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Rokel Commercial Bank Bids Farewell to Outgoing Board Chairman Buffy Bailor After Six Years of Transformative Leadership


Rokel Commercial Bank (RCBank) hosted a grand farewell ceremony on Wednesday, February 12, 2025, to honor its outgoing Board Chairman, Mr. Buffy Bailor, who served from 2018 to 2024.

The event brought together key stakeholders from Sierra Leone’s financial sector, including the Governor of the Bank of Sierra Leone, representatives from the Ministry of Finance, and senior management staff of RCBank, to celebrate Mr. Bailor’s remarkable contributions to the bank’s growth and transformation.

Welcoming guests, Head of Public Relations, Aruna Dumbuya, stated that the farewell was organized to recognize Mr. Bailor’s tremendous work and unwavering commitment during his six-year tenure.

Joining virtually from abroad, Board Member Marcella Jones highlighted the significant professional transformation and unique cooperation fostered under Mr. Bailor’s leadership. She described his legacy as indelible, emphasizing his role in steering the bank through key transitions and innovations.

Representing minority shareholders, Mrs. Margaret Bernard Jones acknowledged the inevitability of the transition due to bank policy. Drawing a symbolic reference, she compared Mr. Bailor’s six years of service to the six days of creation, expressing that it was time for him to rest after his dedicated efforts on behalf of shareholders.

Bank Governor Dr. Ibrahim Stevens praised Mr. Bailor’s contributions to both RCBank and the broader financial sector, wishing him success in future endeavors. Deputy Managing Director Emmanuel Borbor echoed similar sentiments, crediting Mr. Bailor’s leadership for the bank’s increased profitability and well-structured board. He noted that Mr. Bailor’s successor would inherit a strong foundation built on professionalism and strategic foresight.

 

Managing Director Dr. Walton Ekundayo Gilpin delivered an emotional tribute, describing Mr. Bailor as an outstanding and remarkable leader whose charisma, intellect, and forward-thinking mindset left an indelible mark on the bank. He lauded Mr. Bailor’s ability to lead not just through words but through decisive actions that propelled RCBank to new heights.

Dr. Gilpin highlighted the numerous challenges they faced together, particularly during the bank’s digital transformation journey. “There were formidable challenges, but Mr. Bailor never relented. His favorite phrase, ‘Let go and let God,’ became a mantra that kept us going even in the most trying times,” he recalled.

 

He further emphasized Mr. Bailor’s unwavering belief in progress and excellence, stating, “No matter how difficult things got, Mr. Bailor believed that as long as we kept moving forward, success was inevitable. His leadership ensured that we didn’t just aim to be among the top three banks, but to be among the top two, always striving for the best.”

Dr. Gilpin acknowledged Mr. Bailor’s pivotal role in embracing digital banking, navigating regulatory policies from the Central Bank, and ensuring that RCBank remained resilient amidst financial uncertainties. He praised Mr. Bailor’s insistence on respect, diligence, and service delivery as the core values that drove the bank’s achievements.

Reflecting on the implementation of major projects like the change of currency and digital banking platforms, Dr. Gilpin noted, “Mr. Bailor always supported forward-looking initiatives. His touch of gold ensured that every project we undertook was executed with precision and excellence. Today, RCBank stands tall because we had a chairman who believed in what he was doing and never got discouraged.”

In his farewell speech, Mr. Buffy Bailor was visibly moved, admitting that he was short of words at such a solemn moment. Reflecting on his journey, he revealed that he initially hesitated to accept the chairmanship, as he was focused on other pursuits. However, after consultations with key stakeholders and his wife, he accepted the challenge, determined to turn around the fortunes of RCBank, which was in a precarious state at the time.

“When I took over, RCBank was struggling. My first task was to identify the core issues and find ways to move forward together. It wasn’t easy, but with a dedicated team, we managed to transform the bank,” Mr. Bailor stated.

He expressed deep attachment to the bank, describing it as a family he was leaving behind. As a chartered accountant, he recounted how he leveraged his network to bring numerous customers and businesses to RCBank. Highlighting key achievements, he disclosed, “During the Afreximbank regional meeting, we successfully negotiated a $10 million regional loan and a $25 million trade finance facility, which will be available to the bank after completing necessary processes. I urge the management to ensure these facilities are fully realized.”

