Liberia: ‘I Didn’t Give Anyone A Dime for Job’ – Ex-LBDI President James Davies Clarifies FPA Report

The paper had reported that Mr. Davies reportedly dished out millions of Liberian dollars to elite officials of the CDC in 2018 to convince them lobby on his behalf for an appointment as Finance Minister to President George Weah.

But reacting to the publication Monday, Mr. Davies clarified that such publication was malicious and a misinformation to the public. Mr. Davies also informed Front Page Africa that contrary to the false assertion of soliciting the CDC to be Minister of Finance, he was approached twice by the some officials in the Weah administration to consider being appointed to the position of Central Bank Governor which he turned down. 

In the first instance before the appointment of Hon. Nathaniel Patray as Governor, Mr. Davies clarified that he was in the United States of America, scheduled to undergo Orthopedic Surgery due to a leg fracture he suffered during an Old timers Soccer game on the Barnersville soccer pitch.  

“My health concern was more important than returning to the country at the time because of a potential CBL appointment,” he said.  Mr. Davies further clarified that in the second instance when the government reached the determination to find Governor Patray successor he was again contacted. The former CEO further disclosed that at the time the Banking Industry of the nation was dealing with a major liquidity crises and as Chairman of the Bankers Association and a key stakeholder in the formulation of the Financial Sector Development Implementation Plan, working with the LBA to find a solution was strategically more paramount in his mind”

Mr. Davies stated that with LBDI being one of the key financial banking institutions feeling the brunt of the financial crises, it would have been a big disservice to LBDI on his part to leave the bank for the CBL knowing fully well he needed to be in the forefront of the resolution of the financial crises and improving the bank ‘s liquidity and he was happy he made that decision not to leave but stayed on and work with his LBDI Team to surmount the challenges.

“I didn’t pay a dime to anybody to be considered for that offer let alone even encouraging any lengthy conversations on it. The Congress for Democratic Change Economic Policy advisors knew that and they are still around,” he added.

“Several of the captains of the banking industry who are still executives of the Bankers association are still around and know the developments which characterized that period of the history of our banking system, the FrontPage Africa newspaper could have reached out to them to validate what they may have been told.”

“Even more evident, “I AM HERE AND HAVE REMAINED HERE AS A RETIRED BANKER!” There is nothing in relation to my tenure at LBDI I will be reluctant to discuss with you if you need any information or clarification you may have  in the interest of the public except if there are potential breach of confidentiality issues and even at that we will find a way to satisfy your curiosity being mindful of that responsibility.   So why create in the minds of the public an impression which is untrue and never happened,” he said.

Nathaniel Mcgill Loan Application 

Mr. Davies also clarified that at no time did the LBDI grant former Minister of State Nathaniel McGill any US$200,000 in loan as reported by FrontPage Africa.

Mr. Davies said he defended McGill’s right to apply for a loan as a Liberian. He indicated that  the loan didn’t go through after the former Minister of States opted out of the credit appraisal process. My understanding of his reasons for opting out, Mr. Davies added, was that the process was very much “time consuming” and too bureaucratic. 

“I, John BS Davies, will defend the right of any Liberian whether in Public Service or in the Private Sector to apply for a loan to a financial institution. That is not a crime! This is why during our tenure at LBDI we endeavored to create several Loan Products at the Bank, specifically providing opportunities to Liberians to own their own homes, invest in commercial real estate, grow their businesses and provide working capital for farmers in the agriculture sector. Mr. Davies furthered that the right to apply for a loan at a bank in no way imposes any obligation on that banking institution including LBDI to disburse that loan to the applicant. You can even meet all the Risk Asset Acceptance Criteria and you can still be denied disbursement because the right of disbursement is exclusively the prerogative of the Bank and its Board NOT THE APPLICANT OR POTENTIAL BORROWER.”

Mr. Davies concluded that he has been a banker for more than twenty three years and fully served his tenure of President of the Bank and retired April 30, 2022. “While no one is perfect, I have always given my best in service both in the Public and Private Sector,” he added.