LBDI Clarifies Media Reports

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Minister of State for Presidential Affairs, Nathaniel McGill

Authorities of the Liberian Bank for Development and Investment (LBDI) say its attention has been drawn to the Wednesday, May 2, 2018 edition of the FrontPage Africa newspaper banner headline, “LBDI President Defends McGill’s Acquisition of huge credit to finance purchase of his new mansion US$200k smelly house loan.”

“LBDI wishes to clarify that at no time did the president of the bank defend the acquisition of a huge loan by Mr. Nathaniel McGill, Minister of State for Presidential Affairs, to purchase New Mansion,” LBDI said in a release.

According to the release, the LBDI president instead defended Minister McGill’s right to apply for a loan like any other Liberian. In the same vein, the CEO also indicated that the bank reserved the right to approve or disapprove the request based on terms and conditions applicable.

Furthermore, in a phone interview during a local talk show, the president acknowledged that the bank was in receipt of an application of mortgage loan from Mr. McGill, but noted that said application was being reviewed.

The president further noted that in clarifications on social media, the mortgage loan process for this category of request is a three phase process, which originates with the credit department, the bank’s management for review and the Board of Directors for final approval.

In the case of Mr. McGill, who is a politically exposed person (PEP), “his application for our mortgage would require full approval of the Board of Directors of LBDI.”

The bank wishes to state for the record that it is well within the rights of all qualified Liberians as is with the case of Minister McGill to make a request to the LBDI for a mortgage loan, which is repayable within a period of up to 10 years.

The management assures the media and the general public that the process of granting loans at LBDI is fully documented and transparent, which has nothing to do with an individual’s status.

Authors

2 COMMENTS

  1. Why is the bank exposing private loan to the general public? And who is in the bank that is leaking private information to the press? Everyone should be entitled to applying for a loan regardless of the status. This is not transparency but an embarrassment to customers. Is the intention to embarrass the current government? This is the worst of journalism that only incite the public and never put out details. A good journalist will should know the loan process with LBDI.

  2. This may be a test case for President Weah’s War on Corruption as declared in his Inaugural Address last January. The question is whether the Liberian Bank for Development and Investment or any other government-owned financial institution should consider granting extraordinary loans to officials of government, knowing that such officials can be dismissed at any time and generally lack the necessary collateral, credibility, or reputation for timely repayment of the interest and principal of such loans.

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