Monrovia — The management of International Bank Liberia Limited (IBLL) has clarified that its former Chief Executive Officer, Henry Saamoi, had completed his term of service with the bank in May 2024 before his recent appointment as Acting Executive Governor of the Central Bank of Liberia (CBL) by President Joseph Nyuma Boakai. This appointment followed the suspension of Governor Alloysius Tarlue..
Recent reports suggested that Mr. Saamoi was still affiliated with IBLL at the time of his appointment, which would be in violation of the CBL Act. However, IBLL issued a statement confirming that Saamoi had served the bank for over a decade, leaving behind a remarkable record.
According to IBLL, when Saamoi became CEO in 2012, the bank's total assets stood at US$88,655,506, and the bank operated out of rented buildings. By the time he left, total assets had grown to US$201,073,999, and the bank had constructed three buildings of its own, including a state-of-the-art headquarters between 11th and 12th Streets.
"He also left IBLL as the only foreign-owned bank with 100% Liberian employment and a youthful leadership team," the statement noted.
IBLL management further highlighted that the bank currently has the lowest non-performing loan ratio among banks in the country at 6%, according to CBL data. They assured that the bank is solvent and there is no need for panic, citing a profit of US$1,889,000 in 2023 despite the expenses of constructing its headquarters. The bank is regularly audited per CBL requirements, and the audit reports are available on its website.
The Executive Mansion supported IBLL's statement, noting that Saamoi led International Bank Liberia without any negative incidents of fraud. A statement from the Executive Mansion dated July 31, 2024, called on appointed officials to continue demonstrating diligence, commitment, integrity, professionalism, and loyalty in their service to the country.
The statement also highlighted Mr. Saamoi's educational background, noting that he earned a graduate degree in banking from the University of Wisconsin in the United States. Saamoi began his career as an intern at IB in 1999 and climbed the corporate ladder, eventually becoming CEO in 2012. Under his leadership, the bank's asset base grew from $20 million in 2007 to $125 million in 2018.
"From a humble beginning as an intern at IB in 1999, Mr. Saamoi has meticulously climbed the corporate ladder, taking on roles of increasing responsibility before being appointed CEO in 2012. Under his stewardship, the bank has seen remarkable growth, with its asset base ballooning from $20 million in 2007 to $125 million in 2018," the Executive Mansion statement noted.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
In March 2024, Mr. Saamoi was honored with the prestigious African Leadership Magazine Person of the Year award in Ethiopia for his significant contributions to the banking sector.
It is worth recalling that President Joseph Nyuma Boakai recently suspended Governor Aloysius Tarlue of the CBL following findings from a General Auditing Commission (GAC) audit report.