Mr. Bailor emphasized that RCBank has the potential to become Sierra Leone’s biggest bank, given its current resources and human capital. “My prayer is that whoever takes over will build on this foundation and make the bank twice or even three times better,” he said, encouraging staff to believe in their abilities and continue their hard work.

He also urged the government to consider appointing board members with fewer external engagements to ensure active participation in the bank’s governance. Presenting a comprehensive handover note to President Julius Maada Bio, Mr. Bailor detailed the bank’s successes and challenges, offering valuable insights for his successor.

“A good captain must navigate rough seas to prove their worth. I believe we have navigated those rough seas well, and I am proud of what we have achieved together,” he concluded, expressing gratitude to the President, Parliament, the Managing Director, Deputy Managing Director, board members, staff, and all stakeholders who supported him during his tenure.

The event concluded with the presentation of gifts from senior and junior management staff to Mr. Bailor. Mrs. Bailor, speaking on behalf of her husband, thanked everyone for their support, expressing hope that their bond with RCBank would remain strong.

Mr. Bailor’s departure marks the end of a transformative era for Rokel Commercial Bank, leaving behind a legacy of resilience, innovation, and growth.



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Special New Year Message from the Senior Staff Association of Rokel Commercial Bank


As Sierra Leone ushers in 2025, the Senior Staff Association (SSA) of Rokel Commercial Bank has delivered a heartfelt New Year message, extending appreciation and hope for the year ahead.

In their statement, the SSA commended the exemplary leadership of the bank’s Managing Director, Dr. Walton Gilpin COOR, whose visionary guidance has elevated Rokel Commercial Bank to a prominent position within Sierra Leone’s banking sector. They highlighted his dynamic approach as instrumental in achieving remarkable milestones over the past year.

The SSA also expressed gratitude to the Board of Directors, management, staff, and the bank’s loyal customers for their unwavering support and dedication, which have collectively contributed to the institution’s success.



Looking forward to 2025, the association emphasized its commitment to fostering growth, collaboration, and continued excellence within the bank and the broader financial sector.

Concluding the message, the SSA wished everyone a prosperous and successful New Year filled with opportunities and achievements.

HAPPY New Year to all from the Senior Staff Association of Rokel Commercial Bank!



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Rokel Commercial Bank Launches Partnership with Vult by Metro Cable to Revolutionize Financial Inclusion in Sierra Leone


On Monday, December 9, 2024, Rokel Commercial Bank officially launched its partnership with Vult by Metro Cable, a groundbreaking initiative aimed at transforming financial inclusion in Sierra Leone.

The ceremony, attended by senior management teams from Rokel Commercial Bank and Vult, marked a significant step in advancing digital banking solutions and expanding access to financial services across the country.



 

Providing insight into Vult’s operations and its role in promoting digital financial inclusion, Abdul Salam Kallon, Head of Compliance at Vult, explained that the Metro e-wallet is a payment platform under the Bank of Sierra Leone’s Sandbox Program. He noted that the initiative integrates Vult with digital wallets, offering users access to wallet services, cards, and payment systems for various needs.

He highlighted that the Vult app is available for download on Google Play Store, allowing users to sign up easily using their phone numbers and email addresses. “Since it operates online, the platform is equipped with strict security features to ensure user safety,” he said.

Kallon emphasized the platform’s versatility, stating that Vult enables users to receive money locally and internationally, conduct cross-border transactions, and make payments for goods across international borders. “It functions much like opening a bank account, and our cards can be used at Rokel Commercial Bank ATMs and POS machines both within and outside Sierra Leone,” he explained.

He concluded by reiterating that the primary goal of the partnership with Rokel Commercial Bank is to enhance financial inclusion and make digital financial services more accessible.

Vult’s Chief Operating Officer, Pierre Johnson, provided updates on the platform’s progress and achievements. He noted that within just six months of operation, the app has been downloaded by 200,000 users, with 13,000 active accounts and 2,500 cards issued.

