The Bureau of State-owned Enterprises (BSOE) has begun a strict enforcement of President Joseph Nyumah Boakai’s mandate requiring state-owned enterprise officials to declare their assets with the Liberia Anti-Corruption Commission (LACC).
The directive, aimed at increasing transparency and accountability in public institutions, has led to the suspension of 127 SOE officials who failed to comply.
Arthur Siaka Massaquoi, Director General of the BSOE, emphasized the administration’s determination to uphold good governance principles and combat corruption.
He said in adherence to the president’s mandate, the BSOE has formally instructed heads of SOE to withhold the salaries and benefits of all non-compliant officials starting February 2025. “These funds will be deposited into the government’s Consolidated Revenue Account, with transaction records submitted for verification,” Massaquoi said.
Massaquoi said following an extensive compliance review conducted in partnership with the World Bank, the BSOE identified 316 officials across 27 SOEs who were required to declare their assets. Among them, 189 officials complied, while 127 failed to do so and are now subject to suspension. Some SOEs demonstrated full compliance, including the Liberia Maritime Authority (LMA) and the National Lottery Authority (NLA).
However, others, such as the Liberia Electricity Corporation (LEC) and National Social Security & Welfare Corporation (NASSCORP) had a large number of non-compliant officials. Meanwhile, Massaquoi issued a stern warning to all non-compliant officials, saying that the government will not tolerate violations of the asset declaration mandate.
He said the BSOE will continue to monitor compliance and take necessary actions against defaulters, as the president’s directive is clear—“accountability is non-negotiable.” He urged officials who have not yet declared their assets to do so immediately to avoid further penalties.
For now, the fate of the 127 suspended officials remains uncertain, as the government stands firm in its commitment to clean governance and accountability in Liberia.
