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To Determine the Magnitude of Tax Evasion…   NRA Board Chair’s Proposed Investigative Panel is a Step in the Right Direction

Chairperson of the Board of Directors of the National Revenue Authority (NRA), Dr. Tuma Adama Gento-Kamara.png

By Amin Kef Sesay

Those calling for the sacking of the Chairperson of the Board of Directors of the National Revenue Authority (NRA), Dr. Tuma Adama Gento-Kamara, are not only  disingenuous to this nation but are part of a well calculated cabal who are bent on the  continued marginalization of  prominent women of  high integrity and impeccable reputation, occupying sensitive and important public offices, just because they are firmly upholding the truth and more so for their uncompromising stance on certain critical State matters bordering on exposing corruption and bad governance.

The Auditor General of Audit Service Sierra Leone, Lara Taylor- Pearce was suspended from office pending trial by a Tribunal probably because her reports were deemed to be disturbingly exposing grand corrupt practices. For seemingly not supportive of certain financial policies adopted by the Government generally, the former Deputy Minister of Finance 11, Dr Patricia Laverley, had no alternative but to resign her position bordering on individual principle.

Chairperson of the Board of Directors of the National Revenue Authority (NRA), Dr .Tuma Adama Gento-Kamara, seems to be the next target.

Dr .Tuma Adama Gento-Kamara’s only “crime” has been her move to invite certain big business entities to appear before an Investigative Panel that has been established, spearheaded by her, to elucidate on certain issues related to their tax compliance with the Authority.

Her fine initiative seemed not to have go down well with certain individuals chief among them, the current Minister of Finance, Denis Vandi.

Infuriated by the Chairperson’s initiative, the Minister of Finance, Denis Vandi, wasted no time but to swiftly react: “We have no doubt that such action by the Chairperson of the Board of Directors of the NRA will result in an unhealthy business environment, impacting on the financial and economic governance of the State.”

He then went on to again state that: “In view of the foregoing, I hereby direct that all the invitations sent for the said investigation to the concerned businesses be rescinded with immediate effect.”

Although it is clearly spelt out in Section 16 of the NRA Act that in the exercise of its functions, the independence of Authority (NRA) shall not be subject to the direction or control of any persona of authority or authority, it is vividly apparent that the Minister of Finance seemingly thinks he is so powerful to such an extent that he can float or disregard a statutory provision with reckless abandon and just act according to his whims and caprices.

As argued by a school of thought, this latest alarming and suspicious move by the Finance Minister smacks of, him, having skeletons in his closet. They maintain that it is unfathomable for a Finance Minister to restrain someone who is trying to fight corruption out of patriotism.

They averred that the action or response of the Finance Minister could only be interpreted along the line that he is frantically trying to protect certain business entities, in which he has vested interest.

According to them, if the Finance Minister has no ulterior motive why should he prevent the Board Chair from going on with her investigation?

In what way would the Board Chair of the NRA initiative result to an unhealthy business environment, impacting on the financial and economic governance of the State as stated by the Finance Minister?

Why is it that the Minister of Finance failed to explain how the setting up of the Investigative Panel will negatively impinge on the financial and economic governance of the State?

A school of thought holds the view that at the end of the day what really matters is for the NRA to mobilize as much revenue as possible in order to meet the specified target or ceiling set up by the Government regardless of whatever means is used to attain such.

When this medium went out and sounded the views of many on this issue the responses were overwhelmingly against the action taken by the Minister of Finance. Majority of them expressed the view that the Board Members of the NRA must tenaciously go on with the probing exercise and must not be deterred in any form in the exercise of their statutory obligation by the Minister of Finance as the initiative is well in place and tends to yield fruitful dividends for the State.

They also categorically stated that if anybody has evidence that the action taken by the NRA Board Chair is as a result of her been bribed to do so then this medium will join other well meaning Sierra Leoneans for those making such an accusation to come up with the evidence to substantiate their claim otherwise it will remain a baseless accusation.

“This country has become one where any upright person who exposes corruption or who is on the verge of doing so is being targeted more especially if such a person is a female,” an Abacha Street trader lamented.

This medium learnt that the Bank of Sierra Leone recently replaced its accredited person from the NRA Board of Directors and it is expected that the Ministry of Finance wants to do same in a desperate bid from making the Investigative Panel powerless. But the question on the lips of many Sierra Leoneans is why such a desperate move now?

