By Linus Flomo
Bloom Bank Africa has pledged a strong commitment to revitalizing Liberia’s banking sector by launching a series of training programs, digital advancements, and mobile banking initiatives across the country. The institution aims to enhance the skills of its personnel and provide a modernized banking experience for its customers.
Speaking on the bank’s efforts, Managing Director and Chief Executive Officer, Mr. Olalekan Balogun, highlighted the bank’s dedication to fostering a “vital and rich landing environment” for its employees.
He emphasized the importance of skill development, stating that Bloom Bank’s workforce would play a key role in shaping Liberia’s banking landscape.
The bank plans to invest in various in-house and external training programs covering a broad spectrum of topics, such as banking, marketing, sales, economics, IT, compliance, and anti-money laundering.
Additional training in languages, communication, negotiation, management, leadership, legal issues, mental health, safety, and ethics will also be provided.
Despite its progressive agenda, Bloom Bank recently faced a temporary disruption at its headquarters due to a legal issue inherited during its acquisition of Global Bank Liberia Limited. On September 5, 2024, operations were briefly halted as a result of this legacy matter involving Kailondo Petroleum, which had petitioned the Liberia Anti-Corruption Commission (LACC) over an unresolved legal dispute.
This dispute dates back to a ruling by a lower court in May 2022, which awarded damages to Kailondo Petroleum. The case was inherited by Bloom Bank when it acquired Global Bank in January 2023. Although the Supreme Court upheld the ruling with modifications, setting the total compensation to $2.31 million plus court charges, Kailondo Petroleum’s debt to Global Bank remains unsettled.
To safeguard Bloom Bank from financial obligations tied to the pre-acquisition litigation, the Central Bank of Liberia provided an indemnity.
As part of this arrangement, the Central Bank made an initial payment of $705,744.78 on July 5, 2024, covering 25% of the settlement. The remaining balance is scheduled for payment over a 24-month period, starting in August 2024.
However, a leadership transition within the Central Bank caused a delay in the scheduled payments, triggering a court enforcement action that briefly disrupted Bloom Bank’s services. The bank has since confirmed that the Central Bank has resumed its payments, reinforcing confidence in the stability of Liberia’s financial system.
“Bloom Bank remains financially secure and has no liability in this matter, as all obligations are covered under the Central Bank’s indemnity,” a spokesperson for the bank stated. “We assure our customers and stakeholders that our operations are stable, and we are actively pursuing legal avenues to recover Kailondo Petroleum’s outstanding debt to the bank.”
Despite the brief setback, Bloom Bank remains focused on its mission to drive growth in Liberia’s banking sector, with a clear commitment to delivering reliable services to its clients while strengthening the financial system.
