In 2020, President Bio appointed Mr. David N. Borbor to lead Sierra Leone’s Financial Intelligence Agency (FIA) as part of his administration’s commitment to transparency, accountability, and the protection of the national economy.
This decision was intended to strengthen the country’s defenses against financial crimes and ensure rigorous monitoring of the financial sector.
However, under Mr. Borbor’s leadership, there has been an alarming rise in fake online investment schemes, such as “My Coin,” “Super Advertise,” and “Forex Guru,” which have defrauded countless Sierra Leoneans. Tragically, some victims have even lost their lives as a result of these scams.
Additionally, there are significant gaps in the monitoring of banking systems, leaving the sector to fraud and putting public confidence at risk.
Despite FIA’s responsibility to safeguard Sierra Leone’s financial integrity, critics argue that the agency has fallen short in several areas, including public education on financial risks, transparency in sanctioning accounts linked to criminal activities, and proactive measures to counter fraudulent schemes.
Reports suggest that banks and financial institutions have been able to operate with limited oversight, enabling some to engage in questionable practices unchecked by FIA.
In light of these issues, President Bio is reportedly considering a change in leadership at the FIU. This move aligns with his administration’s commitment to accountability and transparency and is seen as part of his broader effort to establish a robust, resilient economy as he works towards a legacy of economic stability ahead of the 2028 elections.
The appointment of a new, competent Director-General at FIU aims to enhance the agency’s effectiveness in combating financial crimes and restoring public trust. For any government to build a strong economy, tackling financial crimes is essential, and President Bio appears determine to reinforce Sierra Leone’s financial security by taking decisive action at the FIU.
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