Johnson also mentioned the establishment of over 30 merchant locations in Freetown, Bo, and Makeni, reflecting the platform’s growing reach. Additionally, he disclosed a partnership with Mastercard and Money-Me to facilitate seamless transfers to mobile money accounts.

Dr. Walton Gilpin, Managing Director and CEO of Rokel Commercial Bank, highlighted the transformative impact of the partnership in advancing digital banking and financial inclusion.

“We have been working on this initiative for some time, and our partnership with Vult has significantly widened our reach and improved financial accessibility,” he said. Dr. Gilpin added that digital banking has enhanced transaction speed and efficiency, while also supporting macroeconomic growth.

He noted that the platform allows users to access quality materials and services digitally, contributing to greater convenience. “This partnership expands product possibilities, and our goal is to position Sierra Leone as a hub for excellent digital banking services,” Dr. Gilpin emphasized.

David Pakima, Founder and CEO of Vult, expressed gratitude to Rokel Commercial Bank’s management, particularly Dr. Gilpin, for supporting the initiative from its inception.

Pakima explained that Vult originated from the success of their metro cable project, which made Freetown one of the most connected cities in Africa. “We realized that many users lacked access to premium versions of various platforms, and this inspired us to develop Vult to empower communities and enhance their digital experiences,” he said.

He described Rokel as the ideal partner, noting that their shared vision has driven the initiative forward. “Rokel brings the right appetite, and Vult contributes the intensity to make this partnership successful,” Pakima remarked.

He revealed that Vult has been the most downloaded app in the region on Google Play for the past three months and announced plans to expand into three new markets next year. “This partnership will enable thousands of unbanked Vult users to open accounts with Rokel Commercial Bank,” he added.

Pakima concluded by thanking the teams at Rokel and Vult for their collective efforts in ensuring the initiative’s success. “Together, we are providing seamless access to digital financial inclusion,” he said.



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Rokel Bank Scoops NLe 191.6 Million Profit


The Bank of Sierra Leone has approved the Rokel Commercial Bank Statements of Account – revealing a staggering NLE191, 627, 038 (One Hundred and Ninety-One Million, Six Hundred and Twenty Thousand and Thirty-Eight Cents) for the 2023 Financial Year.

Profit after tax is Nle142,802,319, eclipsing the NLe69,48,024 the previous year.

This significant achievement represents a 104% increase from the NLe94 Million recorded in 2022. Consequently, customer deposits rose to NLe2.9Billion indicating a 25% increase from NLe 2.35Billion recorded in 2022.



The growth in deposits has triggered a significant growth in the bank’s balance sheet from NLe3.2Billion in 2022 to NLe3.8Billion in 2023 representing a 18.75% increase respectively. Total earnings per share also grew from NLe0.76 per share (2022) to NLe1.56 per share (2023).

In September this year, the RCBank Celebrated its 25th Anniversary after a smooth transition from Barclays Bank Plc in 1999 which had operated the bank for nearly a century.

The celebrations were marked by several indoor and outdoor activities including Christian and Muslim thanksgiving services and a special event to recognizing staff who have had 15 to 35 years of unbroken record of service.

In each of these events, the Managing Director, Dr Walton Ekundayo Gilpin re-echoed a renewed sense of hope and commitment in expanding and making Rokel Commercial Bank a dominant force in the subregional finance industry.



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Rokel Bank Scoops NLe 191.6 Million Profit


The Bank of Sierra Leone has approved the Rokel Commercial Bank Statements of Account – revealing a staggering NLE191, 627, 038 (One Hundred and Ninety-One Million, Six Hundred and Twenty Thousand and Thirty-Eight Cents) for the 2023 Financial Year.

Profit after tax is Nle142,802,319, eclipsing the NLe69,48,024 the previous year.

This significant achievement represents a 104% increase from the NLe94 Million recorded in 2022. Consequently, customer deposits rose to NLe2.9Billion indicating a 25% increase from NLe 2.35Billion recorded in 2022.



The growth in deposits has triggered a significant growth in the bank’s balance sheet from NLe3.2Billion in 2022 to NLe3.8Billion in 2023 representing a 18.75% increase respectively. Total earnings per share also grew from NLe0.76 per share (2022) to NLe1.56 per share (2023).

