
Momodu Lamin Kargbo, Governor of the Bank of Sierra Leone Credit: 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.
More Stories
Sierra Leone: Public transport operators in Freetown embark on a sit-down strike
Sierra Leone rolls out its new Leone banknotes
Sierra Leone’s public debt increases to 79 % of GDP in 2021 – World Bank report