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Here’s What the Chief Minister and His Wife Did to ‘Waka Fine Bus’


In a delightful display of community spirit and commitment to radical inclusion, Chief Minister David Moinina Sengeh, accompanied by his wife, took an afternoon ride onboard the WAKA Fine bus. The couple joined ordinary citizens, experiencing firsthand the modern, comfortable public transport that has become a symbol of Sierra Leone’s drive towards improved urban mobility.

This simple yet profound act was not just a show of leadership, but a living embodiment of the Chief Minister’s philosophy of radical inclusion — the belief that every Sierra Leonean, regardless of status, should have equal access to the nation’s growing opportunities and shared infrastructure.

As the bus moved through the vibrant city streets, Dr. Sengeh stood alongside ordinary citizens, engaging in conversations and listening to their stories. His decision to remain standing, without taking a seat, sent a powerful message about leadership grounded in empathy and humility. “Radical inclusion is about breaking down barriers — not just in policies but in everyday life.



The WAKA Fine Bus initiative is a transformative project aimed at revolutionizing public transportation and stands as a testament to President Bio’s efforts to create more accessible, reliable, and affordable mobility options for all Sierra Leoneans. Dr. Sengeh’s presence on the bus was a clear affirmation of the government’s resolve to prioritize inclusive growth, ensuring that national development reaches even the most marginalized. By participating in this public experience, the Chief Minister demonstrated his belief that leadership is most effective when it is both visible and engaged with the everyday realities of citizens.

This symbolic journey was a powerful reminder that true leadership is not about privilege but about being present and standing with the people in both word and action. Through his example, Chief Minister Sengeh continues to champion radical inclusion, leading Sierra Leone toward a future where every citizen has a place — and a voice — in the nation’s progress.



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At 25years…RCBank Exceeds Expectations


The Rokel Commercial Bank will on the 17th September celebrate its Silver Jubilee – 25 years of  existence since 1999 when Barclays PLc (which owned the bank since 1917) transferred 100% ownership to the government and people of Sierra Leone. The period following the transfer witnessed stable growth until the escalation of hostilities in Sierra Leone’s civil war of the 90’s.

After the war, there was a period of decline with liquidity and solvency challenges until around 2013 when the government of Sierra Leone provided a bailout package. Consequently, the recapitalization led to a 65% government ownership of a bank that was to become one of the most profitable financial institutions as well a major contributor to the country’s economy.

However, despite the bailout, the problems persisted until 2017 when a new Managing Director was appointed.

The new management beaded by a seasoned economist and financial expert, Dr Walton Ekundayo Gilpin apparently had a better understanding of its terms of reference as it set about implementing bold and viable reforms that quickly streamlined the operations of the Bank into a modern, resilient and profitable financial institution. Key among these initiatives was an ambitious marketing and re-branding programme that witnessed the launch of a new logo, heightened customer outreach, publicity and visibility campaigns, etc.

Almost immediately, there was a surge in public confidence and goodwill and prudential statistics like customer deposits, capital adequacy, A performing loans etc grew exponentially while annual profit margins increased at th a consistent trajectory.

From a paltry Le1.5Billion in 2016 to Le64 Billion in 2017, it was clear that new management team was on a mission to save the bank from total collapse. In 2020, the bank scooped a mouth watering profit of Le83.5Billion while retained earnings rose from Le966 Million in 2019 to Le44Billion. In three years, the
Bank had cleared over Le100Billion of its retained losses and with positive retained earnings. Therefore, for the first time in decades, RCBank was poised to pay dividend. It eventually paid a dividend Le6.5 Billion to its Majority and Minority.

shareholders. The following year, the figure increased to 10.6 billion and in 2022 the bank paid a staggering Le 17 Billion as dividend.

The installation of a robust IT infrastructure ins heralded a highly securitized and user- friendly core banking system. This In system has reduced the length of time customers spend inside banking halls with a transactions becoming almost paperless. A revolutionary mobile money platform, the Rokel SimKorpor has become a major revenue stream for the Bank, and it keeps changing lives through direct and Indirect employment.

