It is beyond the imagination of finance experts and of course economic development specialists that a sum totaling Le 30 million could become Le 2 billion, if not for the commerce and mortgage Bank in Sierra Leone that has made same possible.
Reports reaching NEW AGE revealed how over Le2 two billion meant for investment at Bank HFC has been cornered by a number of the bank’s officials, with fingers pointing directly at the Managing Director, Ahmed Kamara.
Reports are that the money in question was meant for investment in bungalows on a parcel of land at the Regent-Bathurst Axis in the mountainous Western Rural District of Sierra Leone.
Bank HFC is part of NASSIT’s investment programme, which in 2004 saw NASSIT decided on investing in the area of home financing so as to complete the circle involving NASSIT, Estate developers and potential home owners, thus in 2016 seeing the Trust making Bank HFC an autonomous commerce and mortgage entity in Sierra Leone.
“In terms of how to carry on with this investment, NASSIT was faced with 2 options: to initiate and promote the formation of a company and invite interested investors to participate in the financing and management of the company and to collaborate with existing ventures in the mortgage business.”
Therefore, Bank HFC, a Public Limited Company is an investment bank that was set up with Sierra Leonean moneys that was put in the National Social Security and Insurance Trust (NASSIT) so that they can go into meaningful investment that will profit NASSIT and the people of Sierra Leone in the long run.
Shocking the most is that moneys misused in the name of investment have almost left the Bank in a state of insolvency.
NEW AGE’s ace investigator’s text message to the Head of Administration of Bank HFC, one Mr. Sheriff, to get the bank’s side saw an unknown person who identified himself as Michael called and said, “We don’t want such things to be in the public domain. We will make our comments on some of the things put forward to Mr. Sheriff later.”
Notwithstanding the above, NEW AGE team of investigators made reasonable efforts to see either Sheriff or Ahmed Kamara on number of occasions at Bank HFC’s Headquarter at Liverpool Street but all went futile.