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ECSL Holds Post-Election Stakeholders’ Engagement on Strengthening Electoral Systems

July 19, 2024

Electoral Commission of Sierra Leone (ECSL).JPG

By Foday Moriba Conteh

As part of their effort towards strengthening electoral systems in the country, the Electoral Commission of Sierra Leone (ECSL), with support from International IDEA, concluded a two-day post-election national stakeholders’ engagement on Thursday, July 18th, 2024. The engagement, themed: “Stakeholders Engagement to Strengthen Electoral Systems and Processes,” was held at the Sierra Palm Hotel on Beach Road in Freetown and brought together political party representatives, civil society members, elections management bodies, diplomatic partners and other stakeholders.

In his opening remarks, Edmond Sylvester Alpha, the Electoral Commissioner for the Southern Region, ECSL, emphasized the importance of constructive reflection on the 2023 elections and related issues. He highlighted the need for Africans to manage their own democratic processes, stressing, “We must have the urge to handle our democracy, as we can do it better.”

Idriss Mamoud Tarawallie, PhD, Head of Country Programme at International IDEA, underscored their mission to promote democracy through principles of representation, participation, rights and the rule of law. He stated, “We’re here today for a forward-looking process.”

Ibrahim Sorie Sesay, Secretary General of the All-Political Parties Association (APPA), noted the central role of political parties in promoting peace and national cohesion. Addressing feedback and allegations from the All-People’s Congress (APC) regarding the June 2023 elections, he stressed the need to strengthen democracy further.

On his part, the Chairman Electoral Commission of Sierra Leone, Mohamed K. Konneh stated, “We have started a rebirth for the 2028 elections,” emphasizing the importance of stakeholder feedback. He acknowledged that no election is perfect but affirmed their commitment to following the law.

Mohamed Konneh outlined the successes of the 2023 elections, including conducting them without deferring any polling stations and maintaining peace. He noted that the electoral system used was developed in 2007 and also utilized in the 2012 elections.

Emmanuel Gaima, PhD, Secretary to the President, delivered the keynote address, highlighting the crucial role of election management bodies in engaging citizens and enhancing their understanding of electoral systems.

He reiterated President Bio’s commitment to reviewing the 1991 Constitution of Sierra Leone to strengthen the country’s democracy.

The two-day engagement featured presentations and plenary sessions on legal reforms, voter registration, electoral systems and inclusion among other critical topics.

Vice President Engages Sierra Leoneans in London

July 17, 2024

By Amin Kef Sesay

The Honorable Vice President of the Republic of Sierra Leone, Dr. Mohamed Juldeh Jalloh, on Friday July 12, 2024 engaged with a cross-section of Sierra Leoneans in London during a meeting held at the Strand Palace Hotel in London.

Addressing the attendees, Vice President Jalloh discussed the ongoing efforts of the Government under President Julius Maada Bio to elevate Sierra Leone both domestically and internationally. He acknowledged the challenges faced but highlighted the significant strides made in education, healthcare and agriculture, emphasizing the Human Capital Development vision championed by President Bio.

Prior to the meeting, Vice President Jalloh met with Sierra Leone High Commissioner, Dr. Morie Manyeh and the staff at the Sierra Leone High Commission on Eagle Street. They discussed strategic engagements to strengthen Sierra Leone-UK relations, sharing insights and receiving suggestions on deepening bilateral ties with a long-standing and trusted global partner.

During his address at the Strand Palace Hotel, the Vice President spoke on the global challenges posed by the COVID-19 pandemic and the Ukraine war, which have impacted all sectors worldwide. Despite these challenges, Sierra Leone has made commendable progress in education, healthcare and agriculture. He highlighted the Government’s massive education drive benefiting approximately 2.7 million children, investments in healthcare and initiatives promoting women’s and children’s rights.

