After historic losses Sierra Leone Bank Governor dissolves boards at 2 banks

Momodu Lamin Kargbo, Governor of the Bank of Sierra Leone
Credit: Bank of Sierra Leone

Mr. Momodu Kargbo, the governor of the Bank of Sierra Leone, has dissolved the boards of directors of the Sierra Leone Commercial Bank  and Rokel Commercial Bank effective December 31st 2014. Both banks will until further notice fall under the oversight of named government agencies including NASSIT and the National Commission for Privatization.

The government of Sierra Leone owns 100% of Commercial Bank’s shares, and 51% of Rokel Commercial Bank’s shares. Both banks posted significant losses in the last fiscal year. Commercial Bank lost 50 billion while Rokel lost 101 billion ($20 million) prompting the central bank’s action to dissolve their respective boards.