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Union Trust Bank Ceases Operations as Rokel Commercial Bank Completes Acquisition


Union Trust Bank (UTB) has officially ceased operations, with Rokel Commercial Bank (RCB) completing its acquisition of the struggling indigenous bank on June 17, 2026.

The Bank of Sierra Leone (BSL) announced the takeover during a staff meeting on June 16, with Deputy Governor for Financial Stability Alfred W. B. Samah informing employees that UTB would cease to exist effective that day . RCB will assume control of UTB’s operations starting June 17.

The central bank’s decision follows years of regulatory intervention, with Samah revealing that Union Trust Bank had been unable to meet capital requirements since 2018.

“The state of Union Trust Bank today is so poor that one could meaningfully argue that it should be handed over to a liquidator,” Samah told staff. He disclosed that the bank’s net worth had deteriorated to approximately negative Le515 million and projected obligations had reached Le270 billion up to 2027.

“If you sold everything that Union Trust Bank owned and added all the proceeds together, there still would not be enough money to pay all customers their deposits,” he stated.

The central bank had requested capital restoration plans on multiple occasions, but retained earnings became negative and the bank’s financial position deteriorated significantly. Development partners including the IMF and World Bank shared concerns about UTB’s financial health, with the World Bank funding an assessment in 2024 that produced “not encouraging” findings.

The decision represents a resolution action rather than liquidation, Samah clarified. “Resolution is not liquidation. Resolution is a process whereby, when the financial condition of a financial institution becomes severely impaired, the Central Bank intervenes, takes control of the institution, and seeks to restore stability without causing disruption to the financial system.”

The central bank had placed UTB under caretaker management in early December 2025, shortly after the passing of the bank’s founder, Dr. James Sanpha Koroma. Dr. Koroma, a former Bank of Sierra Leone Governor, established UTB in 1995 as Sierra Leone’s first indigenous commercial bank.

Union Trust Bank shareholders are calling for justice and transparency regarding what they describe as a “criminal takeover.” The shareholders maintain that within one week of the central bank’s intervention, they secured the required capital through a Sierra Leonean business investor and submitted relevant documentation to the Bank of Sierra Leone in December 2025.

However, they state that no formal acknowledgment or substantive response has been received from the central bank, with more than six months having passed without resolution.

The owners have sought legal redress through the courts but remain concerned about the lack of progress in proceedings.

Meanwhile, internal memoranda indicate that RCB staff will be deployed across all UTB branches. A joint cash count exercise will be undertaken, with branch heads instructed to hand over vault keys to RCB team leads witnessed by Bank of Sierra Leone staff.

Staff have also been directed to wear Rokel Commercial Bank dress code from June 17, with female staff to wear white blouses with navy blue suits and male staff to wear white shirts with navy blue or black ties.

The central bank has maintained that no staff member has been disadvantaged during the process, with employees continuing to receive full salary, leave benefits, rent allowances, and other approved benefits.



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Orange SL Discovers Fraud in Sales and Distribution Operations


Orange Sierra Leone has uncovered a significant case of internal fraud within its sales and distribution network, resulting in substantial revenue losses.

The discovery was made during a recent internal audit, revealing fraudulent activities allegedly carried out by employees.

The company, known for its strict anti-fraud policies, has expressed deep concern over the breach of trust. Orange Sierra Leone reiterated its unwavering commitment to maintaining integrity in all operations and enforcing a zero-tolerance policy against fraud and corruption.



Speaking on the matter, the company’s Public Relations Officer, Mr. Alfie Barrie, assured stakeholders that a full investigation is underway.

“Our focus remains on ensuring a thorough investigation into this matter. The individuals responsible will be held fully accountable for their actions,” Mr. Barrie stated.

He also emphasized that the situation highlights the effectiveness of the company’s internal controls and anti-fraud mechanisms.

“This incident underscores the strength of our robust internal controls and anti-fraud systems. Our commitment to ethical values and our zero-tolerance approach to fraud and corruption guide all of our actions,” he added.

In response to the findings, Orange Sierra Leone has implemented additional measures to tighten security across its sales operations, preventing further unauthorized activities.

“This situation only reinforces our determination to uphold the highest standards of integrity,” Mr. Barrie continued. “Our ethical values remain at the core of everything we do. We are confident that our proactive anti-fraud measures will continue to protect the interests of all our stakeholders moving forward.”

The telecommunications giant reassured its customers, partners, and stakeholders that it is taking the matter seriously and remains committed to ethical conduct and corporate governance.



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Sierra Rutile Holdings Limited Suspend Its Area 1 Operations, Commence Redundancy Program


The Sierra Rutile Holdings Limited has announced suspension of its Area 1 operations and commenced redundancy Program.

The company confirmed that further to its announcement dated 29th February 2024 about the 2023 annual financial report has now suspended all mining and processing activities at its Area 1 operations and will commence a process of engagement with the Government of Sierra Leone and staff that will result in approximately 25% of staff, including expatriates being issued with redundancy notices by the end of March 2024.

The action, according to the company is said to be a prompt response to both ongoing weak market conditions and uncertainty regarding the fiscal regime applicable to Area 1 operations.



However, the company is optimistic that the suspension of operations will be brief, and an agreement will be reached with the Government of Sierra Leone on an appropriate fiscal regime that would again support production alongside supportive Rutile market conditions.