The cold war between the Minister of Finance, Denis Vandi and the Chairperson of the Board of Directors of the National Revenue Authority (NRA), Dr .Tuma Adama Gento-Kamara is one that should be amicably resolved by the President or any high ranking political functionary.

But as the situation now stands any attempt to remove her from her current position or killing her well acclaimed initiative will not only go down well with many, especially feminine groups in this country.

It is high time for President Julius Maada Bio to protect women of integrity from marginalization, sometimes fuelled by male chauvinism or a bloated sense of superiority.  It is important for President Bio to take a decisive and affirmative action on the matter because it was him who stated: “I want to encourage more women to volunteer for leadership regardless of political stripe. On our part as a Government, we will continue working to dismantle institutional, structural, and other barriers to women’s empowerment and advancement.”

Frustrated & Aggrieved APP Guinean Workers Create serious Commotion at Kissy Terminal

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By Amin Kef Sesay

Information accessed by this medium on the 2nd February 2022 stated that there was a serious confusion and hullaballoo going on down the Kissy Terminal. As a very pro-active news outlet no time was wasted in dispatching one of our reporters to cover the scene and report accordingly.

The unfortunate incident that took place down at the Kissy Terminal emanated from a brewing dispute between Sierra Leonean workers and their Guinean counterparts who were contracted by the Management of the All Petroleum Products business entity to do some work on the facility that it is currently developing. Based on taunts thrown at the Sierra Leonean workers the misunderstanding turned into a full-fledged fight with both sides trying to outdo each other leading into a chaotic situation.

The situation degenerated into the aggrieved Guinean workers blocking the road leading to the Terminal and affected activities that were undertaken by other petroleum marketing companies. It was only after the intervention of the Police that decorum was restored.

However, an in-depth investigation revealed that the Guinean workers out of frustration for noticing that the quantum of work is not commensurate to what they are been paid, decided to make their voices heard by staging a protest which took the form of barricading the road leading to the Terminal.

Sounding the view of the Alphonso Manley, who happens to be the Acting Chairman of the Consortium of Civil Society Organizations on Petroleum and Industrial Relations, he said, it was disturbing for them last week to urgently receive a message that there was commotion down at the Kissy Terminal.

He continued that it was equally disturbing to later learn that the road leading to the Terminal was blocked by irate Guinean workers said to have been brought in by the Management of APP to do some work down there.

“We have to use motorbikes to gain entrance into the Terminal as the whole place was chaotic,” he lamented.

Manley said upon investigating they came to understand that the Guinean workers were protesting over poor working conditions in addition to our independent findings that the latter were bullying their Sierra Leonean counterparts who decided to retaliate on that day.

“Such is uncalled for as on that day their protest disturbed the activities of other companies which is not good and therefore we are categorically calling on the Management of APP to speedily attend to the plight of the Guinean workers so that lasting peace and decorum will be restored at the Terminal,” he urged.

He said as a matter of fact it is shameful for an entity like the APP that has boasted of wanting to invest millions of dollars into the country’s petroleum sector, not to be in a position to afford good working conditions for its workers stating that as a Consortium they have started having second thoughts.

Alphonso Manley also called on Government, particularly the Ministry of Trade, to work in the best interest of the State, promote the Local Content Policy to the letter and to give legitimacy to operate within the country to credible investors instead of to those whose activities will create confusion and unhealthiness within the petroleum landscape of the country.

After Investigating NP-SL & APP Impasse… Consortium of CSOs on Petroleum Calls on VP Juldeh Jalloh to Release Findings

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By Amin Kef Sesay

Many that have been religiously following this medium will vividly recall that towards the end of 2021 there was a serious misunderstanding between the Management of the National Petroleum –Sierra Leone Limited (NP-SL) and representatives of a new petroleum business entity known as All Petroleum Products (APP) over the manner in which the new player or investor wanted to fix its pipes, down at the Kissy Terminal, which in its entirety did not go down well with the Management of the oldest petroleum marketing company in the country, NP-SL Ltd, which therefore protested bitterly.

