President Weah Appeals with Nigerian Banks in LIB Not to Shut Down

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President Weah says the final report into the alleged LD16 billion will be released the first week of February, 2019

President George Weah has appealed to Nigerian banks not to shut down operations in the country due to the dire economic crisis being faced by his administration.

Addressing journalists at the Presidential Villa in Abuja during his recent state visit to Nigeria, President Weah explained that he had been informed that authorities of several Nigerian banks operating in Liberia have a plan to shut down operations or reduce staff.

“The Liberian banking sector is mainly dominated by Nigerians, and I am being informed that [authorities of] head offices in Nigeria may be considering reducing their support or even shutting them down because of the current downturn in our economy.

When contacted, the Central Bank of Liberia, through its communication director, Cyrus Badio, could not confirm that Nigerian-owned banks are planning to shut down or reduce their staffs because of the current economic difficulties in the country, as claimed by President Weah.

“I urge them not to do so, as I am optimistic that trade and commerce will increase in the near future in my administration,” Weah said.

President Weah added that the presence of the banking institutions is necessary to sustain economic growth and also appealed to Nigerian investors in the country to boost the economy.

He admitted that “There are major shortcomings in the electricity and power sectors, in road construction, in housing, in mining, and in fisheries, to name a few, that could be of serious interest to Nigerian investors, either as individuals or companies or through joint ventures or public-private partnerships.”

“We invite all of you to come to Liberia and explore the many new opportunities for investment that are bound to increase under this new political dispensation. I promise you that you will find a government that is not only business friendly, but ready to do business,” President Weah added.

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