Should this not be achieved in the coming weeks, the company will need to consider the full closure of mining operations at Area 1 which will impact the great majority of the remaining workforce as well as potentially, a large number of personnel employed by various contractors.

The company will for the main time continue to monetise its finished goods inventories in the ordinary course of business and will use these funds to fund statutory termination benefits to members of the workforce that are made redundant.

Sierra Rutile Holdings Limited continues to advance the definitive feasibility study for the Sebehun project, results of which are expected to be announced in April 2024.

In the event that Area 1 operations move to full closure, the Company may look to undertake a strategic review of its Sebehun project with the objective of maximising value for the benefit of all Sierra Rutile Stakeholders.

Sierra Rutile Holdings Limited (SRX) is a Multi – Mineral Sands Operation straddling the Bonthe and Moyamba Districts in Southern Sierra Leone with over 2000 employees, representing one of the largest private employers in Sierra Leone.

The Company also holds ownership of rutile deposits, the Sebehun project.





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Super Advertis Makeni Manager Speaks on Their Mode of Operations


A viral video making the rounds on social media has revealed an interview with a man who identified himself as Professor Barrie, Manager of Super Advertis at Makeni City Plaza explaining the Company’s Mode of Operations.

Manager Barrie said in the Video that surfaced online that he had gone through the ranks of the company before attaining the position of being a Manager. He described the company as an Online Marketing Company serving as an Intermediary between the people and the Ecommerce- websites. He confirmed that there are many Ecommerce websites online like the Alibaba, Amazon and they as end users go to Purchase these goods.

“Super Advertis came as an intermediary to advert the goods of these Ecommerce websites by Clicking google will ranked it as search engine optimization. So Super Advertis develop a system where people will make money from their clicks.’ he said.



Responding to questions on the legality of their operations, Manager Barrie revealed that the Company has more offices in Sierra Leone adding that it is legally registered with the government of Sierra Leone. He confirmed in the said video that these are evidences to show the company is here to stay.

The newly introduced online business Company shut down its services to its customers on Tuesday 2nd January 2024 after the company said all of its funds were frozen by mobile money operator, Orange.

The company also directed its users and partners to go to Rakuten, which it stated is its other branch, to retrieve all their money. But shortly after, Rakuten denied any relationship with Super Advertis.

The development comes a few days after mobile network operator, Orange disassociated itself of any partnership with Super Advertis saying it does not have any contractual dealings or in any way associated with the business/company.

The Bank of Sierra Leone, in a public notice issued on January 5th, 2024, categorically stated that “Super Advertis” had not been granted a license to conduct any financial activity. The online-based entity was accused of enticing individuals to invest in a covert financial scheme through mobile money platforms. The Bank’s notice served as a stern warning to the public, urging them to refrain from engaging in any financial transactions with Super Advertis due to its illegal activities.

Subsequently, the Financial Intelligence Unit (FIU) announced on January 4th, 2024, that it was actively investigating Super Advertis for suspected unlawful activities, referring to it as a potential “Ponzi scheme.” The FIU highlighted the collaboration with mobile money service providers, including Orange Money, in restricting access to the suspected fraudsters’ accounts and cooperating with relevant authorities in ongoing investigations.



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Journalists Share First-Hand Insights on QNET’s Operations and Integrity in Exclusive VCON Webinar


In a compelling hour-long “QNET VCON” Media Webinar held on Saturday, December 16, 2023, journalists from Sierra Leone and Ghana, who journeyed to QNET’s operational headquarters in Malaysia back in September 2023, shed light on their experiences with the company. This exclusive session unveiled their perspectives following their attendance at QNET’s grand 25th Anniversary Ceremony during the VCON event earlier in 2023.

Amin Kef (Ranger), Editor of The Calabash Newspaper in Sierra Leone, initially harbored doubts regarding QNET’s authenticity and the quality of its proclaimed products, largely influenced by negative media narratives surrounding alleged fraudulent activities associated with the company. However, his skepticism underwent a profound transformation upon his participation in the V-Con in Malaysia, an event attended by a staggering 15,000 to 20,000 Independent Representatives and Partners.

Sharing his insights, Amin highlighted the pivotal moments where interactions with QNET officials provided substantial clarifications, dispelling misconceptions. He emphasized the firsthand exposure to the company’s product line, witnessing the rigorous scientific underpinnings validating their legitimacy, firmly believing in the adage ‘seeing is believing.’



Echoing Amin’s sentiments, Samuel Bio, Night Editor at Daily Graphic in Ghana, corroborated his colleague’s positive encounters and affirmations about the company.

Biram Fall, the QNET Sub-Saharan African Regional General Manager, illuminated the company’s operations in Sierra Leone, underscoring ongoing initiatives focused on public education and combatting scams. He urged the public to leverage QNET’s Compliance Hotline for inquiries or to report any irregularities, reaffirming the company’s commitment to transparency and integrity.

The webinar concluded with heartfelt gratitude extended to all participants, marking the session’s success in providing an in-depth understanding of QNET’s operations and the proactive measures taken to counter the tarnishing of its reputation by fraudulent activities. The journalists’ testimonies stood as a beacon of authenticity and credibility, offering a nuanced portrayal of QNET’s reality and its relentless dedication to combatting negative portrayals in the media.



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