The recent pronouncements by the Governor of the Central Bank of The Gambia (CBG), Buwa Saidy, regarding the sale of Mega Bank have raised more red flags than a maritime distress signal. While the Governor presents the sale as a concluded chapter, the Gambian public is left with a series of multi-million dollar questions that strike at the heart of fiscal responsibility and institutional integrity.
1. The $15.6 Million Valuation: Who Cracked the Numbers?
Governor Saidy claims Mega Bank was offloaded for $15.6 million. In any transparent economy, a state-linked asset sale of this magnitude requires rigorous, independent valuations to ensure the public isn’t being shortchanged. At least one expects proper due diligence to result in at least three independent valuations of the Bank using different valuation methods. Yes, you have disclosed that DT Associates was hired as consultants for the sale of the Bank.
Can you please disclose their valuation report?
The Missing Link: Who conducted this valuations and which methods were used?
The Concern: Without an independent audit trail, the $15.6 million figure appears arbitrary. Gambians deserve to know if this was a fair market price or a “fire sale” to preferred interests.
2. The D650 Million Bailout: Who Benefited?
Perhaps the most stinging revelation is the use of D650 million in taxpayer funds to clear “bad loans” from the bank’s books. If the Ministry of Finance uses public money to scrub a private entity’s balance sheet, the public becomes an involuntary stakeholder.
Full Disclosure Needed: The Minister of Finance and the Governor are morally and legally obligated to name the beneficiaries of these non-performing loans.
Accountability: What were these loans for? What collateral was held? Why was the taxpayer forced to pick up the tab for private defaults? To remain silent is to protect a class of “delinquent elites” at the expense of the average Gambian.
3. Regulatory Failure or Facilitation?
As the primary regulator, the CBG’s role is to ensure banking stability and enforce loan recovery.
The Question for Saidy: What specific enforcement actions did the CBG take against these defaulters before dipping into the national treasury?
The Precedent: A taxpayer-funded bailout without a corresponding crackdown on the defaulters suggests a culture of impunity.
4. Taxes and the Legal Maze.
The opacity extends to the buyers and the very legality of the transaction’s structure:
GRA Compliance: How much in Capital Gains Tax or stamp duty was paid to the Gambia Revenue Authority (GRA) during this transfer? Transparency in tax payments is the minimum standard for any reputable acquisition.
The CBG Act 2018: Under what specific provision of the Central Bank of The Gambia Act 2018 are the proceeds of such a sale transferred directly to the Government? The law is designed to ensure the Bank’s independence; using it as a conduit for asset liquidation proceeds requires a clear legal roadmap that has yet to be presented.
Bottom Line: Public funds are not a private kitty. Governor Buah Saidy and the Ministry of Finance must move beyond vague press statements and provide a line-item account of the Mega Bank deal. Until then, the “sale” looks less like a strategy.
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