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RCBank Scoops 192. 8 Billion Profit, Records Le275.4 Billion Share Capital


The Bank of Sierra Leone had released the 2024 Financial statements of Rokel Commercial Bank and the figures show an unprecedented growth amidst growing competition and external shocks in financial markets

The biggest achievement for the bank is the massive leap from Le91.4 Billion (old Leones) to Le274.4 Billion (old Leones) indicating a 200% increase in share capital. This massive increase has come on the back of a Le192.8 Billion profit before tax and a Le143.9 Billion (old Leones) Profit after tax.

Whilst loans and advances grew by 33%, customer deposits grew by a significant 13% (Le3.3 Billion) from 2.9 Billion in 2023. Whilst shareholder equity also increased by 33% (951.5 Billion), loans and advances amounted to Le702.2 Billion.



As the Bank gears up to its Fifty-Second Annual General Meeting on Tuesday 20th January, it is clear that the steady nature that has characterized its growth trajectory over the last couple of years has been premised on focused leadership. It could be recalled that in 2024 when the bank of Sierra Leone set a minimum capital requirement of Le274, 455, 866 Billion for all commercial banks by the end of 2027, the Rokel Commercial Bank was the first to meet that threshold the same year (2024).

In more recent times, the bank had set it eyes on subregional expansion. A high-powered delegation led by the Managing Director, Dr Walton Ekundayo Gilpin departed Sierra Leone for sister Republic of Liberia in November last year. Their mission; to research and evaluate opportunities for establishing a banking presence in Liberia.

The team analyzed market data, met with key Liberian officials (including the Governor of the Central Bank and Minister of Finance), and engaged potential partners. Part of RCBank’s long-term vision for regional expansion and to position Sierra Leone as a key financial player in ECOWAS.

That move signifies RCBank’s ambition to export its innovative banking services beyond Sierra Leone.It aligns with Sierra Leone’s national vision for local institutions to expand across West Africa. Ideally, a successful entry would boost RCBank’s assets and profits, and enhance Sierra Leone’s regional financial standing.



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Sierra Leone Urged to Tap Dimension Stone Industry as Global Market Climbs US$7.02 Billion by 2026


Stakeholders in Sierra Leone’s extractive sector have called for greater attention to the country’s dimension stone resources, amid projections that the global market will rise from about US$5.74 billion in 2023 to US$7.02 billion by 2026.

Long-term estimates suggest the industry could reach US$20 billion, driven by increasing demand for construction and modern infrastructure.

Dimension stones, which include natural rocks such as granite, marble, limestone, and sandstone cut into blocks or slabs, are widely used in roads, ports, railways, and housing projects.



Despite their durability and strong market value, the materials remain significantly underutilised in Sierra Leone when compared with diamonds, gold, and bauxite.

These issues were highlighted during a Civic Engagement Forum convened by the African Centre for Climate Change on “Strengthening Accountability and Transparency in Sierra Leone’s Extractive Sector: Empowering Civil Society to Leverage Public Contract Disclosures for Monitoring and Illicit Financial Flows (IFFs) Reduction.”

The event focused on the economic potential of dimension stones and the need for stronger governance in the sector.

Speaking at the forum, Engineer Hadji Dabo, Director General of the National Minerals Agency (NMA), said the dimension stone industry holds significant promise but faces serious challenges. He pointed to child labour, unsafe artisanal mining, gender inequality, and widespread non-compliance as ongoing concerns.

“Many companies secure quarry licenses but later exploit dimension stones illegally,” Dabo warned, noting that weak oversight has led to revenue losses and environmental damage.

He recalled previous government bans on timber harvesting and stone extraction but said these measures failed to ensure long-term regulatory control. “The seriousness of the issue has compelled the government to establish an institution dedicated to supervising extraction and exportation to enhance transparency,” he said.

Dr. Charles G. Ofori, Policy Lead for Climate Change and Energy Transition at the Africa Centre for Energy Policy (ACEP), urged Sierra Leone not to overlook minerals classified as “small” or of lower commercial value.

“With accurate data we can calculate royalties, reduce leakages, and strengthen accountability. If Sierra Leone takes dimension-stone extraction seriously, it could contribute significantly to GDP,” he stressed.

