MONROVIA – As part of the many activities accompanying the commemoration of the 58^th anniversary of the Liberia Bank for Development and Investment (LBDI), the bank has bestowed honor on long-tenure employees for their dedication. 

Ceremony making the honoring of the employees was held Friday, December 1, 2023 at the corporate office of the bank in Sinkor, Monrovia.

Speaking at the occasion, LBDI President Mr. Christian N. Alison, Jr., vowed management’s commitment to take the Bank to higher level in banking industry, while at the same time improving of its employees’ welfare.

The LBDI President pointed out that as the management aims higher, the plight of its many employees is being considered highly in the plan.

“Your plight is being considered highly. It is part of our plan to improve the livelihoods of our employees. We need to work and we are going to work harder to address your plight,” said President Alison.

On the other side of the coin, Mr. Alison urged employees to also swork harder to help management achieve its dream of making the bank a second to none in Liberia and vibrant in the West African sub-region.

“Going forward, we need to take the bank beyond its status – to the highest. We must work hard together to achieve our dream. We count on you to get us to where we want to go. We are trying to get the bank to the top. We have been way down there for too long,” he added.

Mr. David K. Vinton, Director of the Board of Directors of LBDI, extolled the bank’s management for its excellent performance in the banking industry.

Mr. Vinton told the gathering amid cheers, that the Bank has performed excellently despite the many challenges in the banking sector.

“As the years have passed, the LBDI has strengthened its endeavor to deliver inspiring, high valued and exceptional services to our customers in an environment which is inherent in timeless hospitality.”

The renowned financial expert urged the Bank to work harder in regaining its previous status of being a major driver in the nation’s economy. 

“We look forward to another wonderful year. A time to build and strengthen forged relationships even further. Mr. President and staff, let me end my short statement by reminding you that the LBDI is a key partner in national economic recovery and development. It was created for this purpose. Therefore, we must move quickly to revert to the Bank’s original mandate by initiating discussions with our traditional providers and other providers of foreign funding.”

Those honored were employees who have devoted their times serving the bank from 10 to 25 years.

Madam Raquel M. Wright, the longest serving employee (25 years), lauded the management for the honor bestowed on them.

On behalf of the employees, she pledged their commitment to support management in the achievement of all its positive visions, while at the same time reminding management to take the welfare of employees at the top of the ladder. 

MONROVIA – The Government of Liberia (GOL) has designated the Liberian Bank of Development and Investment (LBDI) a leading partner in its development plan.

With its new positioning, Liberia’s only development finance institution will finance and administer GOL development finance programs designed to support the growth and stabilization of Liberian industries and provide more lines of credit to small and medium businesses.

The Bank will also provide support to independent business people-market women, gasoline retailers, and keh-keh (tricycle) drivers – entrepreneurs who are working hard to be successful across sectors of the Liberian economy.

The Ministry of Finance and Development Planning (MFDP) says the GOL’s decision is historic, timely and necessary. It realigns LBDI with the mandate of its founding charter and it synchronizes the Bank’s activities and investments with central aspects of Liberia’s Pro-Poor Agenda for Prosperity and Development (PAPD).

“The Ministry of Finance and Development Planning is empowering LBDI to be the major engine that powers the private sector in Liberia through strategic investments in key industrial sectors. We have tasked the Bank with scaling critical infrastructure development,” said Mr. Samuel D. Tweah Jr. Board Chair of LBDI and Liberia’s Minister of Finance and Development Planning.”

The LBDI, the country’s largest and only development finance institution, was founded in 1961 by an Act of the Liberian Legislature. Since 1988, it has also acted as a commercial bank.

The bank was led by one its longest post war president and CEO, Mr. John Davies, who stepped down in May after serving his two five-year tenures.

Currently, it is headed by Deo Z. Delaney as the new President and CEO. Minister Tweah said under this new and vibrant administration, the government has decided to place the LBDI at the center of its development drive.

As part of the repurposing under the new administration, he noted that the bank has been designated to lead Liberia’s climate initiative. On this note, the Bank will partner with the private and public sectors to support climate change mitigation initiative.

