According to an insider source, the troubles at the Union Trust Bank (UTB) date back to 2013–2014, during the tenure of then Governor Sambadeen Sesay. The matter was later escalated to State House by the late J. Sanpha Koroma (RIP) under the Presidency of Dr. Ernest Bai Koroma, at which point the sitting Governor was instructed to suspend his intended decision. Successive governors, up to and including Prof. Kallon, reportedly came close to taking firm action—only for the issue to be resolved once again at State House.
Internal sources point to widespread management malpractice, including the issuance of bad loans to friends and cronies, murky internal racketeering, and collusion among senior management—all of which have contributed significantly to the bank’s current distressed state.
An independent observer has suggested that staff silence on these matters may be incentivised by substantial government payouts aimed at maintaining social order. Some employees are reportedly taking home millions in new Leones—equivalent to billions in the old currency—raising serious questions: Are these payments compensation for the damage done to the bank? Or is government simply prioritising social stability over accountability, while turning a blind eye to the true scale of the UTB debacle?
Meanwhile, a customer of the bank, who watched the recent Ecko Online Television interview with the sons of the late founder, said he came away with the impression that the young men had effectively admitted guilt. In his view, they acknowledged wrongdoing but failed to take corrective action until the Central Bank intervened to protect customer’s deposits and prevent a broader collapse in the financial sector.
He further advised that the founder’s sons would have been wiser to remain silent and cooperate quietly with the Central Bank to preserve their family name. His concern, he added, is that if internal whistleblowers are prompted to reveal the full extent of what transpired at the bank, those responsible may find it nearly impossible to secure employment in the country’s economy again.
