Liberia News:CBL Audit Report Forces Peason’s Resignation

Liberia-Recently, the government of Liberia through the General Auditing Commission (GAC) released an audit report which outlined serious financial irregularities at Liberia’s money house (the Central Bank of Liberia-CBL).

The report places some serious emphasis on terrifying practices that undermine financial accountability and even questions the competence of those heading the institution.

For instance, the audit report revealed irregularities in the disbursement of over US$700,000 to CBL staff, one staff, Esther H. Barclay, received   a total 742,120.00 to legal department, while Cyrus Badio, a communication consultant received US$90,000.00 for communication department.

After the report was released, Madam Nyemadi D. Pearson, Deputy Governor for Operations at the Central Bank of Liberia tendered in her resignation thus making President Boakai to appoint  Mr. James B. Wilfred,  replacing her.

Her resignation was  said to have been triggered by  the audit report.  Sources at the bank said her resignation was mainly due to the audit report. Realizing the potential danger, she held closed door meetings with some staff in the office of the president to have easy exit, which would lead to  giving her benefits and other un-expired tenure.

In her letter of resignation which has been accepted by President Joseph N. Boakai, Madam Pearson expressed thanks to the President for the time she served as Deputy Governor of the CBL.

But the report that forced her to have resigned indicated that funds designated for legal expenses and other services were disbursed to staff members under the pretext of external consultants and contractors. Notwithstanding, there was a lack of documentation proving that those funds were properly transferred or used for the intended purposes; since she had direct supervision over it.

The audit stated that, the CBL disbursed a staggering US$742,120.00, classified as legal expenditures as US$90,000.00 were allocated for other services, purportedly provided by external consultants and contractors.

It additionally highlighted a series of substantial payments made to individuals, including Esther H. Barclay and J.G. Innis, raising serious questions about the legitimacy and transparency of these transactions. Noteworthy payments to Barclay include US$50,000.00 on May 30, 2023, and US$55,000.00 on July 25, 2022. Similarly, Innis received payments amounting to US$437,000.00, with significant entries such as US$40,000.00 on July 31, 2023, and US$30,000.00 on February 10, 2021.