Dr. Jalloh detailed the Government’s efforts to subsidize essential services and commodities such as electricity, rice and petroleum products. He emphasized the priority given to social infrastructural development, as evidenced by the significant increase in the education budget to 22% of GDP and the healthcare budget from 6% in 2018 to 11.2% currently.

He also addressed the financial burden borne by the Government to shield the population from economic hardships, including subsidies on electricity and communication tariffs. Significant improvements in healthcare, such as reduced child and maternal mortality rates and partnerships with organizations like UNICEF, were also noted.

Agriculture and education remain top priorities, with increasing enrollment in schools and universities, particularly among female students in science fields. Government support extends to technical and vocational training, aiming to equip young people with practical skills.

The international community has recognized Sierra Leone’s progress, highlighted by President Bio’s co-chairing of the global educational transition with the UN Secretary-General and Sierra Leone’s chairmanship of the C-10 at the United Nations. Vice President Jalloh emphasized the strategic importance of strengthening global relations to achieve tangible results. He mentioned the establishment of a French diplomatic station in Freetown, enabling Sierra Leoneans to obtain French and Schengen visas locally.

Dr. Juldeh Jalloh assured the audience of the Government’s commitment to maintaining currency stability and fostering a conducive environment for business growth. He outlined initiatives like the National Investment Board to remove obstacles to business in Sierra Leone and provide incentives for business growth. The Vice President also elaborated on the FEED SALONE program, aimed at achieving food self-sufficiency and reducing dependency on food imports.

He highlighted the Gender Equality and Women’s Empowerment (GEWE) Act and internationally acclaimed efforts to combat discrimination and violence against women and girls. Developments in the rising tourism sector were also discussed, along with challenges such as the high cost of travel to Sierra Leone and efforts to attract more airlines.

Dr. Juldeh Jalloh concluded by expressing gratitude to the diaspora for their vital support and encouraged their continued efforts. He praised the resilience and tolerance of Sierra Leoneans and emphasized the importance of national cohesion.

The session included questions from various sectors, including charity organization executives and heads of school associations in the UK. Discussions focused on reducing overhead costs for local NGOs and easing the process of clearing goods at the port in Freetown. The Vice President provided contact information for relevant Government officials and promised follow-ups on the issues raised.

The event concluded with an engaging and productive session, with representatives from the Sierra Leonean community in the UK interacting with the Vice President for group and individual photos and informal chats.

IsDB Mission Team Evaluates Regional Rice Value Chain Project in Tormabum

July 17, 2024

By Esther Wright

A joint supervision mission team from the Islamic Development Bank (IsDB) on Saturday, July 14, 2024, arrived in Sierra Leone to evaluate the ongoing activities of the Regional Rice Value Chain Project under the Ministry of Agriculture and Food Security.

The mission aims to inspect various Bank-funded initiatives, particularly the development of 4,000 hectares of irrigation in Tormabum, which is crucial for boosting rice production.

Paramount Chief, Alex Maada Kaipumu, of Bum Chiefdom, Bonthe District, warmly welcomed the team. He expressed gratitude to the IsDB for its support through the irrigation scheme and highlighted the project’s potential to significantly enhance the Government’s Feed Salone program. Chief Kaipumu also praised the contractor’s work and shared the Chiefdom’s excitement about the project’s completion.

Sabiu Auwal, Operations Team Lead for Agriculture and a member of the IsDB mission team, commended the progress observed in Tormabum. He noted advancements in constructing the irrigation system, rehabilitating two warehouses, building a new warehouse, erecting two prefab milling houses and refurbishing 35 km of road. Sabiu Auwal emphasized the importance of timely completion and proper utilization of the facilities and urged the contractor to expedite the work to avoid delays.

Alhaji Mohamed Sesay, Project Engineer of the Regional Rice Value Chain Project, reported that Pavifort Associates, the project’s contractor, has been fully mobilized since March for the irrigation scheme and road rehabilitation. The irrigation project is slated for an 18-month duration, while the road rehabilitation is expected to take 12 months.

