By Willie Kargborie Caulker
It is heartbreaking and frankly a national disgrace for Sierra Leone to watch an indigenous financial institution, Union Trust Bank UTB, collapse in this manner. As someone who once worked at this bank, I know firsthand the dedication, professionalism, and commitment that built its reputation over more than 20 years of service to our nation.
Let us remember: when Rokel Commercial Bank faced insolvency during the Ernest Bai Koroma administration, the government intervened. Despite public criticism at the time, that decision saved the bank, and today Rokel stands strong, stable, and highly respected. This shows that with leadership, strategic intervention, and national will, institutions can be restored.
So why was this indigenous bank not given the same opportunity?
Why didn’t the central government, parastatals, agencies, business leaders, or prominent private investors step forward to buy shares or provide support?
Why did those who benefited from this institution’s nationwide financial services not see its value until it was too late?
This was the only truly indigenous financial institution with such extensive national reach and significant assets. It represented not only financial independence for Sierra Leone but also the enduring legacy of its founder, the late Dr James Sanpha Koroma.
Instead, the decision now being taken to hand the bank over to its competitors raises serious concerns. It appears that this move was deliberately delayed until after the passing of Dr Koroma, only for the institution to be absorbed by rival banks. This undermines both the legacy of the founder and the strength of our banking sector.
I am calling on the Bank of Sierra Leone and all relevant authorities to rethink this decision. There are other solutions: restructuring, government equity injection, public investment rounds, or targeted private-sector rescue efforts. Selling the institution to competitors should never be the first option.
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Sierra Leone must do better at preserving its national assets and honouring the legacies of those who built them. We cannot continue losing indigenous institutions due to avoidable decisions and lack of strategic vision.
This is not just about a bank.
It is about national pride, economic sovereignty, and the respect we owe to our own institutions.