Participants concluded the discussions with calls for stronger regulatory frameworks, accessible data, and effective taxation. They agreed that if managed responsibly, dimension stones could become a key driver of Sierra Leone’s economic growth and an important addition to the country’s broader extractive portfolio.



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Sierra Leone Could Benefit From $25 Billion Gas Pipeline


Sierra Leone is part of a mammoth plan of benefitting from a 25 billion USD gas pipeline that will travel from Nigeria to Morocco with a further extension to Spain.

Architects are saying that the pipeline will stretch a massive 4,350 miles passing through 11 countries along the Atlantic coast from Nigeria. These countries include Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal and Morocco.

They estimated that the construction work could take years before completion with a capacity of 10 cubic metres each year.



Nigeria, which has the 9th largest proven gas reserve in the world is looking to reach the European markets with ease.

This project, if brought to fruition, could create jobs for the local Sierra Leonean population and experience for engineers in the country as they also intend to start explorations for oil off the Pujehun coast in the next couple of years.



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Sierra Leone Could Benefit From $25 Billion Gas Pipeline


Sierra Leone is part of a mammoth plan of benefitting from a 25 billion USD gas pipeline that will travel from Nigeria to Morocco with a further extension to Spain.

Architects are saying that the pipeline will stretch a massive 4,350 miles passing through 11 countries along the Atlantic coast from Nigeria. These countries include Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal and Morocco.

They estimated that the construction work could take years before completion with a capacity of 10 cubic metres each year.



Nigeria, which has the 9th largest proven gas reserve in the world is looking to reach the European markets with ease.

This project, if brought to fruition, could create jobs for the local Sierra Leonean population and experience for engineers in the country as they also intend to start explorations for oil off the Pujehun coast in the next couple of years.



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Court Grants Stay of Execution, Orders Leonoil to Pay Le6 Billion


A High Court judge in Sierra Leone has granted a stay of execution in a fuel supply dispute between Jaffer Zeghir, Chief Executive Officer of SKM Group of Companies and Leonoil Company Limited.

According to the particulars of the case,  Zeghir purchased 200,000 liters of fuel from Leonoil in 2021 for Le 1.29 billion (old Leones) at the pre-hike price of Le 7,000 per liter. Leonoil refused to deliver the fuel after a fuel price increase, citing confusion over tax payment responsibility.

Zeghir sued and won a judgment in February 2024, ordering Leonoil to deliver the fuel.



Leonoil appealed the judgment and requested a stay of execution, arguing “special circumstances” due to the tax issue. Justice Samuel O. Taylor granted the stay on the conditions that Leonoil must deposit Le 6 billion (old Leones) in an interest-bearing account within 14 days and Leonoil must guarantee payment of the judgment amount plus interest if they lose the appeal.

Leonoil claimed the National Revenue Authority’s (NRA) late response regarding tax responsibility created a “special circumstance.” Zeghir Opposed the stay, arguing that Leonoil failed to act during the trial by not joining the NRA as a party to clarify the tax issue. He also pointed out Leonoil’s signed undertaking to accept any court judgment.

Whether Leonoil will comply with the court order and deposit the Le 6 billion remains to be seen.



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Super Advertis Reportedly Defrauds Sierra Leoneans of 9 Billion Leones


Super Advertise, an online business platform operational in Sierra Leone from October 2023 to late December 2023, finds itself in a startling situation as it faces allegations of fraudulent activities. According to reports from the Gleaner Newspaper, Super Advertis is accused of defrauding Sierra Leoneans, amounting to over Le 9,000,000,000.00 ($369,000.00) through task commissions.

Adding complexity to the situation, Super Advertise asserts that Orange-SL, a prominent mobile operator, has frozen all its accounts. This move by Orange-SL not only raises concerns but also intensifies the dispute as the online promotion service platform accuses the mobile operator of obstructing its operations.

Responding swiftly to the serious accusations, Orange-SL issued a statement on January 3rd, 2024, vehemently refuting any involvement or contractual association with Super Advertise. Orange-SL clarified that there are no frozen accounts linked to the accused company on their Orange Money platform.



The conflicting narratives from Super Advertise and Orange-SL have created unease within the Sierra Leonean community. Authorities are now tasked with the challenging responsibility of uncovering the truth behind these allegations and assessing the extent of Super Advertise’s alleged fraudulent activities.

