ACC Reaches Settlement Agreement with Ecobank to Refund NLe34.8 Million (Equivalent to $1.5 Million) to the State

The Anti-Corruption Commission (ACC) has announced a No-Fault Settlement Agreement with Ecobank Sierra Leone Limited, committing the bank to repay Le34,825,176.87 (Equivalent to about $1.5 Million) to the state.

This agreement follows allegations that an Ecobank staff member, Abdul Salim Mansaray, misappropriated funds intended for tax payments to the National Revenue Authority (NRA). Mansaray, who fled the country after the incident, has since returned and faces charges in court.

According to the ACC, the funds, originally earmarked for tax obligations by various companies, were misdirected for personal use by Mansaray.

Under the terms of the settlement, Ecobank has already made an initial payment of Le15 million and will complete the remaining balance through nine monthly installments of Le2,202,797.43, beginning January 25, 2025, and concluding in September 2025.

In return for the settlement, the ACC will drop all claims and charges against Ecobank Sierra Leone Limited, effectively resolving the allegations without admission of fault by the bank.

The settlement acknowledges the misconduct of an individual staff member and reaffirms Ecobank’s commitment to maintaining a positive relationship with the government and the people of Sierra Leone.

The ACC emphasized that the agreement does not imply liability on the part of Ecobank but is a gesture of accountability and goodwill. Meanwhile, other individuals implicated in the case, including Magnus Vincent Cole and Tallu Jalloh, will face trial in the High Court for corruption-related offenses filed by the ACC on October 28, 2024.