Pavifort Associates’ General Manager, Mohamed Kamara, confirmed the full mobilization for both the irrigation scheme construction and road rehabilitation from Victoria in Tormabum to Manokioganya.

The IsDB mission team includes Br. Javed Khan, Senior Agriculture Specialist-LLF (Team Lead), Br. Sabiu Auwal, Operations Team Leader (Regional Hub Dakar), and Sr. Asma Bousdira, Project Management Specialist-1 (Regional Hub Dakar). Representatives from the Ministry of Finance and technical staff from the Regional Rice Value Chain Project also accompanied the team.

Diamond Dealer Jihad Basma Cleared in High-Profile Case

July 17, 2024

By Amin Kef (Ranger)

In the heart of Kono, Jihad Basma, a respected and long-standing legal diamond businessman, recently found himself at the center of a contentious diamond saga marked by misunderstandings and false accusations. Despite a decades-long record of conducting clean diamond business, Jihad Basma and his family faced unfounded allegations that threatened their reputation and integrity.

The controversy erupted when accusers claimed that Jihad Basma had stolen 150 carats of diamonds. These accusations, initially based on misinformation, lacked substantial evidence. As the case progressed, the accusers revised their claims, reducing the alleged stolen quantity to 40 carats. In a further attempt to malign his character, they labeled Jihad Basma and his family as terrorists.

However, contrary to these shifting and baseless accusations, it was established that Jihad Basma legally purchased the diamond in question. He has always adhered to the stringent legal protocols and ethical standards of the diamond trade. The transaction was conducted transparently with all necessary documentation and permissions in place, proving his innocence.

As legal investigations unfolded, it became increasingly clear that the accusations against Jihad Basma were without merit. The claims of theft and terrorism were thoroughly debunked, reinforcing his standing as a law-abiding diamond trader. Jihad’s long history of clean business practices in Kono stood in stark contrast to the baseless allegations.

The saga surrounding Jihad Basma underscores the dangers of unfounded accusations and the importance of due process. Despite facing serious and false allegations, he has demonstrated unwavering resilience and integrity. His experience serves as a reminder that the truth prevails over misinformation. The accusers should reconsider their stance and acknowledge Jihad Basma’s decades-long commitment to ethical diamond trading in Kono.

The resolution of this case not only clears Jihad Basma’s name but also highlights the necessity of factual accuracy and justice in all allegations.

Lara Taylor-Pearce Breaks Silence on Suspension and Tribunal Allegations

July 17, 2024

By Foday Moriba Conteh

Lara Taylor-Pearce, the suspended Auditor General of Sierra Leone, has broken her silence regarding a Press Release from State House dated July 9, 2024, and statements made by the Director of Public Prosecutions. Addressing the public and media, Lara Taylor-Pearce, who has served as Auditor General since November 2011, defended her professional integrity and transparency.

The former Auditor General, with a career spanning over three decades, highlighted her commitment to professionalism, diligence and integrity throughout her tenure. She began her career at KPMG Peat Marwick in 1991, qualifying as a member of the Association of Chartered Certified Accountants (ACCA) in 1998 and later as a fellow in 2003. She also holds an MBA in Leadership and Sustainability from the University of Cumbria, UK.

Appointed as the Auditor General in 2011 after serving as Deputy Auditor General since 2007, Lara Taylor-Pearce emphasized her role in safeguarding public funds for the benefit of Sierra Leoneans. “I have always been guided by the principles of integrity, transparency and accountability,” she stated, noting her leadership roles in international audit bodies like AFROSAI-E and the INTOSAI Development Initiative (IDI).

Despite her achievements, the erstwhile Auditor General faced suspension in November 2021 for alleged professional misconduct. She asserted that her suspension was unprecedented, given her unblemished record. The Tribunal set up to investigate her and her former Deputy Auditor General, Tamba Momoh, began public sittings in March 2022. She attended all but one session and submitted a comprehensive response to the Tribunal’s allegations.