The reported defrauded amount of Le 9,000,000,000.00 ($369,000.00) adds financial distress to an already sensitive matter, prompting affected individuals to seek justice and accountability for their losses.

This unfolding saga underscores the risks associated with online platforms and emphasizes the importance of exercising due diligence in engaging in online transactions. It serves as a reminder for users to be cautious and prompts regulatory bodies to enhance oversight in the continually evolving landscape of online services in Sierra Leone.



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RC Bank Hits Le94 Billion Profit Amid Unprecedented Expansion And Digitization


The Bank of Sierra Leone has approved the 2022 financial statements and balance sheet of the Rokel Commercial Bank, showing a staggering profit (before tax) of Le94BN (Ninety-four Billion Old Leones), representing a 5.96% increase from Le88BN. (Eight-Eight Billion Old Leones) profit in 2021.

Customer deposits also grew from Le1.7 Trillion (old Leones) in 2021 to Le2.4 Trillion (Old Leones) in 2022. While its 2023 balance sheet is yet to be reported, sources say RCbank is set to announce a record-breaking profit of aroud Le200 BN (Two Hundred Billion old Leones) this year. The bank has again pulled this through in the midst of a harsh global economic environment invariably affecting the local economy.

Clearly, the Rokel Commercial Bank is unrelenting in its pursuit to become the biggest and most digitalized financial institution in Sierra Leone and the entire sub region.



Currently, the bank boasts of the highest number of branches and cash points across the country triggering an exponential increase in customer base.  In September, this year RCbank launched a number of Electronic Banking (E-Banking) products and services, prominent among are Pre-Paid Cards, Visa Cards and cardless Automated Teller Machines (ATMS).

While plans are afoot to extend these user friendly and highly securitized banking cards to other institutions, the bank is completing the installation of 20 additional ATMs to its current stock of 15 at branches and outlets nationwide – leaving the Rokel Commercial Bank with largest spread of ATMS ever in the history of the Sierra Leone banking industry.



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Sierra Leone Government Le4.5 Billion Expenditure For Q2 2023 Revealed in Fiscal Report


The Sierra Leone Quarterly Fiscal Report has indicated that the government’s expenditure reached SLe 4.5 billion (SLE4,515,898,000) in the second quarter ending June 30, 2023.

This report, curated by the Accountant General’s Department, provides detailed insights into the government’s financial operations.

Awoko reports that the reported amount covers the spectrum of operational costs, including financial charges associated with both local and international debt, arrears clearances, and debt repayment. Accountant General Richard S. Williams confirmed that the report’s figures were collated from genuine revenue and expenditure data related to the Consolidated Fund and central government.



A breakdown of the total operational costs reveals that:

  • Wages and salaries consumed SLE1,127,725,000.
  • Social security and benefits for employees were allocated SLE241,731,000.
  • Expenses excluding salary and interest came up to SLE901,856,000.
  • Current transfers were marked at SLE1,447,170,000.
  • Capital expenses and transfers, inclusive of foreign debt interest, summed up to SLE583,637,000. These figures solely reflect the Consolidated Funds.

The quarter also saw financial expenses arising from local interest (SLE597,198,000) and foreign interest (SLE28,187,000).

On the revenue side, external grants for this period summed up to SLE12,853,000, with domestic revenue generation by agencies recorded at SLE32,652,000. Cumulatively, project and sub-vented agency revenues amounted to SLE45,505,000.

Furthermore, the consolidated revenue accrued during Q2 2023 was SLE2,412,809,000, with SLE2,406,882,000 stemming from domestic sources and a grant of SLE5,927,000 donated by Development Partners.

The domestic revenue of Q2 2023 comprised:

  • Tax income, profits, and capital gains: SLE903,892,000 (38% of domestic revenue)
  • Customs and excise: SLE52,424,000 (2%)
  • Goods and Services Tax (GST): SLE457,673,000 (19%)
  • International Trade and Transport taxes: SLE336,000,000 (14%)
  • TSA revenue: SLE319,401 (13%)
  • Other taxes and non-tax revenue: SLE261,810 (11% of domestic revenue).

 



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