Last year, the Bank launched top-of the-range Electronic Banking products and services like repaid cards, credit cards, Visa Cards ATM machines, MoneyGram, Western Union, Ria etc. The effectiveness of these products and services has been palpable with satisfactory testimonies from customers.

Today reputable government and non- governmental organizations like NACSA, TSC, UNDP, World Bank and several others utilizes Rokel Commercial Bank’s digital services to pay their employees and vulnerable groups through social safety net programmes.

The drivers of this phenomenal transformation have not overlooked the need for strong correspondent banking with banks like the Ghana Commercial Bank, UBA-USA, AICTIF Bank, Standard Chartered Bank with a potential to expand further. They have also established strong relationships and leveraged on several business opportunities with giant financial institutions across Africa and beyond.

In the midst of these impressive achievements, the bank has remained a front-line campaigner of financial inclusion. To this end, it had unwittingly tailored its products and services to align with its financial inclusion evangelism. For example, in 2021, RCbank introduced an SME (Small and Medium Enterprise) loan scheme that targeted customers with little or no collateral. The scheme had low interest rates, a flexible payment plan and business development training. Okada riders, market women and other groups in the formal sector significantly benefitted from the scheme.

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NP (SL) Limited on a Trajectory of Digitally Transforming The Oil And Gas Industry in Sierra Leone


The oil and gas industry in Sierra Leone is highly competitive, with NP SL leading the way in the country’s market. NP SL has digitized its sales and is now moving towards cashless transactions. This transformation is making the Company more competitive, efficient, and the leading fuel dealer in the country.

The Company’s decision to embrace digitization is driven by the growing demand for petroleum and gas products due to an increasing population and industrialization. On April 24, 2024, NP SL unveiled its pilot phase of the Energy Pass Card. This innovative device aims to revolutionize the fueling experience and promote a cashless system. The main objectives of this new system are to drive towards a cashless solution, safeguard cash sales, achieve real-time fuel balance and ensure flexibility, self-service, availability, and accessibility of fuel nationwide.

The NP Energy Pass card is a user-friendly smart card that offers both online and offline usability, along with high-security features. It provides instant SMS notifications after every transaction to ensure transparency and accountability. NP SL is increasingly leveraging digital transformation to improve operational performance and accuracy, eliminating human error and making operations more efficient and risk-free. By leveraging the latest technologies, NP is able to gain greater insight into the full potential of their operations and make data-driven decisions.



With over 40 years of experience, NP SL has enjoyed dominance in market share position in Sierra Leone and has recently invested billions to rehabilitate a sophisticated Terminal facility in the country.The Company currently supplies over 80% of Government ministries, departments and agencies.

It is no secret that oil and gas will continue to be the main energy sources through 2040 as a result of the world’s growing need for primary energy. This is why, other oil marketing companies in Sierra Leone need to emulate NP’s footsteps to adapt to these changes to have a chance to compete in the local market by embracing new technologies or they will be left behind.



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UBA Launches Legacy Promo to Celebrate 15 Years in Sierra Leone


United Bank for Africa (UBA) celebrated its 15-year milestone in Sierra Leone with the launch of its UBA Legacy Promo at the bank’s head office on Charlotte Street.

The event, held on Friday, marked both the bank’s 75th global anniversary and its significant presence in the country.

Sallieu, Head of Communication, opened the event by highlighting the purpose of the promotion. “This promo is a way for us to thank our customers and celebrate our anniversary by giving back,” he said. The campaign will see 60 customers win various cash prizes, reflecting UBA’s commitment to acknowledging the support and trust of its clientele.



Chief Operating Officer Chiedu Ngene emphasized that the promotion is a key component of the anniversary celebrations. “We believe that celebrating our 15 years in Sierra Leone is best done by giving back to those who have been with us through the years,” he stated. Ngene also noted UBA’s significant contributions to Sierra Leone’s financial sector, including its pioneering role with AI-driven account opening via WhatsApp and being the first in West Africa to install an ATM.

