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SLCB Director of Corporate Affairs Clarifies Concerns Over Unjustified Loans in 2022 Audit Report


In recent times, the Public Account Committee has raised concerns regarding the Sierra Leone Commercial Bank lack of specific loan policy for Political Exposed  Persons.

The concerns came following an Audit  revealing  that by December 31 2022,  the SLCB had issued  loans reportedly  totaling  SLE 41,448,000 to Politically exposed People  without clearer policies  or Procedures.

However, The Director of Corporate Affairs of the Sierra Leone Commercial Bank (SLCB), Victor Thomas Biandoma, Esq., addressed concerns over unjustified loan issuance.



The Director clarified that the loans in question raised in the Auditor General’s Report underwent a thorough vetting process in line with the bank’s stringent credit policies.

Emphasizing the institution’s commitment to transparency and due diligence, the Victor detailed the criteria met by the borrower, which included a strong credit history, a viable business plan, and other supporting documents.

He further assured customers and stakeholders that loans’ approval was based on sound financial judgement and aimed at fostering economic growth.

“The SLCB, recognised for its robust governance framework, remains dedicated to maintaining its reputation for financial integrity,” he averred.

The Director also mentioned that any allegations of impropriety are being taken seriously and investigated to uphold the bank’s standards and customer trust.

 



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Notification for Public Disclosure on the Environmental Social Health Impact Assessment Report for Long Lush (SL) Ltd in Bambatok and Senehum Villages Upper Banta and Bagruwa Chiefdoms Respectively, Moyamba district, Southern Sierra Leone.


This advert serves to notify interested and/or affected persons/parties of the Environmental Social Health Impact Assessment was conducted for the Long Lush (SL) LTD, Freetown Sierra Leone.

In conformity with the Sierra Leone Environmental Protection Agency Act 2008, the LONG LUSH (SL) LTD Project needs to be planned and designed in a manner that minimizes potential negative social and environmental impacts.

This is expected to be achieved through the ESHIA Process that was undertaken by Geomining Consultancy (SL) Ltd.



The Environmental Social Health Impact Assessment (ESHIA) report has been presented to the Environmental Protection Agency (EPA-SL) to be presented to the affected and interested stakeholders during the public disclosure processes for discussion.

Geomining Consultancy, EPA – SL and Long Lush Group (SL) Ltd, propose to conduct stakeholder engagement process at the following locations and dates:
Babatok Village, Upper Banta Chiefdom, Moyamba District on 12th January 2024

Senuhun Village, Bagruwa Chiefdom, Moyamba District on 13th January 2024

The report is now available for reference purposes at any time at the following locations:

The Environmental Protection Agency Sierra Leone (EPA-SL) office, 92 Dundas street, Brookfield, Freetown;

Long Lush (SL) Ltd, 65 Siaka Steven Street Freetown

Geomining Consultancy at 33 Victoria Street Freetown.

Stakeholders and/or interested person/parties are invited to participate in the consultation process for the Public Disclosure processes at the above-mentioned locations.

Your input and any issues or insights that you may have regarding the projects will be valuable.

Comments can be submitted verbally at the Stakeholder’s workshop or written format. Written comments must be sent to the following contacts below.

We look forward to your participation in the consultation and disclosure process.



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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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