By Esther Wright
Concerned citizens of Sierra Leone are sounding the alarm over President Julius Maada Bio’s ambitions to transform the nation’s minerals sector, fearing that mismanagement and corruption could derail those efforts and result in a national disaster.
These concerns center around the individuals currently advocating for the Mineral Wealth Fund initiative who are seen as trying to deceive the President into approving a highly disadvantageous deal for the country. While the Mineral Wealth Fund concept is designed to mobilize capital for long-term development through the minerals sector, critics argue that some unscrupulous individuals, including high-ranking Cabinet members, are attempting to exploit the initiative for personal gain.
The controversy has intensified with the involvement of Igor Silberud, a foreign national with no prior experience in the minerals sector. Silberud, recently appointed to head the Sierra Leone Mineral Wealth Fund, is viewed with suspicion due to his limited qualifications and dubious track record. Described in his CV as a “Financial and Strategic Assets Management Expert,” Silberud’s highest verifiable qualification is a High School Diploma from Leysin American High School in Switzerland. His claims of negotiating during the Zambia Sovereign Debt Crisis and working with the Uzbekistani state-owned UzmetKombinat are unverified.
Silberud’s Mount View Company, which is set to manage Sierra Leone’s commercial interests in mining, stands to gain substantial financial benefits under the current agreement. According to the deal signed by former Ministers, Mount View would receive 3% of monthly gross revenue from mining proceeds, along with 5% to 10% in bonuses and an additional 2.2% of any funds raised. Critics argue that these terms favor Mount View and its associates at the country’s expense.
High-ranking Government officials and Cabinet Ministers are accused of pressuring President Bio to endorse the deal. However, the President has wisely chosen to take his time in reviewing the agreement.
As investigations into the Mineral Wealth Fund affair continue, further details about Igor Silberud and his backers are emerging. Observers are calling for transparency and caution to ensure that Sierra Leone’s mineral wealth benefits the nation rather than a select few.
President Bio’s commitment to carefully scrutinizing the agreement offers a glimmer of hope and citizens remain vigilant in their quest to safeguard the country’s resources and future. The ongoing investigation promises to reveal more about the key players involved and the true implications of the proposed Mineral Wealth Fund deal.