For most, such a move by APP was an act of overstepping its boundary and betrayal more especially when cognizance is taken of the fact that initially when the new company or entrant wanted to commence work at the terminal they approached the Management of NP-SL Ltd to guide them how to commence their work, which borders primarily on building a larger storage facility at the Kissy Terminal for storing petroleum products. Management of NP-SL was indeed magnanimous enough to grant them clearance or the go ahead to commence their work provided such will not affect any aspect of NP’s facility down there.

Surprisingly, when APP started their work it was annoyingly noticed by NP-SL that instead of burying their pipes they were laying them externally which, by all estimation, is highly risky and dangerous considering the fact that petroleum products are largely inflammable vis-à-vis the fact that the area has grown in population with the building of new settlements. APP was connecting its pipes on the area where NP-SL Ltd had the intension of developing a car park.

The situation degenerated into a serious impasse which warranted the intervention of the Vice President, Dr. Juldeh Jalloh and other relevant stakeholders including the Consortium of Civil Society Organizations on Petroleum and Industrial Relations. Dr. Juldeh Jalloh led a team, comprising the Executive Chairman of the Petroleum Regulatory Agency (PRA), Dr Brima Baluwa Koroma, the Minister of Trade and other authorities, to look at the situation on the ground, conduct independent assessments of the facilities down at the Kissy Terminal and promised to release its findings and recommendations in a report which is yet to be seen.

Few months down the line, the Vice President’s promise remains unfilled which has therefore warranted the members of the Consortium of Civil Society Organizations on Petroleum and Industrial Relations, currently headed by the Acting Chairman, Alphonso Manley, to remind the Vice President that it is high time for his findings to be made known as well as recommendations proffered that will importantly ensure that lasting peace and decorum be restored at the Terminal.

He said if the Vice President fails to do so within a stipulated period of time or otherwise they have no alternative but to officially write him in order to remind him of that promise.

According to Alphonso Manley the safety concern that was raised by the Management of NP-SL Ltd is indeed legitimate underscoring that with the building of houses close to the Terminal safety must be prioritized but said with the way APP is connecting or laying its pipes, members of the Consortium are also highly concerned about the safety of the Terminal and its environs.

In an exclusive interview with this medium he maintained that from their keen observation as a consortium the biggest challenge that petroleum marketing entities are currently contending with is the rapid fluctuation in the exchange rate of the Leone to the Dollar and has nothing to do with storage.

“To us storage facility is not the biggest challenge. The rapid way in which the exchange rate is fluctuating is seriously  affecting their businesses and they have to pay salaries, overhead costs and at the same time want to make profits,” he underscored stressing that the depreciation of the Leone has been the foreboding challenge that needs to be addressed.

He stated that they are recommending a roundtable discussion between the Managements of petroleum marketing entities and the regulator, PRA, to strategize and find ways how to maintain some form of stability in the exchange rate that will not adversely affect the purchasing power of the oil marketing companies. “If this is done genuinely and with a sense of purpose a way will be charted out to move out of the quagmire that oil marketing companies in the country have been perennially placed,” he said with certainty.

He furthered that they are imploring the Government to make foreign currency accessible to petroleum marketing entities to enable them transact deals at ease as at now accessing such is an herculean task facing them.

The Acting Consortium Chairman used the opportunity to commend NP-SL Ltd for constructing facility that expedites the filling of bowzers with petroleum products for onward distribution maintaining that such saves time and makes room for efficiency.

He said as a 100% indigenous company, which is tremendously doing well, Government must do all it can to ensure that NP-SL Ltd is given the necessary attention it deserves, within the context of promoting the country’s Local Content Policy, in order for the company to continue to positively contribute to overall national development.

“I want to profusely commend NP-SL Ltd for commissioning a Filling or Gas Station at Mattru Jong which hitherto was seriously suffering from Energy Poverty but with the new station such has now become a thing of the past with all the attendants benefits that goes with its operations to the residents of that community,” the indefatigable Acting Chairman of the Consortium of Civil Society Organizations on Petroleum and Industrial Relations,  Alphonso Manley, did  not conceal his impression or admiration stressing that the company is seriously making steady inroads  and progress towards improving the lives of many across the country.

President Bio Sends Warm Chinese New Year’s Greetings to President Xi Jinping

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By Amin Kef Sesay

On the first day of the Chinese Lunar New Year of the Tiger, which was the 1st February 2022, President Julius Maada Bio sent a letter of congratulations to his counterpart, H.E. President Xi Jinping.