“The only matters brought up during the Tribunal hearings related to third-party verification issues and regular audit management procedures,” she explained. No evidence was presented to support other allegations and she was not given the opportunity to publicly defend herself against them.

Lara Taylor-Pearce categorically denied any involvement in leaking information, stating, “I have never knowingly or unknowingly provided or leaked any audit information to any person or publication.” She urged those responsible for leaking information to reflect on the consequences of their actions.

Highlighting the professional standards followed by the Audit Service Sierra Leone, Lara Taylor-Pearce reiterated that all audits are managed by a Deputy Auditor General and adhere to international standards. She stressed that performance audits, unlike annual financial and compliance audits, are agreed upon and monitored by an Advisory Performance Audit Committee (APAC).

She also mentioned that the Tribunal’s findings, completed on June 12, 2024, have not been provided to the defendants as of July 14, 2024. Lara Taylor-Pearce expressed frustration at being deprived of a Supreme Court hearing to determine the Tribunal’s constitutional legitimacy.

In her closing remarks, she provided contact information for the professional bodies to which she belongs, inviting the Attorney General to present any alleged evidence of misconduct. She thanked her supporters, both locally and internationally and her legal team led by Rowland S. V. Wright.

“I am grateful for the overwhelming support and continue to stand for truth, integrity and professionalism,” she concluded.

Obtain Your Biometric Identity Card to Access Multitude of Benefits

July 17, 2024

By Amin Kef (Ranger)

In Sierra Leone, the National Identity Card (ID) is not merely a piece of plastic; it represents your legal identity and offers a multitude of benefits for both citizens and non-citizens. Embedded with a chip containing biometric data, the National ID Card simplifies identity verification, enhances financial inclusion, and contributes significantly to the nation’s social and economic development.

One of the primary advantages of the National ID Card is its seamless identity verification capability. Cardholders can easily confirm their identity to access various government social services. Integrated with the financial sector, the card facilitates remote know-your-customer (KYC) checks, streamlining the verification process and reducing associated costs. This electronic KYC feature enables financial service providers to authenticate and verify customers efficiently, promoting broader financial inclusion.

The card’s importance extends to the education sector, where National Identification Numbers (NIN) are now mandatory for pupils in public examination classes, such as NPSE, BECE, and WASSCE. This underscores the growing role of the National ID Card across different sectors.

For residents aged 12 and above obtaining a National ID Card is straightforward. Applicants can visit the nearest National Civil Registration Authority (NCRA) office in their district to receive their Securitized Biometric Identity Card. Non-citizens can apply for the Non-National ID Card for resident and work permits.

The NCRA has introduced these advanced Securitized and Multi-purpose Biometric Identity Cards with an enhanced ID Verification System to transform Sierra Leone’s landscape, focusing on personal security and streamlined local transactions. In 2024, acquiring a National Biometric ID Card is not just a suggestion but a civic responsibility essential for personal security and simplified transactions.

The National ID Card, featuring a unique 11-digit NIN, serves as a critical legal identity document, linking individual records within the National Identity Database. The NCRA’s initiative promotes the adoption of advanced identity cards equipped with cutting-edge verification systems, ensuring improved access to essential services while safeguarding individual rights.

These innovative cards are now mandatory at checkpoints nationwide, enhancing secure transactions and providing convenience to cardholders. The requirement of the NIN for pupils in public examination classes highlights the card’s significance in the educational sector.

