By: Laymah Kollie
MONROVIA – The Central Bank of Liberia (CBL) has placed Cititrust Savings and Loans under enhanced supervision and imposed restrictions on its sister company, TipMe Liberia, following reports that customers cannot access their money.
In a press release dated November 7, the CBL said it had received complaints from depositors who were finding it difficult to withdraw funds from Cititrust. The Bank said its review raised concerns about the institution’s financial condition, governance and internal controls.
The CBL said it found similar concerns at TipMe Liberia, which is linked to Cititrust through common ownership. Both institutions are widely reported to belong to former House Speaker Cllr. J. Fonati Koffa, who was removed from office after a prolonged political and legal battle.
Under the new measures, the CBL has deployed resident supervisors to monitor Cititrust’s daily operations. The company is barred from accepting new deposits or granting new loans, and it cannot sell any asset without the Bank’s approval. Supervisory restrictions have also been imposed on TipMe.
The CBL has also ordered an independent forensic investigation into both institutions to determine their true financial position and whether they complied with the law.
According to the Bank, the owners and management were directed to inject additional capital into the institutions, but this has not been done to the CBL’s satisfaction.
The CBL said it will announce official channels through which affected customers can submit their details. It urged the public to rely only on information from the Bank and to ignore rumours circulating on social media.
The Bank sought to reassure the public that the problem is limited to Cititrust and TipMe, saying other banks and financial institutions in Liberia are operating normally.
It called on affected customers to remain calm and use lawful channels while the investigation continues.