Minister Tweah, making the announcement in an interview reporters on Tuesday said: “The goal is to help move development faster, to empower a Liberian bank where the Liberian people and the government has the biggest share, to protect the bank and make it more profitable. This will make the bank play a meaningful role in agriculture, road, electricity, and give more loans to Liberian small businesses. For example, people want loan. How do you help the bank to do that? You have to repurpose it to be more profitable.”

The 2016 World Bank Household and Expenditure Survey reported that nearly 70 percent of poor people in Liberia live in rural areas where poverty incidence hovers around 70%.

“Every Single thing we do in this country must be centered on addressing poverty and improving the lives of all of our people, and we are tracking our progress as we do this.”

Minister Tweah added. “We are confident, under Mr. Delaney’s leadership, LBDI can contribute measurably to moving Liberia closer to achieving our seventeen Sustainable Development Goals.

Mr. DeO Z. Delaney, the new President and CE0 of LBDI, says he will prioritize climate finance and economic inclusion for unbanked Liberians as he leads the repositioning and financial recovery of the Bank.

In May, Mr. Delaney replaced Mr. John B.S. Davies whose tenure expired in April.

Prior to LBDI, Mr. Delaney worked as a strategy, management and technology consultant at Accenture in Amsterdam.

“My leadership team will take an analytics-focused, data-centered approach to asset management and capital infrastructure financing,” said Mr. Delaney. Positioning LBDI for the future will take principled leadership and an ability to stabilize operations, inspiring trust and attracting sustainable inward investments that will benefit the Liberian economy and people.

The LBDI was established under the joint initiative of the Liberian government and major international financial institutions that purchased equity in the Bank.

LBDI is predominantly a privately owned institution under private management and a Board of Directors elected annually by its shareholders.

The bank commenced operations in 1965 as the Liberian Bank for Industrial Development and Investment. Under an amendment in 1974, the name was changed to the Liberian Bank for Development and Investment.

Monrovia – An executive of the Liberia Bank for Development and Investment (LBDI) has told FrontPageAfrica that the bank has implicit confidence in their suspended Vice President for Compliance and Investments, Mr. Oday G. Vaye.

By Alaskai Moore Johnson, alaskaijohnson@gmail.com

According to this senior executive, who asked not to be named, Mr. Vaye has worked with the Bank for the last eight years and has not one day been involved with any dubious act.  

The suspension of Mr. Vaye was announced Tuesday, May 19, by the Financial Intelligence Unit (FIU) of Liberia, which had made the recommendation for the suspension to happen.

Mr. Vaye was suspended for a month without pay for violation of the “Suspicious Transaction Reporting Regulation (STRR).”

Mr. Vaye is not a criminal; he didn’t commit any crime; he is a professional and one of the best Financial Compliance Officers this country can boast of

LBDI Senior Executive

“The Financial Intelligence Unit found LBDI in breached of the regulation for late and incomplete filing of Suspicious Transaction Report (STR). The Regulation mandates all reporting entities to file Suspicious Transaction Report (STR) within three days along with all of the particulars of the persons/ institutions the report is being file about,” an FIU press release on the incident, states.

Providing clarity on the matter after this newspaper sought to further understand the matter, the LBDI executive, who asked not to be named, agreed with the FIU that indeed this particular report of theirs, was submitted to the FIU beyond the three-day requirement period.

The Regulation mandates all reporting entities, including the LBDI, to file Suspicious Transaction Report (STR) within three days along with all of the particulars of the persons/institutions the report is being filed about.

However, this senior LBDI executive thinks that the FIU, which is a government regulatory arm, was very harsh with its penalty, which it recommended to the bank that Vaye be suspended for a month without pay.

“There are three facts in this whole story. It’s truth that the bank has suspended our Compliance Manager; it’s truth that the suspension was based on the recommendations by the Financial Intelligence Unit (FIU). The third fact that the FIU didn’t say and hasn’t said is that it was the man (Vaye) himself who reported the suspicious transaction to the FIU when he noticed it,” the LBDI executive said. “Why is the FIU making the thing to look like Mr. Vaye had stolen or was caught in some dubious act for which he was suspended?” the LBDI executive wonders.