To facilitate the application process, the NCRA has established specific offices and designated centers across Sierra Leone, including:

NCRA Headquarters: 2 Walpole Street, Freetown
NCRA Office: 23B Off Kingharman Road, Freetown
NCRA Office: Kennedy Street, Freetown
NCRA Branch Office: 230 Lumley Road, Freetown (By the Roundabout)
NCRA Office: Waterloo along the Freetown Highway (Opposite the Police Station)
NCRA Offices: Regional Headquarters in Bo, Kenema, Makeni, and Port Loko

In addition, the NCRA has introduced corporate services tailored for organizations and institutions. For more information on these corporate services, interested parties can contact the NCRA at +232-33-433-333 / +232-30-500-000 / +232-60-000 / +232-78-221-812 or via email at idverification@ncra.gov.

Sierra Leoneans are encouraged to prioritize obtaining their Biometric ID Cards, recognizing their significance in enhancing personal security and contributing to the nation’s development. The NCRA’s transformative initiative aligns with the Government’s commitment to fostering a safer, more efficient and accessible environment for all citizens.

NP (SL) Maintains Stock Levels over Extended Periods, Effectively Preventing Shortages

July 17, 2024

By Amin Kef (Ranger)

NP (SL) Ltd, a 100% indigenous Sierra Leonean company, is tirelessly working round the clock to engage oil-producing companies in business discussions, ensuring a continual supply of oil. This proactive approach has enabled NP (SL) to maintain stock levels over extended periods, effectively preventing shortages.

The company, renowned for its resilience, has weathered numerous challenges through strategic managerial interventions that have kept it on the right course. As a true Sierra Leonean enterprise, NP (SL-Ltd) strictly adheres to the Local Content Policy, maximizing the employment of indigenous staff. This commitment not only empowers local communities by providing employment opportunities but also contributes to poverty reduction.

NP (SL-Ltd) is recognized for its dedication to staff development, offering various training programs that equip employees with the necessary skills to perform their tasks efficiently. The company’s adherence to the Local Content Policy places it at the forefront of businesses contributing to national development.

Experts in business management have praised NP (SL-Ltd) for its exceptional customer care. The company’s ability to engage with customers sincerely and make them feel valued has significantly boosted customer loyalty. NP (SL-Ltd) has also invested in modern, calibrated pumping machines, enhancing transparency and building customer trust. The friendly and responsive pump attendants further enhance the customer experience.

In line with its commitment to customer care, NP (SL-Ltd) offers flexible payment plans for reliable customers, including Government Ministries, Departments and Agencies. These arrangements ensure continuous fuel and lubricant supplies, even when budget allocations are intermittent.

NP (SL-Ltd) has also introduced the NP Gas, a safe, user-friendly, and portable cooking device available in various cylinder sizes at NP Filling Stations. Additionally, the NP Smart Card, a secure and convenient payment method for petroleum products, has gained popularity for its ease of use and accessibility.

The company has taken a significant step towards modernizing fuel purchasing and promoting a cashless economy with the introduction of the pilot phase of its Access and Energy Pass Card. This innovative smart card aims to enhance the efficiency of energy management systems and streamline the distribution of petroleum products across the country.

As one of the largest taxpayers in Sierra Leone, NP (SL-Ltd) plays a crucial role in supporting government projects through timely tax payments. The company has expanded its operations across the West African sub-region, with branches in Guinea, Liberia, Ivory Coast, and The Gambia, where it continues to uphold the Local Content Policy and prioritize national employment.

NP (SL)’s expansion into hard-to-reach areas within Sierra Leone has significantly reduced energy poverty and provided employment opportunities for local residents as well as improving their quality of life. Despite facing occasional unfounded criticisms, NP (SL) remains steadfast in its mission to contribute to the socio-economic development of Sierra Leone and positively impact communities and lives.

ITEC Beneficiaries Share their Experiences at Indian High Commission in Freetown

July 17, 2024

By Foday Moriba Conteh

Some of the Indian Technical & Economic Cooperation (ITEC) beneficiaries met with Indian High Commission officers and shared their experiences about courses pursued by them in India in 2023-24 and 2024-25. ITEC beneficiaries gathered in a large number at the Chancery premises of the High Commission, while sharing their experiences, overwhelmingly elaborated on how the courses under ITEC Programme have changed their skills, perceptions, careers and lives in a positive way.

