Sierra Leone Commercial Bank (SLCB), one of the undeniable leaders in the nation’s banking sector, has taken bold and decisive steps to enhance transparency and accountability within its operations. In a direct response to the concerns raised in the 2023 Audit Report, the Bank’s Board Chairman, Ira Nyake Amara, addressed the pressing need for reforms in the Procurement Unit.
Ira Nyake Amara openly acknowledged the audit’s findings, which revealed critical lapses and inefficiencies within the procurement processes. “As a leading financial institution, SLCB is unwavering in its commitment to upholding the highest standards of governance and accountability. We view the issues highlighted in the 2023 Audit Report not as setbacks, but as a vital opportunity to refine and strengthen our systems,” he affirmed.
The Chairman laid out a comprehensive strategy to tackle the audit’s concerns, revealing that the Bank’s Management had taken immediate action to overhaul the procurement unit. In a significant move, the former procurement officers have been replaced with seasoned professionals from the National Public Procurement Authority (NPPA), who will address the procurement challenges identified in the audit report concerning the Accounts of Sierra Leone for the financial year ending December 31, 2023. This change guarantees a high level of professionalism in the handling of these critical issues.
In response to the negative media coverage surrounding the Bank, Ira Nyake Amara attributed the criticism to the failure of the former procurement officers to officially respond to the Auditor General’s comments regarding procurement issues. He stressed that the newly appointed procurement experts bring with them the requisite skills to implement globally recognized frameworks that will bolster the Bank’s procurement processes.
Both the Board and Management of SLCB fully understand the vital role procurement plays in the Bank’s daily operations. With this in mind, they have unanimously agreed to support these reforms through technical assistance. Ira Nyake Amara reaffirmed the Bank’s commitment to improving transparency, integrity and efficiency, ensuring that every procurement decision maximizes value for money. “Our goal in reforming the procurement unit is to ensure stronger governance and enhance the Bank’s overall functionality,” he remarked.
The Chairman further assured stakeholders that SLCB maintains a strict zero-tolerance policy on corruption, reinforcing the Bank’s dedication to transparency and ethical conduct in every aspect of its operations.
As a cornerstone of Sierra Leone’s financial landscape, SLCB plays an instrumental role in the country’s economic recovery. These reform measures reflect the Bank’s unwavering commitment to setting the highest standards of corporate governance and contributing to the nation’s long-term development.
