CBL Refutes ‘Misleading’ US$300K Car Loan Report

Central Bank of Liberia

The Central Bank of Liberia (CBL) has described as unfounded and misleading reports published by a local daily that alleged that the CBL gave US$300,000 to each of its governors as car loans.

A press statement signed Cyrus Wleh Badio, CBL head of communications, denied the allegation and classified it as “unfounded, misleading and a calculated attempt… to tarnish the reputation of the CBL and its Governors.”

The Central Bank of Liberia, he said, “has in place a car loan scheme/policy which began in 2013 for its senior staff to buy their own cars with repayment over a maximum five-year period.”

Badio said the scheme has been a cost-effective measure to mitigate the high maintenance cost of assigned bank vehicles.

The Central Bank of Liberia challenged the New Dawn, the newspaper that published the report, to produce evidence to support “its wild and fictitious claim” and meanwhile cautioned news houses to ascertain facts and avoid publishing falsehoods.



  1. Perhaps the newspaper may have reported the wrong figure for the vehicles, in that case and in the spirit of full disclosure, could Mr. Badio tell us the exact price tag for each of the vehicles in question. Also, if true that this car loan scheme has been in place since 2013, then why in devil’s name are all the bank executives taking car loan the same time and now? Lastly, didn’t the presidential mandate for all heads of public corporations, ministries, etch., to turn over to their respective HR managers pertained to the CBL as well?

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