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Home Editorial

Demanding Accountability: Clarity Needed on SIBLL Debt Settlement

by The Liberian Investigator
August 8, 2024
in Editorial
Reading Time: 3 mins read
0
The UP-led Government Must Come Clean on National Budget’s Mysterious Disappearance and Reappearance

The recent actions of SIB Bank Liberia Limited (SIBLL) in pushing for the repayment of a substantial debt before President-elect Joseph Boakai officially took office have raised serious concerns about the integrity and transparency of our financial and political systems. The timing of this engagement, coupled with allegations of campaign funding ties, demands immediate and unequivocal clarity from the Boakai administration. The Liberian people deserve answers, and they deserve them now.

Following the November 14, 2023, runoff election, SIBLL owners wasted no time in seeking President-elect Boakai’s intervention for the payment of a debt allegedly inherited when they acquired the First International Bank in 2016. This rush to settle the debt, before Boakai’s official inauguration, is not just unusual—it reeks of potential political corruption. It is imperative that President Boakai addresses these allegations head-on and provides a transparent account of the dealings between his administration and SIBLL.

Joseph Boakai campaigned on a promise of change and a commitment to not conducting “business as usual.” This promise included pledges of greater accountability and transparency. Now, more than ever, is the time for President Boakai to uphold those promises. The Liberian people have placed their trust in him, and he must demonstrate that their trust is not misplaced by ensuring full disclosure and accountability for this troubling transaction.

The alleged settlement of the SIBLL debt as part of a deal for campaign funding is deeply alarming. If true, it suggests a disturbing pattern of political patronage and financial mismanagement that undermines the very foundation of our democracy. These allegations must be thoroughly investigated, and the findings made public. President Boakai owes it to the citizens of Liberia to provide a clear and honest explanation.

John S. Morlu, Jr., former Auditor General and chief fundraiser for Boakai’s campaign, has already voiced concerns about the handling of this debt. Morlu’s call for the publication of a detailed list of debtors, akin to the transparency measures taken by the Liberian Bank for Development and Investment (LBDI), is a reasonable and necessary step. The public deserves to know if there were any conflicts of interest or if taxpayer money was used improperly to benefit political allies.

The administration must also address the broader issue of political influence in financial decisions. Morlu’s assertion that up to 90% of bank decisions in Liberia are politically motivated highlights a systemic problem that requires urgent reform. Financial institutions should operate with integrity, free from political interference that prioritizes connections over sound business practices.

The Boakai administration’s commitment to transparency and accountability will be measured by its response to this issue. The $8 million payment to SIBLL should not remain shrouded in mystery and suspicion. President Boakai must take immediate action to disclose all relevant details about this transaction, including the terms of the debt agreement and the motivations behind the timing of the payment.

Furthermore, the administration must ensure that such allegations of corruption are thoroughly investigated by an independent body. Only through a transparent and impartial investigation can the truth be uncovered, and justice served. The findings of such an investigation should be made public, and any wrongdoing must be met with appropriate consequences.

The Liberian people have the right to expect that their government will act in their best interests, not in the interests of a select few. President Boakai has a responsibility to uphold the principles of transparency, accountability, and good governance. He must demonstrate that his administration is committed to these principles by addressing the SIBLL debt settlement controversy openly and honestly.

The Boakai administration must provide clarity on the SIBLL debt settlement. The allegations of campaign funding ties are serious and demand immediate attention. President Boakai promised a new era of accountability and transparency—now is the time to deliver on that promise. The people of Liberia deserve no less.

Tags: BIB Liberia Limited
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