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Sierra Leone Commercial Bank (SLCB), the nation’s leading financial institution, has announced comprehensive reforms in its procurement unit in response to procedural lapses identified in the 2023 Audit Report.
The measures, which include replacing former procurement officers with certified professionals from the National Public Procurement Authority (NPPA), aim to bolster transparency, accountability, and operational efficiency.
Addressing the findings of the audit, SLCB Board Chairman, Mr. Ira Nyake Amara, acknowledged deficiencies in procurement practices and outlined decisive steps to address them. “As a leading financial institution, SLCB is committed to upholding the highest standards of governance and accountability. We view the audit findings as an opportunity to strengthen our systems,” he said.
The audit report, which covered the financial year ending December 31, 2023, highlighted irregularities and inefficiencies in the bank’s procurement processes. According to Mr. Amara, the lapses were exacerbated by the failure of former procurement officers to adequately respond to concerns raised by the Auditor General, leading to widespread criticism of the bank in the media.
SLCB has engaged NPPA-certified procurement professionals to oversee reforms and implement internationally recognized frameworks designed to enhance procurement practices. Mr. Amara emphasized that these changes are crucial for fostering transparency, integrity, and value for money in procurement processes.
“The Board and Management of SLCB recognize the critical role of procurement in the bank’s operations. Our commitment to reforms demonstrates our zero tolerance for corruption and our dedication to transparency,” Mr. Amara added. He further assured stakeholders that the bank would continue to prioritize good governance and accountability.
