Madam Wolokollie Receives Punches

Commerce Ministry Release: Friday, July 10, 2020.

Prof. Tarpeh displays financial documents

Following what points to careful reflection since his dismissed Deputy Commerce Minister for Small Business Administration (MSBA), Madam Jimama Wolokollie,  laid accusations at his door stairs concerning   the US$2 million allotted  for  small businesses under the Small Business Pro-Poor Development Fund (SBPDF), Professor Wilson K. Tarpeh, has beaten back such allegations.

In his official reaction on the matter during a major press conference at the Commerce Ministry in Congo Town   on Wednesday, July 8, 2020, Minister Tarpeh, did not only deny the  allegations of singlehandedly disbursing the amount from his office, but   presented  financial instruments, bearing the signature of Madam Wolokollie.

The Commerce and Industry Ministry  told the media that  Ms. Wolokollie’s  comments were  maliciously twisted as a means of bearing the  facts  and to  tarnish his good name and the reputation of the Commerce Ministry.

“Madam Wolikollie’s  utterances are   grossly baseless, false and unfounded, to the effect that   the US$2 million allotted to small businesses under the Small Business Pro-Poor Development Fund (SBPDF) was misused, he said.

Professor Tarpeh also noted that   the accusations by the Former Deputy Minister is nothing but a product of a “depraved mind of a functional illiterate.”

“For the record, the loan program is administered, managed and operated by the Liberian Bank for Development and Investment (LBDI). The Ministry only provides strategic oversight and guidance as a sector Ministry,” Minister Tarpah observed during the  press conference.

As a matter of ensuring that his reaction to Madam Jamima Wolokollie’s comments  were far from the truth, he displayed financial   documents indicating a specific transaction    dated July 3, 2020.

In December 2018, President George Manneh  Weah formally launched the Small Business Pro-Poor Development Fund (SBPDF), with the Government of Liberia contributing an initial amount of US$1 million, while the Liberian Bank for Development and Investment (LBDI) committed US$2 million to the project, bringing the program to a  total  of US$3 million, but the bank paid or disbursed the first US$1 million.

“Ms. Wolokollie claims that she knows nothing about the SBPDF Account and the financial activities of the project because it was not handled by her office. This is a blatant lie because Wolokollie is one of the “A” signatories to the account,”  Minister  Tarpeh added.

He told the press and by extension the public  that  the LBDI’s  US$1 million of its commitment is a particular Account created by the Bank and   is controlled directly by it  without an outsider of the bank.

“In other words, the LBDI’s contribution is not in the SBPDB Account opened by the Commerce Ministry, but is available to the loan program. The amount is, however, reflected in the total loan resources available under this program. As of July 3, 2020, the account had a credit balance of US$957,582.34,” Prof. Tarpeh noted.
He stated further that  there are two check payment transactions over this account since its opening, and Ms. Wolikollie authorized the first payment of US$33,216.00 for training she “reportedly conducted.”

It can be recalled that Madam Wolokollie, appearing on a local radio, alleged that there were  no records, including borrowers, addresses, loan amounts, interest rates, tenure, and maturity, something Prof. Tarpeh also rejected.

This, Commerce Minister Tarpeh described as   as “barefaced fabrication, unfounded and untrue.

He said Ms. Wolokollie also authorized the payment of US$8,380.80 to cover the cost of advertisements and associated activities that she (Wolokollie) said were needed to support the SBPDF.

“How can she say she knew nothing about the account when she signed the checks drawn on the account? Documents marked Exhibits A, B, C, and D.” Minister Tarpeh wondered.

According to Minister Tarpeh, to guide the administration, management and operation of the loan program, MOCI and LBDI entered into a Memorandum of Understanding (MOU), thereby ensuring that all loan applications are addressed and delivered to LBDI.

“Credit decisions are made solely by the Bank, following appropriate scrutiny, using its own professional standards. The Ministry plays no role in the process. The bank makes semi-annual reports to the Ministry, covering the activities of the program for each reporting period,” Minister Tarpeh pointed out.

He went on by saying that “the report, among other things, indicates the name and address of each borrower, amount borrowed, interest rate, number of years for which the loan payment is made per period and when the loan must be repaid.”

He noted that one of such reports was made on November 20, 2019, and a copy was sent to then Deputy Minister Wolokollie for her appropriate action which is the document marked “Exhibit E.”

The Commerce Minister said as of March 31, 2020, the total loans extended amounted to US$533,317.66. He said the amount includes loans made in Liberian dollars (L$82,591,290.00) and loans disbursed in United States dollars (US$100,000 and fourteen (14) persons received these loans.

Meanwhile Minister Tarpeh is challenging Liberians, mainly public officials to desist from making unchecked utterances against others in society.

Observers believe that Minister Tarpeh’s reaction, backed by the presentation of notable financial instruments, pointing to Madam Jamima Wolokollie’s participation in the process brings into play the popular adage that says:  “Truth, once buried will one day rise.”

Jacob N.B. Parley

Communications Director

0886560455/0777604576

 

(Visited 68 times, 1 visits today)

Comments

comments

About Cholo Brooks 12906 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.