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ECOBANK SIERRA LEONE STATEMENT ON THE RECENT FRAUD RELATING TO NRA FUNDS

 Ecobank Sierra Leone Ltd., part of the Ecobank Group, has at its heart a mission to contribute to the integration of socio-economic development of Africa and of Sierra Leone.  This deep commitment to the country’s future means that we operate with the highest standards of ethics and compliance with the law.

In the light of recent events in Sierra Leone, we wish formally to offer the following statement:

Ecobank-Freetown

Ecobank Sierra Leone Ltd. will never collude with, protect or harbor any member of staff who attempts to sabotage the economy of the Republic of Sierra Leone.

When our own internal investigations revealed that a small number of employees had been acting illegally in collusion with officials of the National Revenue Authority, we took immediate and decisive action: our assigned armed guards detained the suspected staff and handed them over to the Sierra Leone National Police (CID).

Within one hour, we reported the matter to the Commissioner General of the NRA and sought her authorization to arrest the NRA officials involved. As a result, two of the NRA officials suspected to be part of the ring were arrested by the Police CID and officials of the bank.

We have subsequently strengthened our control systems to ensure that such activities are eliminated.

Through its actions, Ecobank has clearly demonstrated that it will not allow itself to be used as a conduit to plunder state funds or be used by criminals to perpetrate any criminal act.  Ecobank Sierra Leone Ltd. sees itself as a partner in the fight against corruption and will continue to disclose any incident of fraud to the authorities.

We are pleased to note that many of our cherished customers have praised our swift response to this incident and we wish to reassure them that the operations of the bank have not been affected, deposits remain secure and the bank is very liquid.

As a top rated African institution and well respected banking group, we will continue to uphold our reputation earned over many years. Ecobank Sierra Leone Ltd. takes pride in its integrity and will protect its credibility to the end. We will continue to cooperate with the law enforcement agencies and the Anti Corruption Commission to ensure that the perpetrators, if found culpable, are made to face the full rigors of the law to serve as a deterrent to others.

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