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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.

 

The post GTBank Sierra Leone Unveils Bigger and Better Kip For D Bambai Reloaded, Deposit And Win Promotion appeared first on Sierraloaded.



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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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A Center of Excellence For Financial Inclusion And Economic Growth in Sierra Leone’s Digital Journey


Rokel Commercial Bank (formerly Barclays Bank of Sierra Leone) is one of the leading Banking institutions in Sierra Leone in terms of digital financial services.

RCBank was established in 1917 as Barclays Bank DCO with 100% shares owned by the parent company. The rationale behind the move was to encourage Sierra Leoneans to Participate as owners and develop confidence in the Bank. Named after the longest river in Sierra Leone, Rokel Commercial bank remains the gateway to banking in the country.

RCBank Simkorpor Plus Application and Internet Banking have resulted in the transformation of the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.



Dr. Walton E. Gilpin; RC Bank Managing Director, reaffirmed the commitment of management to comply with the Bank of Sierra Leone Prudential Guidelines and to position RCB as the preferred banking institution in Sierra Leone. ‘’it is going be the people’s bank with branches operating in other part of the sub region.

CREATING A CENTER OF EXCELLENCE – enable business units to drive financial inclusion and economic growth in Sierra Leone digital journey
The Bank is a Center of Excellence within Sierra Leone Financial Industry which operates with principles of empowering business units and facilitating financial transactions to drive growth in the financial Industry and the economy.

With RCBank Internet Banking, customers can automatically Pay their Bills Super fast with Online Banking Services.

The Process is Simple to pay for goods and services using Sim Korpor: Just Use the QR Code Function to Scan RCBank QR Codes at Supermarkets, restaurants, markets, Hospitals, bars, and more . Alternatively, you can use the Institutional payment option to make payment.
Customers accounts are automatically credited or debited for each deposit, making it easy to stay on track.

The introduction of the Rokel Sim Korpor Plus Application marked not only a significant milestone for the bank but also for Sierra Leone as a whole.

During an interview with the head of RCBank Sim Korpor department Mrs. Kezia Salankole emphasized how RCBank’s Simkorpor department has transformed the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.

“By leveraging cutting-edge technologies, the bank has empowered people to perform secure and seamless transactions from the comfort of their own homes or wherever they may be,” she said.
A standout accomplishment that Mrs. Salankole proudly shared was the expansion of the RCBank Simkorpor department, which can now boast of over 200 agency banking locations spread throughout the country. “This achievement is a testament to RCBank’s dedication to serving the needs of its customers and bringing innovative solutions closer to them,” she noted.

Mrs. Salankole acknowledged that customer orientation played a pivotal role in their success.
RCBank’s customer-centric approach ensures that every decision made by the bank is geared towards enhancing customer satisfaction. This dedication to customer service has been the driving force behind the success of their flagship program, the Simkorpor Service, which was initiated by their Managing Director, Dr. Gilpin.

Reflecting on the impact of the Simkorpor Service, Mrs. Salankole explained that it has become the bank’s digital icon, enabling customers to conduct various transactions, such as paying for goods and services, handling third-party services, and paying bills from anywhere they are located.
“This has facilitated financial inclusiveness, increased access to finance, and reduced costs for individuals, contributing to the growth of Sierra Leone’s economy,” she said.

While celebrating their achievements, Mrs. Salankole acknowledged the challenges they faced in promoting digital services, particularly in overcoming resistance from individuals not yet accustomed to using such technologies. However, RCBank’s dedicated marketing teams have been actively raising awareness among the masses, making strides to bridge the digital divide and encourage the adoption of their services.

Regarding security measures, Mrs. Salankole assured customers that the Sim Korpor Service incorporates robust security features. Transactions are protected by two-factor authentication and encrypted end-to-end to ensure maximum safety. However, she also emphasized the importance for customers to protect their phones with passwords and remain vigilant about their device security.

As RCBank continues to expand its digital footprint, the Simkorpor department’s success is a testament to the bank’s commitment to innovation and customer satisfaction. With over 200 agency banking locations nationwide, RCBank is poised to further drive financial inclusion and economic growth in Sierra Leone.



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CEO of Tony Elemelu Foundation Applauds Sierra Leone’s Waste Innovator Mohamed Kamara


The CEO of Tony Elemelu Foundation Soma Chris-Asoluku has applauded Sierra Leone’s Waste Innovator, Mohamed Kamara for his remarkable innovations during his visit at their office where they discuss about opportunities in Sierra Leone for Youths.