Ngene introduced the bank’s range of account options, such as the UBA Sharp Sharp account, which can be opened with a minimum deposit of Le10. “Having an account is not just a privilege but a responsibility,” he added, encouraging everyone to take advantage of the bank’s accessible services.

The official launch was conducted by Christiana Saio Lamina, Head of Retail Banking, who outlined the promo’s details. “We have established many legacies over the years and are committed to continuing this tradition,” Lamina said. The promo will offer three prize tiers: Le10,000 for twenty winners, Le5,000 for another twenty, and Le2,500 for twenty more. The draws will occur in two phases: one in September and the second in the last week of December.

To participate, customers must deposit Le10,000 to be eligible for the top prize, or as little as Le2,000 for the lower category. Deposits must remain in the account until the draw is completed, with larger deposits increasing the chances of winning.

UBA’s Legacy Promo reflects the bank’s ongoing dedication to enhancing customer engagement and celebrating its long-standing impact on Sierra Leone’s financial landscape.



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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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FRAUD AT ZENITH ACCUSED REMANDED


Mohamed Kamara appeared before Magistrate Sahr Kekura at Pademba Road Court No. 1 on Monday, facing serious charges related to forgery. Kamara is accused of forging the signature of Magistrate Abubakar Bangura from Pujehun District to withdraw money from Zenith Bank.

The accused is charged on three counts: Conspiracy to defraud, Forgery of documents, and Uttering forged documents, all under the Forgery Act of 1913.

According to court documents, on July 26, 2024, Kamara allegedly conspired with unknown individuals to commit forgery at Zenith Bank’s Fourah Bay Road Branch in Freetown. He is accused of forging a Zenith Bank cheque (No. 1663692) in the name of Magistrate Bangura, intending to defraud the bank. The prosecution claims that Kamara knew the cheque was fraudulent when he presented it.



No bail was granted, and Kamara was remanded in custody. The case has been adjourned until Wednesday. ASP Ibrahim Mansaray is leading the prosecution.

 

 



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NP-SL Hosts New Standard Bureau Executive Director


The newly appointed Executive Director of the Sierra Leone Standards Bureau (SLSB), Dr. John Paul Kaisam, and his team paid a courtesy visit to the management of NP (SL) Limited.

The visit marked an important milestone in the relationship between the SLSB and NP (SL) Limited, demonstrating the commitment of both parties to work closely together.

During the visit, Mr. Mansaray expressed delight in welcoming the team from the Agency. He emphasized that NP’s first commitment is to work assiduously and collaborate with them, noting that collaboration is crucial for promoting accountability, integrity, and quality standards within the country’s petroleum industry.



Dr. Kaisam expressed his gratitude to NP for its unwavering partnership over the decades, highlighting several significant infrastructures that have been built together, including the remarkable construction of the petroleum lab at NP’s Terminal.

Dr. Kaisam also emphasized the importance of fostering strong collaboration between SLSB and NP. Both parties expressed their commitment to regular communication and coordination to achieve tangible results in the petroleum industry.

The visit underscored the shared commitment to maintaining high standards of operations and ensuring quality petroleum products for the benefit of consumers and the overall economy.



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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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GTBank Sierra Leone Unveils Bigger and Better Kip For D Bambai Reloaded, Deposit And Win Promotion


Guaranty Trust Bank Sierra Leone (GTBank SL) is pleased to announce the second edition of its popular savings and reward promotion “Kip For D Bambai Reloaded.”

This year’s edition promises even more exciting prizes for new and existing customers who make fresh deposits and maintain them in their accounts within each month through the campaign.

Participants stand the chance to win prizes including motorcycles (Okada), bags of rice, and vegetable oil, among other enticing rewards.

Speaking at the unveiling in Freetown, GTBank SL’s Head of Corporate Affairs, Simonette Wilkinson emphasized the bank’s dedication to customer satisfaction.

She said: “We are passionate about rewarding our loyal customers and empowering them through innovative banking solutions. This year, we’ve significantly increased the number of eligible winners compared to the last edition.”

