The House of Representatives has mandated its Joint Committees on Banking and Currency and State-Owned Enterprises (SOEs) to investigate the National Lottery Authority (NLA), the Central Bank of Liberia (CBL), and Guaranty Trust Bank Liberia Limited (GT Bank).
Plenary’s decision followed a communication from Montserrado County Electoral District #5 Representative, Priscilla Cooper, requesting that the House invite the Director General of the Liberia National Lottery Authority, Mr. Peter Solo, to provide clarity on the growing operations of betting and gambling platforms across the Republic of Liberia.
In her communication, Rep. Cooper emphasized the need for the Legislature to be fully informed about the activities of betting and gambling operators currently functioning in the country. She requested that the NLA Director General appear before the House to provide detailed information on several key issues, including the various betting and gambling platforms licensed and operating in Liberia, the regulatory framework governing these entities, and whether the operators are fully compliant with government policies and statutory requirements, the revenue generation mechanisms within the sector and the financial benefits accruing to the Government of Liberia, Measures being implemented to ensure responsible gaming and protect vulnerable citizens, and oversight mechanisms in place to prevent tax evasion and illicit financial activities within the sector.
Representative Cooper noted that the increasing proliferation of betting and gambling activities across the country makes it imperative for the Legislature to exercise effective oversight to safeguard national interests.
Additionally, the lawmaker requested that Mr. Henry F. Saamoi, Executive Director of the Central Bank of Liberia, along with the General Manager of Guaranty Trust Bank Liberia Limited, appear before the House to clarify concerns surrounding the recently announced system upgrade at GT Bank.
According to the communication, the upgrade process has reportedly disrupted normal banking activities for more than a week, leaving many customers unable to access their accounts and with limited explanation from the bank.
Rep. Cooper stressed that the situation has generated significant public concern and could potentially affect confidence in the country’s banking system, making it necessary for the relevant authorities to provide a comprehensive explanation on the matter, including measures being taken to resolve the issue and the timeline for restoring full banking services to customers.
Following deliberations, Plenary mandated the Joint Committees on Banking and Currency and State-Owned Enterprises to investigate the issues raised and report their findings and recommendations to the full body for further legislative action.
The entities involved are expected to appear before the committees as part of the investigative process.
