Adding Value to the Banking sector in Liberia: Bloom Bank MD Calls for More Training

The Managing Director and Chief Executive Officer of Bloom Bank Africa in Liberia has called for the need for more training in the banking sector in Liberia.

Olalekan Balogun said the banking sector is a professional sector that needs professionals that will create a conducive clients and employees environment.

He emphasized that Employees who have undergone training tend to exhibit enhanced job knowledge, better customer service skills, and increased efficiency.

“This not only benefits individual employees but also contributes to the overall success of the bank,” Mr. Olalekan said.

The Bloom Bank Manager and CEO disclosed that he has started engaging in series of training and digital banking efforts to improve the Banking sector of Lineria.

The Managing Director is significantly contributing to the bank’s achievements and status as a leading bank to create a vital and rich learning environment for its personnel by recognizing their efforts and developing their skills, rendering them shining elements in different fields of work.

“Even with all the turbulent times our beloved country is passing through, the bank continues to invest endlessly in the potential of its employees by providing diverse training and developmental programs across customized career developmental programs for them to rise up the corporate ladder,”.

He, therefore, vows to transform and support employees’ growth and their adaptation to the pace of the fast changing business environment.

He said the BANK is interested in investing in different types of in-house and external trainings that cover various topics ranging from: Banking, MarketingSales, Economics, Information Technology, Compliance and Anti-Money Laundering, Languages Communication and Negotiation Management and Leadership, Legal issues Mental Health, Safety and Security Ethics.

He said the bank is set and ready to continue its invaluable Banking services in the country and herefore call on its clients to take advantage of the new innovation by the Managing Director Balogun.

Bloom Bank Africa Liberia Limited (“Bloom Bank” or “the Bank”) made these clarity in moving forward.

Commenting on recent incident that happened at the bank that led to the courts closing banks for hours The bank wishes to address the recent temporary disruption in services that occurred on September 5, 2024 at our Head Office.

“This brief interruption, now resolved, stemmed from a legacy legal matter inherited during the acquisition of the then Global Bank Liberia Limited (which was subsequently renamed as “Bloom Bank” following the acquisition) and does not impact the bank’s overall operations.

He explained that the Global Bank had previously initiated legal proceedings against Kailondo Petroleum, seeking foreclosure on its properties due to outstanding debts owed to the bank.

In response, Kailondo Petroleum petitioned the Liberia Anti-Corruption Commission (LACC), which led to the countersuit currently linked to the recent events.

The petition through the LACC resulted in a ruling by a lower court in May 2022, awarding damages to Kailondo Petroleum. Before the acquisition of Global Bank by new investors in January 2023, the Supreme Court upheld the ruling with modifications, adjusting the total compensation to $2.31 million plus court charges, totaling $2,539,065.11. Despite the ruling, Kailondo Petroleum’s indebtedness to Global Bank remains outstanding.

As part of the acquisition of Global Bank, the new investors secured an indemnity from the Central Bank of Liberia to cover liabilities arising from the Kailondo Petroleum’s case. This indemnity was put in place to protect Bloom Bank from financial obligations related to the pre-acquisition litigation. In line with this agreement, the Central Bank made an initial payment of $705,744.78 on July 5, 2024, covering 25% of the settlement. The remaining balance is set to be paid over 24 months, starting from August 2024.

Due to recent leadership changes, a delay occurred in the Central Bank’s scheduled payment, prompting the court to take enforcement action against Bloom Bank, which briefly disrupted our operations.

“However, we can confirm that the Central Bank has resumed its payment process and is honoring its commitment in good faith and reinforcing confidence in Liberia’s financial system.”

“We would like to assure our customers and stakeholders that Bloom Bank has no liability in this matter, as all obligations are covered under the indemnity provided by the Central Bank. The temporary disruption was swiftly resolved, and our operations remain stable and unaffected.”

The bank says it will also continue to explore legal means to recover Kailondo Petroleum’s outstanding indebtedness to the bank.

“We are fully committed to maintaining financial stability while continuing to provide reliable services to our clients.’’