In receipt of information of the Le32 Billion loan meant for the IPAM building campus on Burch Beach that i t is yet to see the light of day, despite the agreement signed dictates that work should commence 90 days after the signing of the contract, which turning of the soil was done by the former Chief Minister Professor David Francis, the project did not commence, nor has anything been substantially done on the ground.

Sadly, the abandonment of the land is gradually transforming it to a young forest that would cost the college more money to clean The standard times on 27 May, 2022 wrote a letter to Professor Samuel E.B.Nonie informing him about the information received and requested for his comment, in addition to a telephone call made to him when he was in Bo.

He promised to return the calls when he returns to Freetown after his weekend visit to Bo. This he did not do or responded to our request for his own side of the story. A copy of the letter was sent to the Chairman of the Independent Media Commission, hoping that he would be able to convince Professor Nonic to explain to the Standard Times Press. All efforts proved futile as he stood his ground not to talk to the press. (See copy of the letter published in this edition). The loan was obtained from the United Bank for Africa, a Nigerian oriented financial institution operating on the soil, of Sierra Leone and complying with all financial regulations bothering on banking in the country. The loan was obtained for the sole purpose of building the IPAM Campus in Burch Beach and the sum of US$3.5Million was part of IPAM contribution to the US$50Million project amount.

The design of the project in possession of this medium shows competing contemporary standards of quality structures that IPAM students, its lecturers including administrative staff would be proud to have. It would have been the shining star of the peninsula and attracts other facilities in that part of the Western Urban. Unfortunately, it became a dream that is yet to produce the reality.

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Money loaned from any financial institution or banks that agreement was signed with conditions attached to it has to be honoured when it is time to do so. The repayment of the loan obtained from the Bank has commenced even when the purpose for which the loan was obtained has not been achieved.

IPAM is reportedly repaying the loan at an interest rate of 12%to 18% annually.The financial Secretary, Mr Sahr Jusu in his comment 2022 wrote a letter to on 24 August, 2018 said “even though it is stated that the cash flow of IPAM was vetted, there is no evidence of that  the documents submitted.

While we would require him when he was in an electronic copy of the cash flow statement, we would also like to receive the audited or unaudited financial statements of IPAM for the past 3-5years to asses the institution credit risk.

He said, and went on “it is stated in business plan that IPAM will source the payment of the upfront commitment of US$12.5Million by borrowing from Commercial Bank in Sierra Leone with access to offshore capital at a cost of 12% to 18%….” he warned them, in the same way the National Public Procurement Authority warned IPAM to put a hold on the award of the contract, but Professor Samuel E. Nonie and his team was desperate to release the money to FEMAB, a Nigerian Company.

The MD/CEO and Chief Risk Officer of UBA (SL) Limited wrote to the Acting Vice Chancellor of IPAM under ref; Request for a transfer of Funds “We refer to the above subject matter relating to your letter dated 24″ July, 2019 instructing us to debit IPAM Bureh Project Account Number 540110310002575 the sum of Le32,375,000,000 and credit FEMAB property Sierra Leone Limited Account Number 540110030011897. We write to inform you that we have not seen any evidence of FEMAB property Sierra Leone
Limited equity contribution in their account. To this end kindly confirm that we should proceed with the transfer of the funds even though their equity contribution is not in place as we speak…

The response to this concern from the United Bank for Africa was to proceed, instructed by Professor Samuel E.B.Nonie dated 24 July, 2019 and copy of this instruction was sent to the Deputy Vice Chancellor IPAM, that is his office. What is the fate of the money that has been released to FEMAB, is only Professor Nonie will explain to the Sierra Leonean public and students of IPAM.

This medium has received information from the grapevine that the excuse that they are intended to give is that they (Professor Nonie and team) inherited a bad deal from past administration that has resulted in this dilemma, but it was not the past administration the released the funds even when he was cautioned to put a hold on the release and the award of the contract. Interestingly when FEMAB received the US$3.5Million, the Company Chief Finance Officer and Country Director wrote back and reminded Samuel E.B.Nonie and others about the mobilization fee which is US$500,000″…While we appreciate your good gesture and intentions in seeing to the successful commencement and conclusion of the project, we wish to use this opportunity to remind you of the US$500,000(Five Hundred Thousand Dollars) yet to be paid as part of the mobilization fee”. They have since returned to Nigeria when money was received and came back recently to tell professor Nonie and others that they are looking forward to receiving the mobilization fee. Up to press time the project is reportedly stalled and Professor Samuel B.Nonie’s tenure will be renewed any time from now as a form of compensation.