The undisputed leader in the banking industry of Sierra Leone, Sierra Leone Commercial Bank (SLCB), has taken a significant step towards enhancing transparency and accountability within SLCB’s operations.

The Board Chairman, Mr. Ira Nyake Amara, addressed reforms in the Procurement Unit following concerns raised in the 2023 Audit Report.

He acknowledged the findings of the report which highlighted several procedural lapses and inefficiencies within the procurement processes.

“As a leading financial institution, SLCB is committed to upholding the highest standards of governance and accountability. We take the issues being raised in the 2023 Audit Report seriously and have viewed them as an opportunity to strengthen our systems,” he stated.

The Board Chair outlined a series of measures aimed at addressing the “audit queries.”

According to the Board Chair, Mr. Ira Nyake Amara, the management of SLCB thought it is expedient to embark on reforms within the procurement unit with a first step of laying off former procurement officers and replacing them with procurement professionals from the National Public Procurement Authority (NPPA) who will  immediately handle the procurement issues that were mentioned in the report on the Accounts of Sierra Leone for the Financial Year ending 31st December, 2023, considered to have been conducted with great professionalism.

He blamed the current media on the bashing of the financial institution blaming former procurement officers who had failed on their duties to officially respond to the Auditor General’s comments on the report about the bank’s procurement issues in 2024.

The board chair assured that with procurement professionals, he believes they have the expertise to use  internationally recognised tools or framework designed to strengthen the procurement system across the board.

He averred that both the Board and Management of SLCB acknowledge the importance of procurement on the day-to-day operations of the bank, hence a unanimous agreement have been understandably reached that will support procurement reforms through technical assistance.

“Our efforts to bring reforms to the procurement unit are to improve on transparency, integrity, efficiency, and value for money in the procurement process.

He assured the bank’s commitment to ensuring zero tolerance on corruption and transparency in all that they are doing.

SLCB is arguably one of the leading financial institutions in the country.

As Sierra Leone navigates its economic recovery, institutions like SLCB play a pivotal role in fostering trust and integrity. These reforms signal the bank’s commitment to being a model of corporate governance and a driver of national development.

Credit: Satellite News