MONROVIA – President Joseph Nyuma Boakai has suspended the Managing Director of the National Insurance Company of Liberia (NICOL), Mr. Nortu Jappah, and the Chairman of the NICOL Board of Directors, Mr. Joseph Sando Momolu, following allegations of financial misconduct and failures in board oversight.
The decision, which takes immediate effect, was announced through an Executive Mansion press release issued on Friday, May 2, 2025, and signed by Press Secretary Atty. Kula Bonah Nyei Fofana. According to the release, the suspensions are part of President Boakai’s broader agenda to enforce transparency, accountability, and sound financial governance across all public institutions.
The President’s move comes ahead of a comprehensive systems audit to be conducted at NICOL. The audit is intended to assess the financial integrity and institutional effectiveness of the state-run insurance company, which plays a pivotal role in government risk management and public sector insurance services.
While details of the alleged financial irregularities have not been fully disclosed, the Executive Mansion underscored that the suspensions were necessary to ensure an impartial investigation and to restore confidence in NICOL’s operations.
In the interim, President Boakai has designated Mr. Abdullah S. Swaray, Deputy Managing Director for Administration, to assume the role of Acting Managing Director. Similarly, Mr. Ansumanah Jallah, who currently serves as the Board Co-Chair for Finance and Audits, will act as Chairman of the Board until further notice.
This latest action by President Boakai adds to a series of measures his administration has taken in recent months to address systemic lapses in public sector governance. Observers see it as a signal that the Boakai-led government is not shying away from difficult decisions when public trust and institutional integrity are at stake.
The Executive Mansion emphasized that all actions taken are in the best interest of the Liberian people, reaffirming the government’s resolve to promote good governance and ensure the prudent management of national resources.