In the letter, President Bio expressed sincere felicitations to President Xi on the occasion marking the Chinese New Year and conveyed his best wishes to President Xi’s continued good health and happiness and the prosperity of the Government and People of China. President Bio also congratulated China on the Beijing 2022 Winter Olympic Games and Paralympic Games.

The Embassy of the People’s Republic of China in the Republic of Sierra Leone also expressed sincere thanks to H.E. President Julius Maada Bio for his kind feelings.

Pentecostal Fellowship of Sierra Leone Ends Seven Days National Fasting & Prayer

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By Amin Kef Sesay

Bishop Akintayo Sam-Jolly ,the President of the Pentecostal Fellowship of Sierra Leone (PFSL), has called on the Church to continue to pray for the nation as stated in Luke 18:1 “…men ought always to pray, and not to faint.” And 1Thessalonians 5:17 “Pray without ceasing”.

He made that remark on Sunday 30th January at the end of the seven days of Fasting and Prayer for Sierra Leone with the theme “Cleansing and Preserving our Land.”

The fasting and prayer which started on the 24th ran to the 30th January 2022 from 12: 00 midnights to 4:00 PM while corporate prayer went on at various zones and churches from 3:00PM -5:00 PM daily for seven days.

He went on to say God always counts on somebody to stand in the gap to pray concerning the land as there is much that is going on in many nations that invite the judgement of God. He cited Ezekiel 22 where God made mention of the sins of the four Ps, (the prophet, priest, princesses and the people) and how those people did not repent before God,

Bishop Sam-Jolly read 2 Chronicles 7:14, “If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.”

“Now God is talking about when trouble comes and several troubles have come upon the world in many ways. God is looking for his people that are called by His name. In the two verses, God is not necessarily looking for everybody. When we pray, when we humble ourselves, seek the face of God and turn from your wicked ways, He will forgive our sins and heal our land.”

Bishop Sam-Jolly stressed that Sierra Leone needs healing, as the essence of their fasting was to seek the face of God like Daniel sought the face of God and there was a turn around and God answered him.

“That is why for the past 7 days we called upon the name of the Lord. We use the months of January to pray for the year that is ahead of us, many more things ahead of us as a nation such as elections, we don’t want to be reactive to things but proactive. We are going ahead to stop the hand of the devil. We have a God that is fighting for us and helping us and we will see the fruit of it and there will be change in Sierra Leone, righteousness will prevail, darkness will not take over this land. Every tree that God did not plant on this land we declare it uprooted. We declare blessings upon this nation, the Head of State in the name of Jesus.”

The PFSL President called on Sierra Leoneans not to wish all kind of evil against leaders but they need to pray for those in authority to do well.

“Is time for us to come together and we will continue to seek God to restore glory over this land, darkness will not prevail, whatever God has not planted shall be rooted. God will establish His will in Sierra Leone.”

The mass gathering was not only in Freetown but across all the districts in Sierra Leone.

PFSL General Secretary Rabbi Tamba Mbayo said the Church has been called to be the watch man over the nation.

He pronounced a shift in the spiritual and they will see a manifestation in the physical because they know when they pray God’s answers.

He went on to describe the prophetic prayer and fasting as acts that are  basically targeting the healing and cleansing of the land.

PFSL Public Relations Officer, Apostle Siaka Abraham Kamara disclosed that they fellowshipped with the Speaker of Parliament and a host of MPs, and staff, they also fellowshipped  with the Ministry of Defence, Sierra Leone Police Headquarters, the Judiciary headed by the Chief Justice and State House among others.

“We know our prayers will not go in vain because it is written that God is going to restore that which the locust, cankerworm and caterpillar have destroyed.”

A prophetic declaration was made over the flag and map of Sierra Leone by dozens of anointed men of God on that day to climax the fasting and prayers.

EU Launches over Le 13 Billion Leones Project in Falaba District

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By Foday Moriba Conteh

The European Union Delegation to Sierra Leone and the Government of Sierra Leone have launched a  €1,050,000 (Over 13 billion Leones) project titled,  ” Empowered Falaba District Council for Efficient Service Delivery to the Citizens” under the Support to Civil Society and Local Authorities for Local Development Project in Sierra Leone.

