Rokel Bank Building.
The Governor of the Central Bank, Professor Keifala Murana Kallon is currently battling with sensitizing the public on how to use, stabilize and accept the redenominated currency, which seems to have created lots of challenges for the Central Bank. Whilst he is looking for ways and means to handle allegations of missing NLe800 billion, some desperadoes are trying to drag him into the Rokel Commercial Bank infighting, which will result to bringing his reputation to the lowest ebb.
At the Board of Directors meeting held on Tuesday, discussions on several issues of importance, including how to continue saving the good image of the bank at this current moment when a female staff has taken the Managing Director and the Board Chairman to court for a normal and simple administrative decision taken against her.
A letter dated 13th July 2022 from a group calling itself L.A.W.Y.E.R.S, addressed to the Bank Governor, stated amongst other things that “We are in receipt of a letter of complaint of workplace harassment including sexual harassment against the Managing Director of Rokel Commercial Bank, dated 29th day of June 2022 from one of our members, Margaret Davies who is currently the Company Secretary and Head of Legal at the Rokel Commercial Bank. We are informed that she made a complaint to your good office and that a special investigation committee was set up to investigate the matter. However, the report of the committee including its findings has not been communicated to her even though the investigation was completed almost two (2) months ago.”
The Central Bank Governor is well aware of the current saga at the Rokel Bank, especially how a criminal cartel is planning to take over a bank that is doing extremely well under the current leadership. Governor Kallon is with the firm view that he cannot be arm-twisted to make a wrong decision on a very sensitive matter that has to do with an individual’s reputation.
“We, therefore, urge you to ensure that the report including findings of the special investigating committee aforesaid is released and/or communicated to our colleague as soon as possible,” the letter states.
What the L.A.W.Y.E.R.S Organization must perhaps be informed about or be reminded of is that the Central Bank of Sierra Leone since the current leadership took over the Rokel Bank it has released audited financial statements, which reports show that the bank continues to hit significant milestones in its transformational trajectory.
For instance, the bank’s retained earnings increased from Le966M in 2019 to Le 44Billion in 2020.This in effect means the bank is now extremely financially stable and has significantly cleared off its retained losses.
Despite an unfavorable global economic climate, the RCB’s management has utilized every available opportunity to change the narrative of a bank known for a tumultuous past. It continued with its impressive performance following its remarkable transformation from a loss-making to a profit-making financial institution.
Sources at the Central Bank have revealed that the Bank Governor is not under any pressure or duress to release a report that does not in any way indict the current leadership at RCB. “He is a very busy man trying to help President Bio address the economic challenges in the country. He cannot be subjected to intimidation by a group of selfish persons or placed under duress to release any report intending to derail the current progress made at the RCB,” the source said and added that the RCB has well-functioning management and board that has the right and authority to take an administrative decision whether its borders on staff transfers, queries, terminations or suspension.
Despite a challenging business climate and stiff competition occasioned by the presence of several foreign-owned banks in Sierra Leone, the Rokel Bank under the current board and management now paying dividends to the government of Sierra Leone which owns around 55% shares and its shareholders.
The enviable profit margins made possible in the midst of a COVID-19-ridden economy and global financial challenges are what the desperadoes have envied. “Thanks to an efficient and effective management system put in place by the government of Sierra Leone. With very impressive prudential statistics in the last four years, the bank is now rated among the fastest growing banks in Sierra Leone and the sub-region,” a retired RCB Manager said last evening and went on to suggest that the Board and current management must work together to get rid of those trying to destroy the good image of the bank.
The President of the nation and key authorities in the financial sector like the Governor of the Central Bank holds the firm belief that the RCB is a champion for financial inclusion in Sierra Leone.
