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.
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.
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.
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.
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
The Central Bank of Sierra Leone has announced a significant treasury bills auction scheduled for Wednesday, June 19, 2024. The auction will offer a total of NLe333.07 million, spanning a variety of government securities including short-term treasury bills and longer-term treasury bonds.
This auction presents a mix of 91-day, 182-day, and 364-day treasury bills, alongside 2-year and 3-year treasury bonds, providing a range of investment opportunities for financial institutions and individual investors alike. The move underscores the Central Bank’s ongoing strategy to manage national debt and stimulate investment in government securities.
A detailed breakdown of the offerings reveals that NLe1,568,750.00 has been allocated for the 91-day bills, NLe3,137,500.00 for the 182-day bills, and a substantial NLe284,290,600.00 for the 364-day bills. In addition, NLe16,255,600.00 will be available for the 2-year bonds and NLe27,734,000.00 for the 3-year bonds.
This week’s offer marks a notable 28.9 percent increase from the previous auction on June 6, 2024, which saw a total of NLe63,654.60 million offered across similar instruments. The increase in allocation reflects the Central Bank’s effort to attract more investment into government securities, ensuring liquidity and a stable debt management process
As part of its annual Environmental Week celebrations, Orange Sierra Leone (Orange SL) kicked off a week-long series of activities on Monday, May 27, 2024, themed “The earth is all we have…let’s go green.”
The launch event, held at the company’s Hill Station Head Office, was attended by Orange SL’s management team, staff, the Honourable Minister of Environment and Climate Change Jiwoh Abdulai, and members of the Fort estate community.
Head of Corporate Social Responsibility, Mimi Mugo, announced that the celebrations would focus on natural resource management and would involve various activities designed to educate and empower individuals on the importance of environmental preservation. Throughout the week, there will be awareness sessions across different departments, aimed at both organizational and individual levels. A beach cleaning exercise, organized in partnership with the International Organization for Migration (IOM), will take place on Friday, demonstrating Orange SL’s commitment to environmental protection. Additionally, a special ceremony will commemorate the first anniversary of their tree planting site cleaning initiative.
Edward Sesay of Orange SL highlighted the detrimental effects of pollution, noting that many people, especially in Africa, are unaware of the damage their actions cause. He contrasted this with Western countries, where environmental harm is often a result of intentional developmental pursuits. Sesay warned of the dire consequences if environmental destruction continues unchecked, emphasizing the deadly impact of air pollution, which is often overlooked. He mentioned that countries like the UK have taken steps to combat air pollution, such as reducing the number of cars on the roads, and stressed the need for similar measures globally.
Sesay also pointed out the distinction between indoor and outdoor pollution, with indoor pollution being particularly hazardous due to confined spaces. He urged everyone to take proactive steps in protecting the environment, emphasizing that solutions to pollution are universal but that pollution itself varies by region.
Addressing the gathering, the Climate Change Officer emphasized the importance of this year’s theme, which serves as a reminder of the significant impact of our actions on the environment.
“It is crucial for us to recognize our collective responsibility to the environment, our well-being, and the well-being of future generations,” she said.
She highlighted their commitment to environmental sustainability, noting that in 2023, their renewable energy ratio was 20%, which has now increased to 72% of their sites being powered by solar energy. Additionally, they planted 3,000 trees at Mortormeh Community in Regent, where a mudslide occurred, to restore ecological balance.
She also disclosed that last year, Orange Company was recognized as the Carbon Zero Champion Mobile Company of the Year for its sustainable efforts to reduce environmental impact.
She concluded by stating that despite these achievements, there is still more work to be done, and they are stepping up their efforts and setting more ambitious environmental goals for the future.
CEO of Orange Sierra Leone, Sékou Amadou Bah, emphasized the importance of environmental protection, stating, “We need to protect the environment more than protecting ourselves because we need the environment more than the environment needs us.” He highlighted common environmental challenges such as climate change, pollution, and deforestation, noting that a small percentage of humanity is responsible for a significant portion of the damage. Bah called for a collective effort to reduce our carbon footprint by minimizing waste, utilizing renewable energy, supporting sustainable agriculture, and advocating for robust environmental policies.
