Liberia: Global Bank Appoints New Managing Director

Global Bank Liberia Limited (GBLL) has appointed a seasoned Nigerian banker as its new Managing Director. The appointment of Lekan Balogun, which follows the formal acquisition of the bank by Oakwood Africa Investments Limited through its sub-holding company, Oakwood Holdings Liberia Limited, became effective as of January 30.

Balogun, according to a statement the bank issued over the weekend,  brings a wealth of experience and expertise in the banking industry and is well-positioned to lead Global Bank Liberia Limited into its next phase of growth and success.

“He is a seasoned banking professional with over 25 years’ experience across corporate banking, commercial and retail banking, treasury, trade and branch operations,” the statement said, “he brings to bear a track record of success, having worked in similar roles in reputable financial institutions across West Africa including Liberia.”

Balogun said he is honored to have been preferred by the bank. "I am honored to join Global Bank Liberia Limited and look forward to working with the talented team here," said Mr. Balogun. "I am confident that this new phase of the bank’s transformation will see service innovation and excellence delivered at all our touch points. Together, we will leverage the right mix of capital and technology to deliver personalized, last mile digital financial services for the people of Liberia, ensuring that we fully support the central bank in its financial inclusion drive”.

GBLL is a licensed financial institution in Liberia. The bank is committed to providing Business, Personal and Retail banking services to the people of Liberia. The bank currently has branches in Monrovia (5th Street, Sinkor, Ashmun Street, Clara Town and Redlight Market) and Buchanan. 

Oakwood Africa Investment Limited (OAIL) recently made a hundred percent acquisition of the bank.

The Board of Governors of the Central Bank of Liberia (CBL) in a statement last week disclosed the approval of the divestment of the ownership of GBLL from Keystone Bank, Nigeria to OAIL following a comprehensive due diligence and evaluation of the company’s application. 

With this divestment, OAIL has taken 100 percent equity ownership of GBLL, CBL noted in its statement, adding that it approved the transfer of ownership from Keystone Bank, Niger to OAIL on January 11, 2023.

OAIL is a financial services firm registered and licensed in Ghana. It owns Bloom Bank Africa The Gambia Limited and holds majority shares in Keystone Bank Sierra Leone (previously owned by Keystone Bank Nigeria). 

According to the CBL, the company plans to mobilize and infuse fresh financial resources into GBLL. It also plans to reshape the focus of GBLL with the introduction of innovative digital products and services aimed at promoting financial inclusion, especially for women and the unbanked. 

The CBL is confident that the takeover by Oakwood will bring new dynamism to the banking sector and respond to the needs and demands of its customers, and contribute toward building a strong, viable and competitive banking sector in Liberia.