Afriland First Bank Liberia, which markets itself with the slogan "The Pact with Success," is facing increasing scrutiny as customers, insiders, and financial experts voice concerns about alleged irregular practices that they say are eroding confidence in the institution.
The bank's Crown Hill headquarters has long symbolized stability and growth. However, recent reports from within the financial sector describe a more troubled situation, marked by difficulty accessing funds, concerns over internal controls, and increasing suspicion of weak oversight.
Some account holders have recently reported delays and restrictions in accessing deposits, causing concern among both individual clients and corporate entities. Industry sources say major institutional clients, including telecommunications operators, have quietly started reviewing their banking relationships with Afriland due to worries over operational stability.
"This is not simply rumor; it's affecting how businesses plan and manage their liquidity," a senior banking analyst told this reporter. "Confidence is one of the most vital currencies in the financial sector, and when that is shaken, everything else becomes fragile."
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Afriland First Bank Liberia has not publicly addressed the concerns.
At the center of many of the allegations is Leopold V. Mbunenen, a Cameroonian national who serves in a senior executive capacity at the bank.
Several internal staff members, speaking on condition of anonymity, allege that the bank's current management environment has become more opaque, with key operational decisions made by a small group of expatriate executives. They also claim that past internal and external audit exercises raised questions that, in their view, were not properly addressed.
"How these matters have gone without a more forceful regulatory review is what puzzles many of us," one staff member said.
These allegations remain unproven, and Afriland First Bank Liberia has not responded to repeated requests for comment.
Critics also highlight an imbalance in senior staffing, with several top positions reportedly held by expatriates rather than Liberians. They contend that this trend contradicts broader national policy goals of professional development and leadership growth in the banking industry.
Among the positions mentioned are chief financial management, internal control, and key operational roles, which sources say are currently held by non-Liberian nationals. The issue has sparked a broader debate about equity, opportunity, and how local expertise is used within the financial sector.
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As uncertainty increases, stakeholders in the banking and business sectors are urging the Central Bank of Liberia to conduct a thorough and transparent review of Afriland's operations to either address concerns or implement corrective measures.
"Banks operate on confidence. If the public loses trust, the consequences affect the entire economy, not just one institution," a former financial regulator noted. "This is precisely the kind of situation where clear regulatory communication is needed."
Repeated calls and text messages to Mbunenen for comment on the allegations and concerns were not returned at the time of publication. Afriland First Bank Liberia has also not issued a statement addressing the matter.
