Is Ndoum's bank in trouble in Liberia?
Published:
4 months ago
Source:
GhanaWeb
There are contradictions from Liberia on SIB Liberia Limited, a commercial bank owned by Ghanaian businessman and politician, Dr. Papa Kwesi Ndoum. According to a report by frontpageafricaonline.com, SIB Liberia Limited is one of two major commercial banks operating in Liberia facing insolvency issues, prompting customers to seek withdrawals. The report indicated that Ndoum's bank is on the brink of bankruptcy after assuming liabilities totalling around US$23 million when it took over the First International Bank (FIB). It indicated the bank was only able to pay US$14.7 million of the liabilities it inherited and relied on the Central Bank of Liberia (CBL) to pay the remaining US$8.5 million to the legacy depositors, arguing that it is the debt of the government of Liberia and the central bank.