In September this year, the RCBank Celebrated its 25th Anniversary after a smooth transition from Barclays Bank Plc in 1999 which had operated the bank for nearly a century.

The celebrations were marked by several indoor and outdoor activities including Christian and Muslim thanksgiving services and a special event to recognizing staff who have had 15 to 35 years of unbroken record of service.

In each of these events, the Managing Director, Dr Walton Ekundayo Gilpin re-echoed a renewed sense of hope and commitment in expanding and making Rokel Commercial Bank a dominant force in the subregional finance industry.



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Rokel Bank MD Appointed Chair of African Leadership Council for Sierra Leone


Dr. Walton Gilpin, Managing Director of Rokel Commercial Bank, has been appointed Chair of the African Leadership Council for the Sierra Leone Chapter.

The announcement was made during an official event held at the Bank of Sierra Leone Complex on Sunday, 22nd November 2024. This event also coincided with the bank’s 25th Anniversary celebrations, which included a Thanksgiving Service at Wesley Methodist Church, a march-past, and a formal dinner.

Dr. Gilpin received the insignia of office and a Certificate of Listing as one of the top 40 African Caribbean business leaders for 2024 from Samuel Elaikwu, a senior representative of the African Leadership Organisation (ALO).



The African Leadership Council works to advance global opportunities for African countries, and Dr. Gilpin’s new role will focus on leveraging these opportunities to promote Sierra Leone on the international business stage.

Dr. Gilpin, who has previously been recognized as one of the top 25 African Banking Leaders by the Pan-African Leadership Magazine, described the appointment as a victory for Sierra Leone. In his statement, he encouraged his fellow citizens to unite and refrain from negative discourse.

Among his accolades, Dr. Gilpin received the prestigious US Congressional Award from the State of Carolina in 2023.

The African Leadership Organisation (UK) continues to support African and Caribbean business leaders in fostering global connections and promoting sustainable development across the continent.



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Bank of Sierra Leone Issues First Local Currency Corporate Bond


Sierra Leone’s financial sector witnessed a historic moment with the Bank of Sierra Leone approving the country’s first-ever local currency corporate bond on June 12, 2024, as reported by Invest Salone. This milestone paves the way for a more developed capital market in the nation.

United Capital Plc, a prominent pan-African investment banking firm, and Pennarth Greene, a Sierra Leonean corporate finance advisory firm, played a pivotal role in arranging the bond issuance. Support also came from Invest Salone’s PROSPER Salone grant scheme.

The bond, valued at SLE32 million (approximately US$1.4 million), was secured by LAPO Microfinance Company. LAPO, focusing on providing financial services to micro, small, and medium enterprises in Sierra Leone, has a unique characteristic – 99% of its clients are women. The proceeds from the bond will fuel LAPO’s expansion plans, allowing them to strengthen their loan portfolio and establish new branches.



Eshiague Gabriel, LAPO SL’s Managing Director/CEO, hailed the bond issuance, highlighting its significance as a new, cost-effective funding source, free from foreign exchange risks often associated with foreign debt.

Claudius Bart-Williams, CEO of Pennarth Greene, emphasized the creation of a novel long-term funding channel in Sierra Leone. He commended the transparent process, adhering to international standards, that included a prospectus, credit rating assessment, and a trust deed. He noted the strong interest from both local and international investors, recognizing the LAPO bond as a new asset class and a benchmark for corporate bond yields in the country. Bart-Williams also expressed his appreciation for the Bank of Sierra Leone’s guidance in achieving this milestone.

The Africa Local Currency Bond Fund (ALCB Fund), aiming to develop thematic bond markets in Africa, served as the anchor investor. Brock Hoback, Fund Lead at ALCB Fund, expressed his enthusiasm in supporting this historic transaction. He anticipates the bond to stimulate Sierra Leone’s bond market, ultimately providing women from low-income households with access to affordable loans, promoting financial independence and empowerment.