This person further told FrontPageAfrica that the full report had delayed because Mr. Vaye had lost his mother and he had traveled to Nimba to bury her. “It was during this time the report should have been made. We told the FIU all of this but they didn’t seem to care.”

“Mr. Vaye is not a criminal; he didn’t commit any crime; he is a professional and one of the best Financial Compliance Officers this country can boast of,” this senior LBDI executive stated.

“It was just a small bridge in communication. He did everything on the book when the matter got to his attention. There is nothing in the whole transaction that was malicious. He has been with the bank for about 8 years,” another executive at LBDI, also said.

It is said that Mr. Vaye was among the principal persons who help set up the FIU. 

Asked about the penalty for such violation, the LBDI senior executive said that for first offense, which is in this case, a fine of L$50,000 should have been levied on the bank by the FIU. This is according to part three, section 3.2 and 3.2.1 under (Sanctions). L$175,000 for second offense, and all subsequent violations fine is L$325,000 respectively. But the regulator recommended that the Mr. Vaye, who is in charge of compliance at LBDI, be suspended without pay for a month.

It was just a small bridge in communication. He did everything on the book when the matter got to his attention. There is nothing in the whole transaction that was malicious. He has been with the bank for about 8 years,

LBDI Executive

According to the Bank, they didn’t want to haul and pull the matter; “We simply just went by their recommendation. But we want to be crystal clear that the Bank has implicit confidence in our Compliance Manager.” A senior fellow of another bank told this newspaper that looking at what the FIU did to Mr. Vaye, who reported the matter to them, they and other compliance officers from other financial institutions, might now turn the blind eye and not report anything unusual especially when it’s past the statutory period.

The Editor,

I am a Cyber Security Engineer living in the U.S. Last month, I informed LBDI of a critical security vulnerability affecting its internet banking site. I provided a detailed description of the vulnerability. 

LBDI promised to fix the problem. The site was taken offline for several weeks. Information I have suggest the critical security vulnerability was not mitigated. 

As an ethical hacker, I feel the need to report this problem to you with the aim of informing the public including LBDI’s customers of the security risk they face. I do not believe LBDI understands the magnitude of this security flaw.

Anyone with knowledge of this vulnerability is able to view the bank statements (which includes Account Number, Transaction History, Account Balance, etc) of every LBDI’s customer.

The list includes Cellcom, LibTelco, AME Univ., Ministry of Justice, Daily Observers, etc.

Frosty Hammy,
wulahcooper@gmail.com

Monrovia – The President of the Liberia Bank for Development and Investment (LBDI), John Davies, says the economy of Liberia depends on the bank, adding that LBDI involvement in the economy is a clear evidence that they are boosting economic activities.

“We are contributing to the Liberian economy and the LBDI is continuing to provide loans and other services to business entities in Liberia that are helping the country’s economy,” he said.

He said if the LBDI fails, the economy of the country would be embroiled in a serious problem, saying the bank is involved in helping lots of businesses in Liberia.

“We cannot afford to fail and we will not fail. We are taking banking to our customers by providing the necessary services needed, so, we need to start from in-house among ourselves,” he noted.

Speaking at the close of a week-long seminar held for junior and senior managers outside Monrovia.

Those attended the workshop were given seven days by Mr. Davies to come up with a report on the way forward on the improvement of their various departments.

“As we go back all of the senior and junior managers who attended the seminar are given seven days to give their report on the way forward in their various departments how to improve the operation of the bank,” he said.

Davies also called on his staff to be creative as the bank improves its service for its customers.

The LBDI Bank recently improved its service with the introduction of the ATM.

The bank’s head of credit, Othello Sherman described the seminar as an eye-opening, saying it would help to improve services at LBDI.

“We are ready to serve the Liberian people with our valuable services and we are ready to go after our customers and take the services to them,” he said.

Monrovia – Minister of Finance and Development Planning, Boima Kamara, has encouraged local banks to get involved in the practice of electronic banking as it helps to minimize currency circulation in the country.