Amara S. Janneh, working in Audit Service Sierra Leone, who has pursued ‘Receipt and Compliance Audit’ course at the International Centre for Information Systems and Audit (ICISA), Noida, mentioned that the course was comprehensive and has equipped him with new skills and knowledge in respect of receipt and compliance audit.

Mohamed A. Kamara, who is in Commerce and Mortgage Bank (SL), has completed ITEC course in Auditing in IT Environment. He shared that he is very impressed with the course material and hospitality and warm welcome received in ‘Incredible India.’
Ahmed Swaray, employed with the National Minerals Agency in Freetown, who has done his ITEC course on ‘Remote Sensing and Digital Image Processing for Geo-Scientists’ at Geological Survey of India Training Institute, Hyderabad, mentioned with smiles that he gained diverse knowledge in remote sensing which is very helpful in discharging his day to day responsibilities in a professional manner.

Ms. Mariama Sam, Ms. Fatmata Sesay, Zainab J. Sesay and Gbassay F. Samura, employed in the Ministry of Internal Affairs, Sierra Leone Police, who have completed their courses on ‘International Public Health Management and Development Program’ at the Department of Community Medicine and School of Public Health, Chandigarh, shared that during the course they learnt about leadership, benefits of Yoga for health and closely observed rich cultural heritage of India.

Imran Conteh, working in Sierra Leone Agricultural Research Institute, has completed ITEC course on ‘Project and Risk Management’ at Arun Jaitley National Institute of Financial Management, and Ms. Soriatu Marie Dumbuya, employed with Ministry of Trade and Industry of Sierra Leone, did her course on ‘Women & Enterprises Development Trainers/Promoters Programme at the National Institute for Entrepreneurship and Small Business Development at Noida, while sharing their experiences, stated that they liked the professionalism, punctuality and passion of the world class faculties at the Institutes. They learnt about various opportunities in entrepreneurship and small businesses and new technologies which are helpful in risk management.

Francis Turay working with National Cybersecurity Coordination Center and Ms. Hawanatu Mansaray of Sierra Leone Police have undergone ITEC courses on ‘Entrepreneurship and Project Management’ at the National Institute for Entrepreneurship and Small Business Development at Noida and ‘Investigation on Economic Offences’ respectively, mentioned that they had great experiences not only in enriching their skills and personality development but also to observe the rich cultural heritage of India and warm hospitality of the Indian people.

All the ITEC beneficiaries were happy to share their experiences about their warm welcome and comfortable stay in India, professionalism of the world class faculties with advance approach, visits to various Institutes, historical monuments and introduction to India’s rich culture, food delicacies etc. All of them thanked the High Commission of India for providing them with the opportunity to undergo their courses in India.

On the occasion, Neeraj Kumar Saini, Cd’A a.i. in the Indian High Commission in Freetown informed the media persons that the Indian Technical & Economic Cooperation (ITEC) is a Government of India’s flagship programme instituted on September 15, 1964, and has been a vehicle to share India’s vast and unique experience of growth and development through capacity building and training in a wide and diverse spectrum of skills. ITEC programme has created visible and growing awareness about the competence of India as provider of technical knowledge and expertise as well as training opportunities and much more.

The ITEC beneficiaries had also a close interaction with Dr. Ramji Vaidya from International Center for Cultural Studies and shared their various experiences of cultural richness of India, Yoga, Ayurveda etc. Dr. Ramji encouraged them to use their skills developed during ITEC courses in day to day life and share with their families and friends the good values observed by them in India.

India offers 50 ITEC slots every year to Sierra Leoneans for short, medium and long-term capacity building programmes. Selected ITEC beneficiaries are provided to and fro air-tickets and boarding and lodging by Government of India to pursue these courses in India. In addition to 50 ITEC slots, India also provides 15 full ICCR scholarships to Sierra Leone for under-graduate, post-graduate and Phd. courses in India.