Invest Salone’s Investment Lead, Christina Clark-Lowes, pointed out the bond’s potential to diversify the domestic capital market, attracting a wider range of investors. She addressed the current challenge of limited access to finance for Sierra Leone’s private sector, with many institutions relying heavily on bank overdrafts due to undercapitalization. Corporate bonds, according to Clark-Lowes, offer an attractive alternative, especially for companies seeking long-term financing. The local currency aspect eliminates the risks associated with foreign exchange fluctuations.

Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, highlighted the significance of this transaction in establishing a strong corporate bond framework and fostering the growth of Sierra Leone’s capital market. He reaffirmed United Capital’s commitment to strengthening capital markets across Africa by actively participating in such groundbreaking initiatives.

The approval of this landmark bond issuance is anticipated to attract new international investors to Sierra Leone and provide existing investors with new diversification opportunities. This milestone signifies a positive outlook for the country’s economic future.



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Sierra Leone’s Central Bank to Auction NLe333.07 Million in Treasury Bills and Bonds


The Central Bank of Sierra Leone has announced a significant treasury bills auction scheduled for Wednesday, June 19, 2024. The auction will offer a total of NLe333.07 million, spanning a variety of government securities including short-term treasury bills and longer-term treasury bonds.

This auction presents a mix of 91-day, 182-day, and 364-day treasury bills, alongside 2-year and 3-year treasury bonds, providing a range of investment opportunities for financial institutions and individual investors alike. The move underscores the Central Bank’s ongoing strategy to manage national debt and stimulate investment in government securities.

A detailed breakdown of the offerings reveals that NLe1,568,750.00 has been allocated for the 91-day bills, NLe3,137,500.00 for the 182-day bills, and a substantial NLe284,290,600.00 for the 364-day bills. In addition, NLe16,255,600.00 will be available for the 2-year bonds and NLe27,734,000.00 for the 3-year bonds.



This week’s offer marks a notable 28.9 percent increase from the previous auction on June 6, 2024, which saw a total of NLe63,654.60 million offered across similar instruments. The increase in allocation reflects the Central Bank’s effort to attract more investment into government securities, ensuring liquidity and a stable debt management process



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Access Bank Sierra Leone Appoints New Chairman And Non-Executive Directors


Access Bank Sierra Leone Limited has announced the appointment of Maurice Nathaniel Cole and four other non-executive directors.

The appointment was made through a press statement made available to Nairametrics by Access Holdings Plc, which states the new executives to its Board of Directors will further strengthen its leadership team and advance the implementation of its growth and transformation strategy.

It added that the appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.



Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.

The group noted that the appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance.

Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.

Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.

“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank”.

He noted that Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter.

According to him, the Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

Nairametrics reported recently shareholders of Access Holdings Plc, at the 2nd Annual General Meeting (AGM) held on Friday in Lagos, endorsed the group’s plan to establish a capital raising programme of up to $1.5 billion as well as the subset initiative to raise to N365 billion through a rights issue.

The proceeds of the rights issue would be used to support ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as non-executive directors.

The appointment of Aig-Imoukhuede as the chairman of Access Holdings was cheered by the shareholders, who pointed to his history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside the late Herbert Wigwe.

Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo, shareholders said.



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Rokel Commercial Bank Extends Support to University of Makeni After Hostel Fire


Responding to the devastating fire that ravaged the Female Hostel at the University of Makeni on the evening of April 15, 2024, Rokel Commercial Bank’s Management, led by Dr. Gilpin, has taken swift action to support the affected victims.

Under the guidance of Mr. Abubakarr Bah, Manager of the RCBank Makeni Branch, a team from Rokel Commercial Bank visited the university campus to offer assistance. The bank’s efforts included providing counseling services and immediate relief items such as foodstuff and cleaning supplies.

According to reports received by Rokel Commercial Bank’s PR Unit, the fire caused significant damage to properties within the hostel. However, there have been no reported casualties, offering a glimmer of relief amidst the tragedy.



The proactive response from Rokel Commercial Bank underscores its commitment to the community and its values of support and solidarity during challenging times.

As the affected individuals begin to rebuild their lives, the bank’s support serves as a beacon of hope and assistance in their recovery efforts.



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