The launch took place at Mongo, district head quarter town of Falaba District in the Northern Region on the 27th January 2022 and it is part of European Union support towards development in Sierra Leone benefiting Six Councils and Civil Society Organizations.

Presenting an overview of the Project, the Chief Administrator of the Falaba District Council, Abubakarr Daramy, highlighted that the areas of concentration for Falaba District Council include the construction and rehabilitation of feeder roads and culverts across the district, construction of market stalls, construction of  a multipurpose hall among others.  He also mentioned capacity building for Council staff, COVID-19 support, support to farmers through seeds, barbed wire to prevent fracas between cattle-rearers and farmers as things to be accomplished.

Chairman of the Falaba District Council, Ibrahim Sorie Sesay, extended appreciation to the  EU for their support, citing how they even rendered technical support through the PMU. He however noted that the EU and Government should pay attention to the road which is a major challenge towards development in the district citing that if access is there then it will be easy to drive other development activities.

In his statement, Falaba District Caucus representative, Hon. Alhaji Foday Madie Jabbie encouraged the Council to handle the support with care while praising the EU.

Other stakeholders like the representatives of the Paramount Chief, Civil Society Organizations all pledged commitment towards monitoring the project and thanked the EU for considering the district.

Head of Cooperation for EU, Gerald Hatler, emphasized that attention must be placed on revenue generating projects which will help in promoting sustainable development in the district.

He highlighted the benefits of decentralization citing how it worked for EU countries.

The Minister of Local Government and Rural Development, Tamba Lamina, while launching the project, assured the district of continuous support while applauding the EU for considering the two districts i.e Karene and Falaba.

He pledged commitment of collaboration and effective monitoring of the projects.

The launch was climaxed with the demonstration of expressed gratitude  to the EU delegation infused in traditional dance, songs and presentation of gifts to members of the delegation.

Tourism Minister Heads Delegation to Kenya on Wildlife Study Visit

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By Amin Kef Sesay

As Head of delegation, Dr. Memunatu Pratt, Minister of Tourism and a team of officials from the Ministry of Environment, the National Tourist Board, National Protected Area Authority and Conservation Society Sierra Leone are on a study visit in Kenya on wildlife tourism commencing on the 1st February, 2022.

The initiative was borne out of President Bio’s desire for Sierra Leone to have its own wildlife safari by relocating exotic wildlife species from Kenya to Sierra Leone. The study tour aimed at using the Kenya experience in wildlife tourism and sanctuary management as a benchmark for the establishment and management of wildlife safari in Sierra Leone.

The study tour started with a courtesy visit on the Principal Secretary, State Department and Wildlife, Prof. H.K. Segor who welcomed the Minister and her team to Kenya and assured them of his and the Kenyan Government support in making the tour a success. The Ministry of Tourism and Wildlife in Kenya briefed the delegation on the study tour.

The Minister and team visited the office of Kenya Wildlife Services where the Deputy Director of Parks and Reserves did presentations on wildlife conservation and management, conservation challenges and mitigation, tourism development and management, community conservation, wildlife population trends and stakeholder involvement in conservation. The Principal Research Scientist of Kenya Wildlife Services, Barnard Ngonu also did a presentation on the Roles of Research on wildlife Conservation and Management.

Dr. Memunatu Pratt and team will visit National Parks in Kenya as part of the study tour for which two air transport have been provided by the Kenya Wildlife Service to the Sierra Leone delegation to tour important parks in Kenya.

US Medical Support Helps in Reducing Transmission of Harmful Tropical Diseases

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By Amin Kef Sesay

In a statement issued by the US Embassy in Sierra Leone, it was indicated that the United States Government, through the Agency for International Development (USAID), has supported the Government of Sierra Leone by providing medicines to entire communities through campaigns every year to eliminate several neglected tropical diseases.

The statement continued that because of the partnership with the Sierra Leonean Ministry of Health, 12 districts have successfully reduced transmission of lymphatic filariasis (known locally as “bigfoot”), meaning children living in these districts will grow up without the risk of being infected.

It furthered that additionally, through 14 campaigns to distribute medicines for river blindness, 5.5 million Sierra Leoneans are receiving annual treatment for the disease.  Sierra Leone is on track to eliminate these two neglected tropical diseases by 2030.