Sierra Leone is also one of the beneficiaries of scholarships under India’s e-VidyaBharati or tele-education programme for online under-graduate and post-graduate courses being offered by various reputed Universities in India. So far, more than 450 students from Sierra Leone have enrolled/pursuing/completed various courses. For such students, a Learning Centre at Fourah Bay College, consisting of a Computer Lab & Multimedia Room has been established by the Government of India in 2021. High Commission of India in Freetown has set up an ‘India Corner’ in the Library Building of Fourah Bay College, University of Sierra Leone in March 2024.

As Sierra Leoneans Urged to Support Bid… Leonoil Offers Sierra Rutile $76M in Unsolicited Proposal

July 17, 2024

By Amin Kef (Ranger)

A fresh contender, Leonoil Company Limited, a petroleum marketing business entity, controlled by Sierra Leonean businessmen, has emerged in the heated battle to control a West African mineral sands miner, Sierra Rutile Company Limited. It has announced its intention to acquire ASX-listed Sierra Rutile for $0.18¢ash a share. This cash offer is approximately $76.4 million, with Leonoil backed by West Perth’s Sternship Advisers.

Already, Leonoil has sent an unsolicited proposal to Sierra Rutile Holdings Limited (ASX: SRX). The company holds 19.85% of the issued and outstanding ordinary shares in Sierra Rutile ( SRX). Leonoil’s conditional off-market takeover bid targets all remaining shares it does not already own, offering $0.18 cash per share without a minimum acceptance condition.

The Leonoil Proposal presents key terms similar to those of a competing bid from Gemcorp Commodities Assets Holding Limited (Gemcorp), with Sierra Rutile’s Board indicating that it may reasonably be expected to become a superior proposal under the Gemcorp Bid Implementation Agreement (BIA). Gemcorp has been notified of the Leonoil Proposal and has until the close of business on 18 July 2024 to provide a matching or superior offer.

In summary the Leonoil Proposal is offering a price of $0.18 cash per ordinary share with no minimum acceptance condition, no prescribed occurrences, no material adverse change, no Government or regulatory action adversely impacting the proposal and no breach by SRX of certain business restrictions.

With regards to deal protections such includes “no shop, no talk” and “no due diligence” restrictions as well as notification and matching rights in the event of a competing proposal. A reciprocal break fee is also proposed.

Sierra Rutile shareholders are advised to refrain from taking action under the Gemcorp Offer during this period and wait for further information in accordance with SRX’s continuous disclosure obligations.

In terms of Rutile Market Insights the global market anticipates a supply deficit for natural rutile due to growing demand outstripping depleting resources leading to increasing prices. Natural rutile is the cleanest and purest form of titanium dioxide and it boasts of high grade and low impurity characteristics, making it superior to ilmenite. It is highly sought after for its applications in pigment production, titanium metal and welding.

It must be noted that rutile is used in paints, paper, plastics, inks and coatings. It serves as a primary source of white coloring in products such as paint and toothpaste. As a Titanium Metal it is essential in aerospace, medical implants, defense, sports equipment and industrial applications due to its high strength-to-weight ratio and chemical resistance. In welding, it enhances the safety, durability and strength of steel joining in construction, manufacturing and shipbuilding.

Despite a dip in pigment demand in 2023 due to economic factors, the long-term demand for titanium metal remains robust.

Sierra Rutile, supplying over 20% of global natural rutile, is well-positioned to benefit from constrained supply and recovering demand, potentially leading to increased future pricing and investment in replacement supply from deposits like Sembehun.

As the competition intensifies, Sierra Rutile’s established track record and high-quality products make it a valuable asset in the mineral sands industry. Shareholders and industry watchers alike await further developments in this unfolding corporate saga.

