In a decisive move reflecting the importance of financial accountability, the Deputy Speaker of Sierra Leone’s Parliament and Chairman of the Parliamentary Account Committee (PAC), Honourable Ibrahim Tawa Conteh, has ordered CD Investment and Sierratel Limited to cease their business operations. This directive comes in response to significant financial irregularities highlighted in the 2022 Auditor General’s report.
The order was issued during a PAC meeting held on June 13, 2024, at Parliament OAU Drive, Tower Hill, Freetown. This meeting underscored the government’s commitment to enforcing financial discipline and ensuring that state funds are appropriately managed and recovered.
CD Investment and Sierratel Limited, both prominent internet service providers in Sierra Leone, were found to owe a substantial sum of 95 million Leones to the National Telecommunications Commission (NATCA) since 2021. The outstanding debt has raised serious concerns about the financial practices of these companies and their impact on the country’s economy.
Honourable Ibrahim Tawa Conteh, known for his strict stance on financial transparency, did not mince words in addressing the issue. He emphasized that until the companies settle their debts to the state, they must cease all operations. “These defaulted companies must understand that there are no grounds on which they should continue their operations until they have paid the monies they owe to the state,” Hon. Tawa asserted.
The PAC meeting was attended by various stakeholders, including representatives from NATCA, the Ministry of Finance, and the Auditor General’s office. The discussion centered on the financial implications of the Auditor General’s findings and the steps necessary to rectify the situation.
The 2022 Auditor General’s report had detailed a range of financial discrepancies, including the long-standing debts of CD Investment and Sierratel Limited. The report highlighted the need for stringent measures to ensure compliance with financial regulations and the recovery of owed funds. The PAC’s decision to halt the operations of these companies until they fulfill their financial obligations is a clear message that financial malpractice will not be tolerated.
In his remarks, Honourable Tawa Conteh reiterated the importance of financial accountability in maintaining the integrity of the nation’s economic systems. He stated that allowing these companies to continue operating without settling their debts would set a dangerous precedent and undermine the efforts to establish a culture of financial responsibility.
The Deputy Speaker’s directive has been met with mixed reactions. While some stakeholders have applauded the move as a necessary step to enforce financial discipline, others have expressed concerns about the potential impact on internet services in the country. CD Investment and Sierratel Limited are key players in Sierra Leone’s telecommunications sector, and their abrupt cessation of operations could affect internet connectivity and services.
However, Honourable Tawa Conteh assured that the decision, though stringent, was taken with the nation’s best interests at heart. He urged other telecommunications companies to ensure they are in full compliance with financial regulations to avoid similar actions. “This is a wake-up call for all companies operating in Sierra Leone. Financial compliance is not optional; it is a mandatory requirement for operating in this country,” he emphasized.
The PAC’s decision also reflects a broader strategy to enhance the financial governance framework within Sierra Leone. The move aligns with efforts to improve transparency, accountability, and efficiency in the management of public resources. By holding companies accountable for their financial obligations, the government aims to foster a more robust economic environment.
As the news of the directive spreads, it has prompted a broader discussion about corporate responsibility and the role of regulatory bodies in enforcing financial compliance. The case of CD Investment and Sierratel Limited serves as a reminder of the importance of adhering to financial obligations and the consequences of failing to do so.
The affected companies have yet to publicly respond to the Deputy Speaker’s directive. It remains to be seen how they will address the outstanding debts and what steps they will take to resume operations. The situation underscores the critical need for ongoing dialogue between regulatory bodies, the government, and the private sector to ensure that financial practices are transparent and accountable.
In conclusion, the order from Deputy Speaker, Honourable Ibrahim Tawa Conteh, for CD Investment and Sierratel Limited to cease operations marks a significant moment in Sierra Leone’s pursuit of financial accountability. It sends a strong message about the importance of adhering to financial regulations and the government’s commitment to enforcing compliance. As the country continues to navigate the complexities of economic governance, such measures are essential to building a stable and prosperous future for all Sierra Leoneans.