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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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Leonoil to Acquire Sierra Rutile Holdings Limited in A$0.18 Per Share Deal


Sierra Rutile Holdings Limited has agreed to be acquired by Leonoil, a local Sierra Leonean company.

Leonoil has offered to purchase each share of Sierra Rutile for A$0.18 (Australian dollars), and the board of Sierra Rutile has recommended that all shareholders accept this offer.

According to Sierra Eye, Previously, another company, Gemcorp, had made a lower offer of A$0.16 per share, but they have decided not to proceed with their bid. With no other companies making higher offers, it seems likely that Leonoil will take over Sierra Rutile.



Leonoil, known for selling fuel and owning several gas stations in #SierraLeone and other West African countries, is 100% owned by Sierra Leoneans. This means that a significant part of Sierra Leone’s mining industry could soon be owned by a local company.

The directors of Sierra Rutile, who hold shares in the company, have already agreed to the deal with Leonoil. The board believes that this is the best option for the company and does not expect any better offers to come along.



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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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