LBDI May Close Down, As Several Borrowers’ Include Nathaniel McGill, Tony Lawal, Others Default On payments
The Liberia Bank for Development and Investment (LBDI), a Liberian owned bank is said to gradually be approaching its end by closing its operation due to the failure of its many customers including the Minister of State for Presidential Affairs, Nathaniel F. McGill and others to settle their obligation with the bank.
According a local weekly, The In Profile Newspaper, quoting sources closed to the bank, a possible shut down for the bank’s operations is said to be in the making due to ‘supposed borrowers’ default on payment of their loans.
It can be recalled that the Minister of State for Presidential, Mr. McGill publicly announced how he secured a loan of US$200,000.00 from the LDBI for the purchase of his current home along the Roberts international Airport highway.
The purchase of the house in question by the Minister, created serious concerns in the public as to such huge amount being acquired by him after taken over as Minister of State for Presidential Affairs at that time.
According to the paper, top official of the bank who is said to have hinted that those saving with the bank over the last several months have found it extremely difficult to withdraw from their accounts due to the insolvency the bank’s being confronted with.
Another major borrower of the bank is Tony Lawal, the Chief Executive Officer of the Praise Gloria Lawal Construction Company (PGL) who was awarded a loan of US$375,000.00 for the pavement of streets in Kakata, Margibi County; against the advice of the Liberia Anti-Corruption Commission (LACC).
It is alleged that Mr. Lawal is being indicted by the LACC, hence, they advised the LBDI not to effectuate the payment of any loan to Lawal until he is clear by the anti-graft institution, however, the Ministers of State, Justice and Public works reportedly signed unto a US$15million pre-financing agreement for the pavement of the streets in Kakata in favor of PGL Construction Company, thus leading the LBDI to award Mr. Lawal’s Company US$375,000.00 as loan.
The paper quoting sources at the bank, also reported that customers saving with the bank have been advised to withdraw all their funds because there is a likelihood of the bank’s shutting down her doors for business.
According to the paper, quoting sources closed to it, several persons are in arrears to the bank also including a member of the Liberian presidency, the Chief of Staff in the President’s office.
When a reporter of the paper contacted the President of the bank, Mr. John Davirs, up to press time he has declined to speak on the issue.
GNN will further launch its investigation into this latest information regarding report of the bank’s pending alleged closure to the public soon.