Report by Henry Karmo – henry.karmo@frontpageafricaonline.com

Speaking during the official launch of four new ATM machines by the Liberia Bank for Development and Investment (LBDI), Minister Kamara said the more cashless the society becomes, the stronger the impact of its monetary policy on liquidity.

“I appreciate the fact that you have a goal of going beyond and thanks for taking this program to Grand Gedeh,” he said.

“So we believe that today’s ribbon cutting will go to the height of extending the frontier that we are looking forward to in the context to a payment system that says let’s move faster toward a more cashless society.”

For his part Mr. John B.S. Davies, President of LBDI, said though the ATM system is nothing new in the world of banking, he was glad that at long last they were able to pull it off.

“The ATM at which we are cutting the ribbon is one of four ATMs in the LBDI network.

The other three are located on Randall Street, Gardinersville and in the Harbel area.

It also highlights the commencement of other business process which will see many more ATMs being commissioned and put in service as we strive to provide more avenue and channels for customers to carry out banking services.

“We can only assure our customers that partnership with NOBLE Liberia is poised to provide more delivery to our customers.

These ATMs have been synchronized with the national payment system of the Central Bank so they can also accept cards from all banks on the payment system network,” Davis said.

He said customers of other banks with ATM cards are welcomed to use any of the LBDI ATM machines.

“If you are a visa customer of Eco Bank, UBA, GT Bank that is on ATM you certainly can use our system in keeping with the national payment system and your local bank account relationship.”

He disclosed that as the bank rolls up the four ATMs,   the fifth one will shortly be opened in Zwedru Grand, Gedeh County, anticipating that they would have ten ATMs up and running before the year ends.

“Liberians must get used to the fact that as the dynamics of banking unfolds on a day to day basis, we must find available options and channel to provide service to our people.”

Monrovia – The Liberia Bank for Development and Investment (LBDI) has finally surrendered to the court’s order to submit account statements of Cllr. Varney Sherman and Sherman & Sherman Law Firm to Criminal Court “C” on Wednesday.

However, Judge Yarmie Gbeisay of Criminal Court “C” at the Temple of Justice fined the Bank US$300.00 for failing to produce the document within the stipulated ultimatum.

The court has ordered the bank to pay the amount for contempt and the amount is to be paid in government’s revenue within the period of 24hrs as of Wednesday. Failure on their part to comply accordingly would lead to the arrest of the bank’s president or any other manager in charge, the judge warned.

Judge Gbeisay’s ruling came shortly after a contempt hearing at the court against the bank Wednesday where the LBDI legal counsel represented by Atty.

Robert Freeman of the Cooper & Togba Law Firm pleaded with the court to purge the contempt against the bank.

“Counsel for the defendant requests your honor and this honorable court to have consideration on the contempt charge against the defendant for the delay of the document requested by this court from the defendant, counsel for the defendants begs court that the request the contempt charge be granted by the honorable court, in so doing counsel for defendant is pleased to present to your honor and the court the document requested,” said Atty. Freeman pleaded.

Before his ruling to fine the bank Judge Gbeisay indicated that Atty. Freeman had asked the court to purge the contempt against the bank without giving any reasonable justification why the management of LBDI failed and neglected to obey the order of the court. Judge Gbeisay indicated that such instance was not the first for the bank.

“The action of the LBDI management is a clear indication that the management of LBDI has no regard for this court or any constitutional authority.

The action was also intended to make mockery out of this court and embarrass the smooth operation in the administration of justice,” said Judge Gbeisay.

Judge Gbeisay held LBDI in contempt came as a result of a 72-hour ultimatum given to eight commercial banks in the country including LBDI on December 23rd, 2016 to surrender the bank account of indicted Grand Cape Mount Senator Varney Sherman which has already been admitted to the court with the exception of the Access Bank.

The management of Access Bank informed the court that Sherman holds no account with the bank.

Monrovia – NOBEL Liberia Limited, a multifaceted financial institution has launched its innovative money transfer and food stuff services in Liberia with Vice President Joseph serving as chief launcher. The event took place on Wednesday, September 7, 2016 in Sinkor.

