Presidential Asset Declaration Mandate Takes Steam …As BSE Suspends 127 Officials

By Grace Q. Bryant

The Bureau of State Enterprises (BSE) has begun enforcing President  Joseph Boakai’s directive mandating asset declaration by officials of state-owned enterprises (SOEs) to the Liberia Anti-Corruption Commission (LACC).

This move, aimed at promoting transparency and accountability, has led to the suspension of 127 officials who failed to comply.

At a press briefing at the Ministry of Information, Cultural Affairs, and Tourism, BSE Director General Arthur Siaka Massaquoi, reaffirmed the administration’s commitment to good governance and anti-corruption efforts.

“In line with the President’s mandate, SOE heads have been instructed to withhold salaries and benefits of non-compliant officials starting February 2025. These funds will be deposited into the government’s Consolidated Revenue Account, with transaction records submitted for verification,” Director Massaquoi stated.

A compliance review conducted in collaboration with the World Bank found that out of 316 officials across 27 SOEs required to declare assets, 189 complied, while 127 failed, resulting in their suspension.

Among the SOEs, the Liberia Maritime Authority (LMA) and the National Lottery Authority (NLA) fully complied, while others, including the Liberia Electricity Corporation (LEC) and the National Social Security & Welfare Corporation (NASSCORP), had a significant number of non-compliant officials.

Breakdown of Non-Compliance in Key SOEs includes the Liberia Electricity Corporation (LEC): 6 compliant, 24 non-compliant; the National Social Security & Welfare Corporation (NASSCORP): 14 compliant, 23 non-compliant; the National Port Authority (NPA): 6 compliant, 10 non-compliant’ the Liberia Petroleum Refining Company (LPRC): 9 compliant, 4 non-compliant and the Liberia Telecommunications Corporation (LIBTELCO): 6 compliant, 9 non-compliant

DG Massaquoi firmly warned that the government will not tolerate violations of the asset declaration mandate noting, “The BSE will continue monitoring compliance and taking necessary actions against defaulters. The President’s directive is clear; accountability is non-negotiable.”

He urged officials who have yet to declare their assets to do so promptly to avoid further penalties.

This enforcement marks a significant step in Liberia’s anti-corruption fight. By holding public officials accountable, the government aims to instill a culture of transparency, integrity, and responsible governance within SOEs.

The BSE has assured the public of continued updates on the compliance process and strict enforcement of corporate governance regulations.