Dr. Kamara Questions Bank of Sierra Leone's Recent Decision

Dr. Kamara Questions Bank of Sierra Leone's Recent Decision

Dr. Samura Matthew Wilson Kamara, former APC presidential flagbearer, has expressed formal concerns regarding the Bank of Sierra Leone's decision to initiate resolution proceedings for Union Trust Bank (UTB). This action, taken less than three months after the sudden passing of UTB's founder and CEO, Dr. James Sanpha Koroma, is considered by Dr. Kamara to warrant heightened scrutiny, particularly given UTB's unique status as the nation's sole private indigenous commercial bank.

In a public statement, Dr. Kamara asserted that the timing and process necessitate a deeper examination, citing UTB’s extensive nationwide presence and its critical role in extending financial services to underserved rural communities. He emphasized that the bank's operational identity and historical legacy possess "compelling value" for promoting financial inclusion and sustaining public confidence.

Dr. Kamara formally questioned whether the central bank comprehensively explored all viable alternatives prior to opting for a full resolution. He suggested that stabilization measures such as recapitalization, restructuring, and early risk assessment could have been prioritized. He stated, "It is understandable to question the timing," and underscored the public's right to full transparency regarding the rationale for the decision.

He further recommended that maintaining UTB’s institutional name and operational identity during the acquisition by Rokel Commercial Bank could significantly mitigate disruption for stakeholders, including customers, employees, and investors. Dr. Kamara cautioned that the sudden transfer to a majority government-owned entity could carry "wider and long-term implications" for the stability and perception of the financial sector.

Referencing the widespread public sentiment, Dr. Kamara noted that the bank's collapse is broadly viewed as a significant setback to Dr. Koroma's legacy. He stressed that the central bank's swift action must be complemented by stringent transparency and accountability protocols to safeguard trust in the financial system.

As the resolution process moves forward, Dr. Kamara formally called upon relevant authorities to ensure the full protection of depositors' and shareholders' interests and to preserve UTB's long-standing contributions to indigenous banking throughout the transition.