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 its 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 raised in the 2023 Audit Report seriously and view them as an opportunity to strengthen our systems,” he stated.
The Board Chairman went on to outline a series of measures aimed at addressing the audit queries.
According to Chairman Amara, the management of SLCB considers it expedient to embark on reforms in the procurement unit with the first step of laying off former procurement officers and replacing them with procurement professionals from the National Public Procurement Authority (NPPA) to 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, with great professionalism.
He blamed the current media bashing of the financial institution on the failure of the former Procurement Officers to officially respond to the queries of the Auditor General on the bank’s procurement issues in 2024.
The Board Chair assured that the procurement professionals have the expertise to have used internationally recognized tools or frameworks to strengthen the procurement system across the board.
He averred that both the Board and Management of SLCB acknowledge the importance of procurement to the day-to-day operations of the bank, hence the unanimous agreement reached to support the 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,” the Chairman noted.
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.