Worthy of note is that World Neglected Tropical Diseases Day is celebrated every year on January 30th with the aim of drawing  attention to neglected diseases and motivate communities to continue to participate in prevention, including taking part in campaigns to distribute medicines and to practice good hygiene to further reduce the spread of those diseases.

This year’s theme for World Neglected tropical diseases day is “Advancing Health Equity to End the Neglect of Poverty-Related Diseases”.

The statement from the US Embassy says the United States, through USAID, remains strongly committed to supporting the people and Government of Sierra Leone in eliminating bigfoot and river blindness, and bringing under control other parasitic diseases that can be prevented and treated.

It further stated that the partnership between the Governments of the United States and Sierra Leone and with civil society through Helen Keller International is enabling Sierra Leone to distribute over 125 million medicines valued at over $267 million of donated drugs.

Based on the statement, those campaigns are crucial to combat neglected tropical diseases endemic in Sierra Leone, including Lymphatic Filariasis (bigfoot), Onchocerciasis (river blindness), Soil Transmitted Helminths (worms) and Schistosomiasis (mansoni).

NRA Boss & Team Pay Unannounced Visits to Major Shops to Verify Use of ECR Machines

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By Mary Kabay

As a way of expressing commitment to enforce certain tax policies in the country and to ensure that compliance in fulfilling tax obligations is at top level, especially with the enactment of the ECR Regulations of 2021, the Commissioner General of the National Revenue Authority (NRA), Dr. Samuel S. Jibao and team accompanied by newsmen, as observers, were again out on the 2nd February 2022 in continuation of shop verification to ensure the installation of ECR machines. Major shops on Siaka Stevens Street, Sandas Street, at Congo Cross and on Aberdeen Road were visited.

According to Dr. Samuel S. Jibao the exercise was undertaken against the backdrop that so far the Authority has installed slightly over 3,000 machines but has noticed very high user apathy from business people in Freetown.

He continued that as part of NRA’s plans for 2022, the entity will intensify its enforcement drive to ensure all revenue enhancement systems are fully deployed and used by taxpayers.

The NRA Boss, intimated journalists and by extension members of the public, that the Authority issued series of public notices asking businesses to contact the Authority to install the machines before they decided to embark on the visits in order to ensure compliance.

During the exercise it was noticed that most of the shops and business outlets do not have the machines installed and from what was learnt some of the  business owners put up indifferent attitudes when the machines were about to be installed at their outlets. Some, upon hearing that the team is on the way decided to close their shops.

What was also unveiled was that some business people in the country take certain statutory policies just for granted, some going with the idea of not to be taxed evident in some of the flimsy comments that were made.

What was noticeable was that though it was not the original intention of the Commissioner General to close errant business entities, however, the sarcastic comments made by some business owners forced him to do so.

“This shop must remain close until all the needful is done accordingly,” he told one business owner found not complying in using the ECR machine. He added that there are fines to be imposed on defaulters ranging from Le 50M to Le 250M depending on the magnitude of the offence.

For business entities that were discovered to be operating illegally without justifiable documentation, the Commissioner General gave them a two-day ultimatum to regularize their businesses or be prepared to face the law.

Dr. Jibao disclosed that there is a balance of 2000 machines in stock to be installed stating how the installation plus the software is free. He laid emphasis that after the stock runs out the next batch will only be available on sale underscoring how it is mandatory for every shop that make sales turnover of 100 Million Leones to have one installed.

In his message everywhere a visit was paid, the Commissioner-General made it categorically clear that they are not out to close shops but rather to raise awareness about the Electronic Cash Register machines, how to correctly use them.

The exercise is expected to continue within the coming months as the Authority intensifies tax compliance by business owners in the country.

In Open Letter to Pres.Bio…   Consortium of CSOs Highlights Flaws of the International Insurance Company SL to President Bio

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By Amin Kef Sesay

A Consortium of Civil Society Organizations on Social & Economic Justice said to be a Coalition of Civil Society and Media Organizations in an Open Letter written to President Julius Maada Bio stated how it wants to draw the President’s attention to the continued and sustained fraudulent insurance practices in the country and the willful refusal of  the Sierra Leone Insurance Commission(SLICOM) to exercise its statutory roles as regulator in addressing issues which have resulted in fraudulent mismanagement of Life Assurance Funds of over 22,000 Civil Servants in Sierra Leone including the Army, Police, Teachers, Nurses etc.

