MONROVIA – In a developing story that has captured the attention of the Liberian public, President Joseph Boakai is facing scrutiny over his alleged involvement in a scheme to oust Speaker Fonati Koffa. The controversy centers around a group of lawmakers who have taken residence at the luxurious RLJ Hotel and Resort, reportedly demanding Koffa’s removal. Questions have arisen regarding the source of their funding during this extended stay.
Multiple investigations are underway to uncover who is financing the lawmakers’ accommodation at the RLJ. Allegations have surfaced that this so-called majority group is being backed by President Boakai and Vice President Jeremiah Koung.
While no concrete evidence links them to the rebellion, an investigator has suggested that these lawmakers may be benefiting from a financial maneuver orchestrated by Boakai. Additionally, it is alleged that three public officials, said to have financed the plot against Speaker Koffa, unlawfully appeared before the unconstitutional group, possibly with the acquiescence of President Boakai.
According to reports, shortly after taking office, President Boakai authorized a payment of approximately US$12 million owed by SI Bank to the Central Bank of Liberia. The bank was unable to repay a loan from the Liberian government. Notably, the RLJ Hotel is owned by a Ghanaian businessman who is also owns SI Bank. Investigations indicate that Boakai may have requested the rebellious lawmakers to stay at the RLJ to avoid confrontations with Speaker Koffa and his supporters.
As the political standoff continues, the rebel lawmakers struggle to secure the two-thirds majority required to remove Koffa from his position as Speaker of the House of Representatives. Meanwhile, Koffa faces challenges in rallying the necessary support to conduct legislative business, which involves 39 lawmakers, leading to a potential government shutdown.
Efforts to obtain comments from the Presidential Press Secretary were unsuccessful prior to the publication of this story. Additionally, representatives from SI Bank could not be reached for comment; however, an anonymous source from the bank denied any knowledge of the lawmakers being financially supported by them at the RLJ.
Despite President Boakai’s denials of any connection to the plot against Koffa, insiders familiar with the situation have reportedly confirmed his involvement. Notably, Boakai had previously opposed Koffa’s election as Speaker and allegedly encouraged lawmakers to withdraw their support.
With the relationship between the executive branch and the legislative body under intense scrutiny, questions linger: Is the government of Liberia covertly supporting the removal of Speaker Cllr. J. Fonati Koffa? As investigations continue, the political landscape in Liberia remains fraught with tension and uncertainty.
Ongoing investigations into the controversial decision by the Central Bank of Liberia to guarantee a loan to SI Bank Liberia Limited have established that President Joseph Nyuma Boakai and his team were aware of the decision.
FrontPageAfrica, a local newspaper, has published that it has seen correspondence between SI Bank and the Executive Mansion showing that the president was briefed right after his victory on the loan negotiation process, which began in 2020.
An excerpt from a letter written by SI Bank’s President and Board Chairman, Dr. Papa Kwesi Nduom, a Ghanaian businessman, states: “In line with the discussions held with you, please find attached the formal request we submitted to your office on December 28, 2023, regarding the matter. Additionally, we have attached the full petition we submitted to the Executive Governor of the Central Bank, Honorable J. Aloysius Tarlue Jr., on the same matter dated December 20, 2021. I am confident that these two letters will be adequate to inform your action on the matter.” The negotiation for the takeover of FIB by Sapelle International Bank Liberia Limited (SIBLL) started in 2020, and this purchase was recently approved by the Central Bank of Liberia (CBL) to operate under the license as SIBLL.
To mitigate losses during the purchase transactions, the CBL guaranteed that it would cover some of the Non-Performing Loans and allocate millions to cover losses on the FIB-GN Bank—SBLL loans. Reports suggest that President Boakai and his team at the Executive Mansion were aware of this situation.
Sources indicate that it is based on this transaction that the rebellious lawmakers have abandoned their homes and taken residence at the RLJ.
