The Government of Liberia says Aloysius Tarlue’s suspension was a result of serious allegations of non-compliance and gross failure to adequately perform his responsibilities as contained in the report from the General Auditing Commission (GAC).
Tarlue is now tagged based a report provided by the GAC regarding the compliance audit of the Central Bank of Liberia (CBL) for the years 2018-2023 that was under his leadership.
But within hours of Tarlue’s suspension as governor, President Boakai appointed International Bank (IB) Liberia Limited Chief Executive Officer, Henry Saamoi to act as the bank’s Governor who does not seem to be a perfect fit.
The appointment of Mr. Saamoi to act as the CBL’s governor while still serving as the CEO of IB has drawn the attention of many Liberians, especially those in politics and the banking sector, describing the appointment as not illegal, unconstitutional because it is not known if he has accepted the offer but termed it as a total conflict of interest.
But what is now more troubling is that appointing Saamoi in Tarlue’s place is more controversial as it seeks to undermine and promote conflict of interest as he would be standing now as a judge, juror and executioner.
Saamoi’s new position now puts him between the rock and hard places meaning that if IB has an issue with the regulator and that required the attention of the CBL, it would be him investigating and executing judgment into the final decisions and in this case, IB could never be wrong because as CEO, it could have been initiated from himself.
However, Section 22(a) states that a member of the Board of Governor may be removed from office by the “Liberian Senate only upon a bill of impeachment filed by the House of Representatives, upon a finding by a majority of the Board of Governors and the recommendation of the President, for any of the following reasons: Gross breach of duty; Misconduct in office; Conviction of a felony; Being declare bankrupt.”
While In-eligibility to become or remain Governor, Executive Governor or Deputy Governor which shall also include the reasons that such person is: “A director, an officer, or an employee of any financial institution within Liberia and subject to the regulatory jurisdiction of the Central Bank; or a salary employee of the government, except a teacher or professor in a university or other institutions of higher or technical learning.”
However, citizens are confused, wondering, “Is this a serious conflict-of-interest issue here? The CBL is the regulator for all commercial banks; so, how does this acting governor hope to carry on his duties as CBL governor and at the same time work as CEO of a commercial bank?”
More so, Saamoi acting as the governor of the CBL also places him as a member of the Economic Management team and politicians are beginning to think it is also because of a political bargain.
Why Saamoi? Why not people who have banking experience or a dress-right-dress kind of approach but rather a CEO of an existing bank that is answerable to the CBL?” a resident of Central Monrovia, Avertus Daniels said.
Daniels made the remarks at the Carey Street Attayee Center where he accused the government of using Saamoi to resuscitate the gradually insolvent International Bank saying, “IB risks closure due to bankruptcy and this could be a move to take money from the Central Bank to revive the struggling IB because this transfer doesn’t make sense to me.”
He blamed what he termed as ‘influencers’ in the Boakai government for trying to use Saamoi to save IB face towards its customers.
It is no doubt that the CBL regulates all commercial banks in Liberia and the IB is no exception therefore, the appointment of Saamoi is unjustified especially when he is yet to resign.
However, the audit against Tarlue revealed among other findings that the CBL under the administration, supervision and management of the current governor was not in compliance with the CBL Act of 1999 as amended and restated in 2020.
Many persons have accused the Baokai-led government of being in total disregard to the Constitution and Code of Conduct by removing people who worked in the Weah-led government from the positions.