Mohamed is 2018 TEF Alumni and a Visionary Founder of the Freetown Innovation Lab, a company based in Sierra Leone tackling waste challenges by recycling plastic into everyday products. One of the Lab remarkable Innovations Includes TV antennas that provide excellent reception for low-income household.

Kamara also led a transformative Workshop at the University of Ibadan Leveraging waste for empowerment on Thursday 20th June 2024.



The workshop was designed for aspiring entrepreneurs, Innovators , and anyone passionate about sustainable development and social impact.

The Freetown Innovation Lab’s tire -to- furniture transformation marks a milestone in sustainable design and waste management, paving the way for a greener future while simultaneously addressing the City’s environmental Challenges





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Councillor N’Bompa Turay Applauds Afrigas for Outstanding CSR Efforts


In an exclusive interview with this medium, Councillor N’Bompa Turay of the East District, Western Urban, precisely the Kissy Terminal Community, graciously commended Afrigas for the business entity’s consistent and impactful rolling out of its Corporate Social Responsibility (CSR) initiatives.

As a second-term Councilor, N’Bompa Turay shared detailed insights into the various ways Afrigas has positively contributed to the development and welfare of the local populace, effectively exonerating the company from recent criticisms about its community engagement.

He firmly asserted that Afrigas, a company specializing in cooking gas distribution, has been actively involved in CSR activities that benefit the residents of the community. The Councilor emphasized that Afrigas has not only adhered to rolling out their Corporate Social Responsibility but has also exceeded expectations in certain instances. One notable example, he mentioned, of the company’s contributions, was the provision of over 20,000-liter water tank, valued at over NLe15, 000 to the community. He underscored that such an initiative has significantly improved the quality of life for residents by ensuring a reliable and accessible water supply.



Another significant contribution that the company made was the funding of a street light project, which Councillor N’Bompa Turay highlighted during the interview.

He stated that Afrigas allocated NLe10,000 for that initiative, which was managed in collaboration with local authorities including himself and other MPs. He said that project has enhanced safety and security in the area, making it easier for residents to navigate the community night furthering how such an improved lighting has also reduced incidents of crime and promoting a safer environment for all.

In addition to these large-scale projects, Councillor N’Bompa Turay pointed out that Afrigas has also provided financial assistance for various community needs, such as the construction of public toilets. These initiatives, he stated, are typically driven by requests from community groups who approach Afrigas for support. This responsive approach, he said, has ensured that the company addresses specific and immediate needs of the community, further demonstrating their commitment to social responsibility.

During the interview, Councillor N’Bompa Turay also addressed misconceptions that Afrigas has not been actively and meaningfully contributing to the community.
That concern, he highlighted, was raised by one Paul, the leader of a disabled group within the community during the recent launch of the Gas Power Plant by President Bio.

Councillor N’Bompa Turay, however, clarified that while not all community members may be aware of the company’s efforts, there are organized groups that regularly interact with Afrigas to ensure their needs are met. He acknowledged that some community members might feel left out due to a lack of direct communication or involvement, and suggested that community proposals should be more organized and clearly communicated to Afrigas to ensure that all voices are heard and addressed.

The Councillor pointed out that although the Handicapped Association has approached the company for assistance, however, it was not clear as to what they really needed support for. He said in that light the Management of the company has asked him to liaise with the Chairman of the Handicap Association in order to identify what is currently their specific need. The Councillor furthered that the company has exhibited willingness to support any reasonable request as long as it will be beneficial and impactful to the Association’s members and other community residents. He promised that the engagement with the Chairman will soon take place in an enlightening manner.
According to him, it is always important to exercise patience whenever requests are made to companies that are operating within the community for assistance.

Looking ahead, Councillor Turay expressed optimism about continued collaboration between Afrigas and residents of the community. He urged residents to come together and prepare proposals for future CSR initiatives, noting that Afrigas has shown a willingness to support meaningful projects. He stressed the importance of presenting well-organized and feasible plans to maximize the impact of Afrigas’ contributions.

Councillor N’Bompa Turay also highlighted the importance of transparency and clear communication in these efforts. He encouraged community leaders to ensure that all members are informed about ongoing and upcoming projects to foster a sense of collective responsibility and participation. By doing so, he believes that the community can better coordinate with Afrigas and leverage their support for greater development.

Councillor N’Bompa Turay ended up reiterating his appreciation for Afrigas’ contributions and urged the public to recognize and support the company’s efforts. He emphasized that Afrigas has demonstrated a strong commitment to improving the community and should be viewed as a valuable partner in the community’s development.

His endorsement of Afrigas’ CSR activities underscores the company’s role in fostering positive change and development within the Kissy Terminal Community.





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