Performing the launching ceremony, Vice President Joseph Nyumah Boakai Sr. asked the citizenry to take full ownership of the country and its economy by venturing into different types of businesses across the country.

He indicated that when this is done, Liberians would be on the way to taking full ownership of their country. “Because, if one can open doors of opportunities that will create jobs for others; then that person has begun to take ownership of his or her country.”

Ambassador Boakai reiterated his call to all Liberians irrespective of status to patronize Liberian-owned businesses. Some of them, he said, will begin small, “but we have to help them to grow by patronizing them regularly.”

“We want to congratulate Nobel, particularly Jallah Kesselly, for his optimism that Liberians can be involved in adding value to our local commodities that will create jobs and opportunities for others,” he said.

Speaking earlier, the President and CEO of the company, Mr. Jallah C. Kesselly said NOBEL Liberia Limited is entering the Liberian financial and imports market to provide affordable, high-quality products and services available to the average Liberian; both at home and abroad in the Diaspora.

“Our financial services are facilitated by a strategic partnership with the Liberia Bank for Development and Investment (LBDI) through which we will be providing very competitive money transfer services in Liberia along with 24 x 7 ATM banking services.

Our goal is to have ATM machines at all LBDI branches across the country. Our money transfer service provides international remittance to Liberia from the United States via our US partner entity, Nobel Financial Inc; a duly licensed money transmitter across multiple US states,” Mr. Kesselly indicated.

As a way of expanding the company’s impact on the Liberian economy, the Nobel Liberia Limited boss said a partnership deal has been reached with the Liberia Bank for Development and Investment (LBDI) for the provision of ATM banking services at all of the bank’s branches across the country.

He added that through the partnership with LBDI, receivers of Nobel money transfers can have their funds loaded onto an ATM card without going through the stress of standing in long queues to get their cash.

He pointed out that the ATM card that will be provided as part of this enhanced service can also be linked to an LBDI bank account, adding “the goal of this innovation is to encourage Liberians in the US and their relatives in the country to bank with LBDI.”

According to him, Nobel Liberia Limited’s future plans do not stop with ATMs. Recognizing that the future of financial services is mobile, the group plans to launch an electronic wallet mobile application soon.

The youthful Liberian entrepreneur further indicated that NOBEL Liberia Limited is a company built by Liberians for Liberians, setting it apart from its rivals in the industry:

“Unlike our competitors in the money transfer space, who maintain their operations outside of Liberia, we have the largest staff of over twenty people employed at our Monrovia office, that number is expected to increase quickly as we ramp-up operations in order to ensure high quality service levels. Our competitors don’t have staff here in Liberia like we do,” the NOBEL Liberia Limited CEO added.

Nobel Liberia Limited also maintains a portfolio of value-added services, including its Nobel Express service, offering an alternative to money transfer by providing the Liberian diaspora a highly unique, secure and convenient way to send goods, including food stuffs, to family and friends in country. 

Mr. Kesselly disclosed that with Nobel Express, Liberians in the US who usually send money to their families back home for medical, infrastructural and food purposes can now go to bed without any fear that the money they send will be used for anything other than its intended purpose.

“We will be that conduit through which Liberians in the US can send money to their family member, for instance, to build a house and that money will be used for the intended purpose. We will do same for medical bills payment, food distribution of rice as well as school fees as far as Grand Gedeh. We will receive monies on behalf of people and do as they request,” the NOBEL Liberia Limited President and CEO emphasized.

Mr. Kesselly stressed that Nobel international group maintains a resounding trust and confidence in the Liberian economy and that, through the group’s continued support, NOBEL Liberia Limited will help in driving much needed advancement in the country’s financial services sector, buttressing economic development at large.

For his part, LBDI President John B. S. Davies expressed gratitude to the management of Nobel Liberia for the investment. He said the launch of the services shows that Liberians are now ready to take over their economy, which will provide opportunities and create jobs in the private sector.

He said the availability of the ATM machine at the premier development banking institution in Liberia will give LBDI a competitive edge in the financial sector of Liberia.