Minister of Environment and Climate Change, Jiwoh Abdulai, commended Orange SL for supporting government efforts to raise environmental awareness. He stressed the importance of community engagement in addressing environmental issues, as local stakeholders are crucial in implementing effective strategies. Abdulai detailed the government’s initiatives, including policy implementation and community sensitization, aimed at mitigating harmful human activities. He praised Orange SL for their compliance with environmental regulations and underscored the importance of such events in promoting environmental awareness.
Guaranty Trust Bank (GTBank) Sierra Leone staff held an Inter-Branch Football Gala which climaxed on Sunday, May 26th, 2024, to honor the memories of their late Sports Director, Mohamed Salieu Jalloh, and colleague, Isata Bah.
The grand finale at the O X-Ray Arena in Freetown saw HQ Marketing (*9737+ FC) face off against E/T East (Salary Loan FC) in a spirited match. The energetic crowd of supporters and spectators created an electric atmosphere filled with cheers, reflecting Jalloh and Bah’s passion for sports and community.
HQ Marketing (*9737+ FC) dominated the match with a decisive 5-0 victory over E/T East (Salary Loan FC). The team showcased exceptional skill and teamwork, attributes that Jalloh had tirelessly worked to instill in all sporting activities at the Bank.
Both teams were recognized for their participation in the event honoring their esteemed colleagues. Outstanding individual performances were also celebrated with special awards.
GTBank also used the occasion to connect with customers, showcasing their latest banking products and services. The event provided a platform for customers to learn about new opportunities with GTBank, enhancing their banking experience while enjoying a day of sport and community bonding.
The Inter-Branch Football Gala served as a beautiful tribute to Mohamed Salieu Jalloh and Isata Bah. It celebrated their contributions to GTBank and the community, emphasizing the values of unity, teamwork, and excellence they embodied. Their legacies will continue to inspire and guide the GTBank family.
Sierra Leone Brewery has announced Ms.Menisa Sesay Esq. as their newest Management Team member at the Company.
The company congratulate Menisa on her appointment as a member of the Management Team in her capacity as the Legal Manager and Company Secretary.
With her extensive expertise in Corporate Law, Menisa is poised to make significant contributions to our Management Team.
The company assured that they are confident that her knowledge and skills will greatly benefit SLBL and help drive their success in the future.
The Sierra Leone Brewey Limited [SLBL] was established in Freetown in 1961. During the civil war [1991-2002] the brewery was destroyed and used as quarters by the rebels from the Revolutionary United Front [RUF]. After the war investment and rebuilding took place to get the brewery up and running again.
Since then production is increasing, Sierra Leone Brewery Limited is a company that is involved in both manufacturing and very recently in agriculture.
Access Bank Sierra Leone Limited has announced the appointment of Maurice Nathaniel Cole and four other non-executive directors.
The appointment was made through a press statement made available to Nairametrics by Access Holdings Plc, which states the new executives to its Board of Directors will further strengthen its leadership team and advance the implementation of its growth and transformation strategy.
It added that the appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.
Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.
The group noted that the appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance.
Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.
Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.
“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank”.
He noted that Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter.
According to him, the Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.
Nairametrics reported recently shareholders of Access Holdings Plc, at the 2nd Annual General Meeting (AGM) held on Friday in Lagos, endorsed the group’s plan to establish a capital raising programme of up to $1.5 billion as well as the subset initiative to raise to N365 billion through a rights issue.
The proceeds of the rights issue would be used to support ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.
The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as non-executive directors.
The appointment of Aig-Imoukhuede as the chairman of Access Holdings was cheered by the shareholders, who pointed to his history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside the late Herbert Wigwe.
Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo, shareholders said.
