
Three layers of
evidence.
- 01
Contemporaneous record
Figures are tied to the disclosure window available when the analysis was published.
- 02
Rechecked calculation
Every aggregation is reconstructed; arithmetic errors and unsupported assumptions are corrected in public.
- 03
Public-interest question
Questions about concentration and policy are kept separate from proof of misconduct.
ARCHIVE KEY