Sierra Rutile stands as the world’s largest producer of natural rutile, boasting over 50 years of operational history in Sierra Leone. The company is strategically positioned to expand its operations with the proposed development of the Sembehun deposits, one of the world’s largest and highest-grade natural rutile resources. This development is expected to extend SRX’s mine life by at least 14 years. Sierra Rutile is publicly listed on the Australian Securities Exchange, highlighting its global reach and industry significance.

Leonoil is a marketing oil company specializing in automotive gas oil, petroleum motor spirit, and lubricants, has established itself as a significant player in the West African oil industry. Founded in 1994, Leonoil is proudly 100% Sierra Leonean-owned. The company operates twenty-four gas station outlets across Sierra Leone and extends its operations to four other West African countries. A key subsidiary, National Petroleum Sierra Leone Limited, supplies fuel to SRX.

Being an indigenous company that is doing extremely well in the petroleum sector, it is incumbent on Sierra Leoneans to support Leonoil’s unsolicited proposal of $76M to Sierra Rutile in fierce competition with Gemcorp.

Sierra Leone to Host WABA’s 78th Executive Council Meeting & 42nd General Assembly

July 17, 2024

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By Amin Kef Sesay

The West African Bankers’ Association (WABA) is set to convene its 78th Executive Council Meeting and 42nd General Assembly in Freetown, Sierra Leone, from August 8th-9th, 2024. This significant event, hosted by the Sierra Leone Association of Commercial Banks (SLACB), will take place at the Freetown International Conference Hall.

The gathering will feature key panel discussions on critical topics such as IFRS 9 for Directors, Cross-Border Settlement System and Debt Management and Recovery. These discussions aim to address current challenges and advancements in the banking sector, ensuring insightful and informative sessions.

Prominent figures slated to speak include Sheku Ahmed Fantamadi, the Minister of Finance, Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, Dr. Guy Laurent Fondjo, the President of WABA and Dr. Walton Ekundayo Gilpin, the President of the Sierra Leone Bankers’ Association (SLACB).

The agenda also includes the presentation of WABA’s financial accounting, annual audit reports, annual subscriptions and an overview of the Secretariat’s daily operations during the 42nd General Assembly.

Alhajie Geng, Secretary General of WABA, expressed enthusiasm for the event, stating, “We are delighted with the commitments we have received from the Central Bank of Sierra Leone and the Sierra Leone Association of Commercial Banks in hosting this year’s assembly in Sierra Leone.”

Since its establishment in 1975, WABA has been instrumental in promoting economic and financial integration within the ECOWAS region. The Association, comprising primary banks, development banks, credit institutions and banking bodies in West Africa, has been a driving force behind initiatives like the West African Clearing House (WACH), which facilitates intra-regional trade.

WABA’s mission includes advocating for the banking and financial sector, promoting international standards of professional practices, and enhancing cross-border banking and financial transactions. This mission supports the broader goal of economic and monetary integration and development within ECOWAS.

Looking ahead to 2030, WABA aims to be recognized as the most impactful Regional Banking Association in Africa. The Association values solidarity, openness, accessibility and scalability, striving to be a benchmark for the economy, banking and financial sectors of ECOWAS.

As a member of the ECOWAS Private Sector Group, WABA is involved in key projects such as the creation of a single currency, the ECOWAS Regional Payments System, and a centralized credit risk database. The Association also focuses on promoting good corporate governance practices in West African banks and financial institutions through various forums, training seminars and conferences.

WABA’s dual role as a professional and political organization positions it to effectively represent its members’ interests while facilitating communication between the ECOWAS Commission, member states and the banking and financial system. Its objectives include strengthening cooperation among ECOWAS banks, harmonizing professional rules and practices and addressing common issues within the regional banking sector.

This upcoming assembly is expected to significantly impact the banking and financial landscape of the ECOWAS region, fostering increased cooperation, standardization and growth. As WABA continues to pursue its goals, it is poised to play a pivotal role in shaping the future of banking and finance in West Africa.

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