According to the Consortium, upon receipt of complaints with relevant supporting documents on certain fraudulent insurance practices and willful disregard to various provisions of The Insurance Act of Sierra Leone 2016, they wrote to the International Insurance Company SL Limited for clarification and explanations to guide their actions, but lamentably  have not received any valid explanation or documents to suggest otherwise.

Stated also was that the Consortium  further engaged the Sierra Leone Insurance Commission (SLICOM) in September 2021 with the quantum of evidences available to them  to substantiate their claims and for appropriate action to save the country’s insurance industry and protect innocent Policy holders.

Highlighting the issues affecting the International Insurance Company SL which were presented to SLICOM the consortium members were also stated in the Open Letter as: The Managing Director approving a Loan of 200,000 USD to himself without Board Approval despite the clear loan prohibition clause in Section 60 Sub Section 1-3 of  the Insurance Act of SL 2016.

Quoting the Insurance Act Section 60 Sub Section 3: “ Where any event occurs giving rise to circumstances the existence of which at the time of the grant of any subsisting loan would have made such grant a contravention of this section, such loan shall, notwithstanding any contract to the contrary, be repaid within three months from the occurrence of such event; and in case of a default, the Director, Managing Director, General Manager or Principal Officer by whatever name called shall, without prejudice to any other penalty which he may incur, cease to hold office with the insurer granting the loan on the expiry of the three months (The loan repayments lasted more than three years)

That the Managing Director took part of the loan from Life Assurance Bank Account in violation of Section 36 Sub Section 4C which states “The life insurance fund shall– (c) not be applied directly or indirectly for any purpose other than that of life insurance business referred to in subsection”

According to the consortium, the said Managing Director’s Loan was not reported or disclosed in the Company Financial statements for two consecutive years.

It further stated that the said Company produced two set of Audited Financial Statements in the same year, one to the Regulator and the other to the public.

That the company failed to make provisions for Life Assurance Actuarial Valuation Report disclosing a deficit valuation of Le 2.4 billion Leones, in the financial statement since 2013.  Section 37 Sub Section 1-3. Sub (3) states:“ An insurer shall maintain, with respect to the life insurance business–a general reserves fund, which shall be credited with an amount equal to the net liabilities on policies in force at the time of the actuarial valuation.”

Failure to give details of Management expenses as required by IAS 1 to conceal the monumental expenses of the Managing Director

Treating Life Assurance Premium as income from where they are charging Management and Operating Expenses, thus entrenching gross understatement of Life Assurance Fund and defrauding over 22,000 Sierra Leoneans who are policyholders to the Company.

The Company failed to submit Financial Statement to SLICOM as required by Insurance Act in Section 41 sub-section 1-2 of the Insurance Act.  The consortium stated that unfortunately, SLICOM did not sanction the company but proudly mentioned same in its Annual Report.

A host of other shortfalls were mentioned by the consortium who disclosed that they engaged SLICOM with appropriate evidences to substantiate their claims including a sample of Financial Statement of Insurance Company from Nigeria for their reference but bemoaned that SLICOM has refused to act appropriately to protect the Insurance Sector thus failing to provide effective supervision to the Insurance Industry.

Members of the Consortium made a humble appeal to President Bio  for his intervention in order to clear the Industry of those corrupt practices and ensure the enforcement of good corporate governance.

The members believe that with his intervention such will result in a vibrant and growing industry that will meet the basic requirements in supporting local and foreign direct investments in the country.

They also expressed the belief that holding all Insurance Companies accountable in totality for all Life Assurance Premium will encourage profitable insurance investments for adequate returns to cover their operating expenses and accrued interest just like the Banks. Such, they are sure, will in turn stimulate economic growth, while preserving Life Funds for the benefit of the Insurance Policy Holders and their named beneficiaries.

Copies of the letter were sent to the Speaker of Parliament, Leader of Government Business SLPP, Leader of APC MPs in Parliament, Leaders of NGC MPs in Parliament, Leader of C4C MPs in Parliament, Chief Justice of the Republic of Sierra Leone, President of SLAJ, President of Bar Association, Minister of Finance, the Press among others.

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