The Green Revolution of Liberia has raised alarms over a questionable withdrawal of USD 8 million, allegedly authorized through a fictitious board resolution (No. BR-02/2024) intended for Sepelle International Bank Liberia Limited (SIBLL). This resolution claimed to address insolvency and liquidity issues purportedly faced by SIBLL.

According to Green Revolution, the Central Bank of Liberia (CBL) passed the resolution on May 24, 2024, to inject USD 8 million into SIBLL due to the bank’s reported liquidity crisis. While CBL is legally obligated to intervene as a lender of last resort during financial instability, Green Revolution reminded the public of the hardships faced by depositors during the collapse of SIBLL’s predecessor, Sabill Bank.

The advocacy group highlighted ongoing difficulties for SIBLL’s customers, who struggle to withdraw funds due to recurring system failures. These issues have raised public suspicion and concern.

Contrary to the claims of financial distress, the Central Command Intelligence Bureau of the group, through numerous investigations, has found no evidence of the USD 8 million being drawn for SIBLL’s liquidation. The bureau asserts that SIBLL is not currently experiencing a liquidity problem.

“Our intelligence gathered that of the purported USD 8 million for SIBLL’s liquidation, USD 2 million was encashed over the counter by unidentified individuals at the CBL. This raises serious concerns,” stated Green Revolution.

The group emphasized the plight of SIBLL’s depositors, many of whom are ordinary citizens saving for their future amidst Liberia’s enduring issues of civil unrest, corruption, and governance challenges. They questioned why SIBLL, which succeeded the failed FIB Bank, is seemingly the only target of these interventions.

“If SIBLL is indeed facing bankruptcy, why hasn’t the Central Bank issued warnings to prevent the opening of new accounts? Are we witnessing a repeat of the issues seen with banks like LUBI and Tradeveco, where deposits are still unresolved?” queried Varney Kromah, head of Green Revolution.

Green Revolution is urging the Liberian Anti-Corruption Commission (LACC) to investigate the matter thoroughly to uncover the truth behind the USD 8 million resolution. The group called into question the whereabouts of the funds and who at the Central Bank authorized the withdrawal.

“Since SIBLL’s senior management has denied any knowledge of the resolution, it is crucial to determine who within the Central Bank facilitated this transaction. We demand answers,” Kromah concluded.

The unfolding situation has left many in Liberia anxiously awaiting further developments and clarifications from the authorities involved.