By Hassan Osman Kargbo
Major shareholders of Union Trust Bank have formally petitioned the Bank of Sierra Leone to immediately stay, recall and suspend the public notice issued on 8 December placing the bank under caretaker management and approving Rokel Commercial Bank as the acquiring institution.
The petition, submitted through ACE Legal Partners on behalf of the shareholders and bank consultant Dr Jonathan Bangura, alleges that the central bank breached both statutory and constitutional provisions in the resolution process.
In a letter addressed to the Governor of the Bank of Sierra Leone, the petitioners argue that the regulator unlawfully curtailed the period granted to Union Trust Bank to submit a capital restoration plan. They referenced a letter dated 14 November 2025 in which the central bank directed UTB to present its plan within 30 days, a timeline they say falls short of the 45 days provided for under Section 69 of the Banking Act 2019.
The petition further claims that even the shortened 30 day window was not respected. According to the shareholders, the letter was received on 18 November 2025, meaning the deadline should have elapsed on 18 December 2025. However, they contend that the resolution announced in the 8 December public notice effectively gave the bank about 20 days to respond.
Counsel for the shareholders argues that any deviation from the Banking Act amounts not only to a statutory breach but also a constitutional violation. Citing Sections 105 and 171(15) of the Constitution, the letter maintains that the Constitution is the supreme law of Sierra Leone and that actions inconsistent with it are void and of no effect.
ACE Legal Partners say they act for Sabanor Trust Investment Fund, Aureol Insurance Company, Mohamed Kwanza, Yayah Nesser, Yema Woobay and Wusu B Koroma, all shareholders of UTB, along with Dr Jonathan Bangura. Dr Bangura is described as the consultant entrusted by the late founder and chief executive officer of Union Trust Bank, Sanpha Koroma, to lead the bank’s succession and fiduciary transition.
The petitioners are seeking three key remedies. First, they want an immediate stay of all actions arising from the 8 December public notice, including receivership, resolution and acquisition processes, pending a transparent and good faith review. Second, they are requesting that the central bank convene an urgent meeting involving Dr Bangura, other key stakeholders, the Director of Banking Supervision and senior officials to discuss a proposed roadmap. Third, they are asking for approval to proceed with recapitalisation and restructuring under the direct supervisory oversight of the Bank of Sierra Leone.
The letter grounds its arguments in several provisions of the Banking Act 2019, including Sections 59, 66, 67, 69 and 116(1), as well as constitutional principles of fair administrative action and common law doctrines of legality, reasonableness, proportionality and procedural fairness. It also references Section 5(1)(c) of the Bank of Sierra Leone Act 2019, which the central bank cited in approving Rokel Commercial Bank as an acquirer.
As of press time, the Bank of Sierra Leone had not publicly responded to the petition. Observers say the outcome could have significant implications for regulatory practice, market confidence and investor participation in Sierra Leone’s banking sector.
