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Opposition politician and former Governor of the Bank of Sierra Leone, Dr. Samura Kamara has raised concerns regarding the central bank’s decision to place Union Trust Bank (UTB) in resolution less than three months after the death of its founder, Dr. James Sanpha Koroma.
In a statement released following the Bank of Sierra Leone’s (BSL) announcement, Kamara described the timing of the resolution process as cause to “raise eyebrows,” particularly given UTB’s status as the country’s only private indigenous commercial bank.
He noted that while a central bank intervenes when a commercial bank faces critical insolvency to protect depositors, questions remain as to whether the regulator could have done more to prevent this outcome.
“Some possible alternatives the central bank could have explored include recapitalization, restructuring, [and] comprehensive risk assessment analysis for the public as early warning,” Kamara stated.
The Bank of Sierra Leone announced on December 8, 2025, that UTB had been placed in resolution under the Banking Act 2019, appointing Rokel Commercial Bank (RC Bank) as the acquiring institution. The BSL stated this measure was taken to ensure the continuity of banking services and to protect customers’ interests.
However, Kamara has urged the central bank to consider maintaining UTB’s identity during the transition. He highlighted that UTB is a “household name” with a network of branches in rural areas where other banks are hesitant to operate, playing a significant role in financial inclusion. Keeping the brand could minimize disruption and maintain customer confidence, he argued.
Kamara also expressed concern over the broader implications of erasing the legacy of Dr. James Sanpha Koroma, who passed away in late September 2025. Quoting journalist Thomas Dixon, Kamara noted that many view the move as “a betrayal of the legacy of a Central Bank Governor”.
He warned that the speedy resolution and incorporation into Rokel Commercial Bank—an entity majority-owned by the government—might discourage potential indigenous investors in other sectors.
“I am hoping also the Rokel Bank’s acquisition of UTB meets the prior approval of both government and other shareholders,” Kamara added.
The Bank of Sierra Leone has assured the public that all depositors’ funds remain safe and that a caretaker team is managing UTB during the transition to Rokel Commercial Bank.