She mentioned that draws will be held every month to select the winners and a grand draw will be held in January 2025, after the promotion ends in December 2024.

GTBank’s Head of Retail Banking, Victor Cleveland, explained the participation process, saying customers simply need to deposit and save money in their accounts to qualify for the chance to win.

He said: “This promotion is open to both new and existing customers. To be eligible, customers can deposit and maintain balances ranging from NLe 250 to NLe 25,000. For new or existing customers without a GTBank MasterCard, they can obtain one instantly and use it at least 3 times in a month. Furthermore, inactive and zero balance accounts can participate by depositing and maintaining NLe 250 or more monthly.

“During the grand draw, all existing customers who maintain the highest new balance exceeding NLe 25,000 over the six months will be eligible.”

GTBank SL Managing Director, Mr. Ade Adebiyi assured all that the promotion will go a long way in rewarding their customers for saving funds with the bank.

“We are delighted to introduce this promotion as a token of our gratitude for the unwavering support, trust, and loyalty our valued customers have demonstrated over the years. The exciting modalities of the promo reflect our commitment to enhancing the banking experience across all our digital services.

“This latest edition offers an even more rewarding opportunity for customers, their friends, and families to reap exciting rewards when they make deposits. We encourage our customers to seize this opportunity and participate actively.” Adebiyi said.

Guaranty Trust Bank Sierra Leone is a subsidiary of Guaranty Trust Group Holding Company Plc, with its headquarters in Lagos, Nigeria.

GTBank currently has 16 branches in Sierra Leone and its headquarters at Wilberforce Street, Freetown.

Guaranty Trust has been on a mission to make financial services inclusive and accessible to all Africans in ways that truly serve people’s needs and help businesses thrive.

 

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Parliamentary Committee on Trade and Industry Concludes Oversight Activities


The Parliamentary Committee on Trade and Industry, chaired by Hon. Veronica Kadie Sesay, who is also the President of the has concluded its oversight activities in the Western Area and the provinces in the Republic of Sierra Leone on Friday 21, June 2024.

During the oversight visits, the Chairperson revealed that the Committee was inquiring into the level of compliance with the agreements Parliament had ratified in favour of the visited entities and to also ascertain the achievements and positive contributions of these entities in the national economy that are impacting the lives of the people.

Key amongst Companies Visited are petroleum marketing companies, National Petroleum (NP), new entrant in the petroleum marketing in Sierra Leone, Aminata and Sons, at both its facilities at Cline Town and Kissy Dockyard. And All Petroleum Products (APP) now Eco Energy,



The Chairperson for the committee, Honourable Veronica Kadie Sesay said their visit to terminals of their key overnight priorities assigned to them by the House of Parliament in order to ensure that Oil Marketing Companies (OMCs) are ideally adhering to the importation, distribution, transportation and retailing of petroleum products accordingly with fair and competitive Business atmosphere among OMCs.

Honourable Veronica Kadie Sesay told managements of OMCs that Parliament is one of the highest decision-making bodies in the country that checkmates the excesses and examines the successes of various, investments in the country, noting that the Oversight’s assignment is not about witch-hunting, but to help streamline some of the strategy objectives of OMCs and to ensure they are operating within the scope and contest of what average Sierra Leoneans expect them to deliver.

At Bread Avenue, Wellington, the Committee observed that Sonoco is the parent company and under its purview are nine other companies, including Bread Avenue. It was revealed that Sonoco is a leading Guinean company operating in flour, and other businesses. The company is currently constructing flour mill at Cline Town that would supply four other countries and intends to provide employment for over six hundred people.

The Committee observed that Bread Avenue has restaurant and producing high quality bread. The Avenue, according to Management, would soon expand its operations to the West and Central Freetown.
Finally, at Miro Forestry and Timber products at Mile 91, the Committee observed that the company, after many years in planting trees of various species, is now at its production and processing of plywood of international standards. In addition, the company is also producing high quality utility or electricity poles and edge glued board.

 



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