I will resign if…, says CBG governor

Feb 24, 2022, 11:30 AM | Article By: Pa Modou Cham

The governor of the Central Bank of The Gambia (CBG), Buah Saidy, yesterday told journalists in a press conference that his integrity matters in the alleged corruption involving a staff of the bank and vowed to resign from his position if the D155 million was paid to the bank.

“If Abdou Ceesay is found involved, the state will take actions but if Abdou is innocent, we will take actions against the people accusing us. My integrity matters to me and if D155 million entered the Central Bank as alleged, I will resign from my job as a practicing Muslim. I am not desperate for this job and I have my principles.”

Governor Saidy insisted that the alleged D11 million bribery doesn’t involve the Central Bank, but a staff of the bank. He said the money is not paid to the bank but to a staff of the bank according to the letter written by a lawyer from Brusubi.

He added that the alleged corruption letter was sent to the staff of the bank, saying the letter further alleged the money was to be changed with fresh notes.

“According to the letter they want their money back in two weeks or go to court. I was in Dakar when the letter was brought to the bank; because I left the country on Wednesday February 9, 2022 and I came back from Dakar on Saturday February 12, 2022. I realised the letter was sent to the bank on 10 of February, 2022. I resumed work on Monday 14 February, 2022 and the first deputy governor informed me that a letter was sent to Abdou Ceesay, a staff of the bank.”

He explained that was the time he consulted some of his senior management staff and got advice from his legal team on how to proceed in terms of addressing the issue. "The first thing we did," he added, was to ask Abdou who denied the allegations.

Mr. Saidy said the CBG is not taking this lightly because the reputation of the bank is their biggest asset and they don’t want that damaged. He continued that the board of the bank met and an admin order was issued to send Abdou on administrative leave pending the outcome of the investigation.

“The board also ordered for a committee to be set up to investigate the matter. We will devote all our resources into this and make sure that the investigation is deepened. Whatever the outcome is, we will take the full force of the law.”

He continued to clarify that the letter also alleged that D155 million mutilated notes were given to the staff to change into new notes. Saidy added that the letter also alleged that this happened close to one year.

“For that amount of money to enter the bank without the knowledge of others, is mind boggling. If I sit in my office, I see everything that happens at the banking department and we also have CCTV cameras all over the building with security officers.”

The governor clarified that since 2017, the bank has been audited by external and domestic firms every year.

Dwelling on the recent fake money saga at Minteh Kunda Secco, Saidy assured the public that fake notes cannot and will not originate from the Central Bank. 

Read Other Articles In Headlines
Minister Bah delivers keynote address at Digital Nigeria Int’l Confab
Oct 27, 2022, 10:32 AM

The Gambia’s Minister of Communications and Digital Economy, Hon. Ousman A. Bah at the invitation of the Honorable Minister of Communications and Digital Economy of the Federal Republic of Nigera, Hon. Prof. Isa Ali Ibrahim Pantami as special guest of honor has delivered the keynote address at the Digital Nigeria 2022 International Conference taking place in Abuja, Nigeria.

National assembly in session
Deputies refer Force Labour Amendment Bill to ABC
Jul 8, 2020, 10:54 AM

Lawmakers at the National Assembly on Tuesday referred the Force Labour Amendment Bill 2020 to the Assembly Business Committee (ABC) in order to look into its merit and general principle before it gets into the third reading stage.

Buah Saidy
MPC decides to increase monetary policy rate by 1%
Jun 1, 2022, 10:51 AM

As inflation continues to increase amid the Covid-19 pandemic and the war between Ukraine and Russia, The Monetary Policy Committee (MPC) of the Central Bank of The Gambia (CBG) assessed the emerging risks to the inflation outlook and growth prospects, while decided to increase the Monetary Policy Rate (MPR) to 1% points to 11%.

Water Resource dept galvanise
Water Resources Dept galvanizes efforts to improve water, sanitation
May 23, 2023, 11:39 AM

In order to improve and address the data gaps in the water and sanitation sector in The Gambia, the Department of Water Resources on Thursday 18 May 2023 convened a day-long stakeholders meeting at the Ministry of Fisheries and Water Resources Hall in Banjul.