IPNEWS: With less than two days after CBL Deputy Governor for Operations, Nyemadi D. Pearson, President Joseph Nyuma Boakai, Sr., has accepted the resignation of Madam Nyemadi D. Pearson, Deputy Governor for Operations at the Central Bank of Liberia.
In her letter of resignation, Madam Pearson expressed thanks to President Boakai for the time she served as Deputy Governor of the CBL.
In accepting the resignation letter, the President thanked Madam Pearson for her service to the country.
Meanwhile, President Boakai has appointed Mr. James B. Wilfred, as Acting Deputy Governor for Operations at the Central Bank of Liberia.
President Boakai’s acceptance come two days after Madam Nyemadi D. Pearson, resiged her posrt at the CBL.
The resignation of CBL Deputy Governor, Madam Nyemadi Pearson, and other special-interest board members came on the back of a damaging GAC audit report highlighting allegations of massive corruption, financial improprieties, and noncompliance including a US$178 Million dish-out in excess cash over CBL’s counter and an US$11.8 Million award in Contracts without bidding.
Tarlue’s Suspension:
On July 30, 2024, it can be recalled that President Boakai suspended CBL Executive Governor, Mr. J. Aloysius Tarlue, without compensation over a damning GAC audit report covering fiscal years 2018-2024.
The suspension letter of Tarlue stated, “The audit discovered that the operations of the Central Bank of Liberia during the audit period were not in compliance with the CBL Act of 1999 as amended and restated 2020, the Revenue Code of Liberia Act of 2011, the Public Financial Management Act of 2009 as amended and restated 2019, the Public Procurement and Concession Act of 2005 as amended and restated 2010, the CBL Policies, Procedures, and General Banking Practices.”
The letter also stated that the Central Bank of Liberia under the leadership of its suspended Executive Governor, Aloysius Tarlue, failed to make available to the GAC its accounting software (Microsoft Great Plains Software) and the Financial Statement for Fiscal Year 2023.
President Boakai in his suspension further stated that additional actions against Tarlue were being contemplated due to what he termed as serious allegations of noncompliance and gross failure of Tarlue to perform his fiduciary responsibilities.
In response to his suspension, Mr. Tarlue through his legal team petitioned the Justice in Chambers, His Honor Yussif D. Kaba, to issue a writ of prohibition against President Boakai’s decision to suspend him.
Tarlue’s lawyers in their petition filed on August 2, 2024, argued that their client had a definite 5-year term to serve as Executive Governor and could not be dismissed by the President of Liberia or removed from performing his function, except through impeachment by the National Legislature as provided for in Section 13.1 of the Amended and Restated Act establishing the Central Bank of Liberia in 1999.
Just about the time that Tarlue was planning to file a lawsuit against his suspension, the Deputy Governor for Operations of the Central Bank of Liberia, Madam Nyemadi Pearson, was cunningly negotiating with high-profile government officials to shield her and bargain benefits in exchange for her to resign even though there are serious allegations of massive corruption, financial improprieties, and gross non-compliance as reflected in the 2024 GAC audit report.
Resignation in exchange for Benefits after ‘looting CBL’
Verity News through its investigation obtained Madam Nyemadi Pearson’s leaked letter of resignation dated July 31, 2024, and addressed to President Joseph Boakai. The content of Pearson’s resignation letter established that there was a secret negotiation that led to a “mutual agreement” between some of President Boakai’s advisors and Nyemadi Pearson regarding the payment of benefits for unexpired tenure.
Pearson’s letter stated, “…I am writing to formally resign from my position as Deputy Governor of Operations of the Central Bank of Liberia. This decision follows discussions with your advisors and mutual agreements regarding the payment of my benefits, which include pension, severance, and compensation for my unexpired tenure.
While serving my country, my patriotism has never wavered. Your Excellency, I am willing to stay on for up to 30 days after my effective date of resignation to assist with the transition if it meets your overall objectives.”
Even though Madam Pearson stated in her letter to President Boakai that her “patriotism has never wavered while serving her country,” the damaging GAC report, highlighting allegations of massive mismanagement and corruption, says otherwise about Pearson’s “patriotism”.
The Damage Done at CBL from 2018–2024
As public outcry for accountability and transparency in Liberia intensifies, the CBL Audit Report as released by the GAC shows that contracts amounting to US$11,866.308.34 were awarded without competitive bidding which is in gross violation of the 2005 Public Procurement Concession Law and the 2009 Public Financial Management Law (PFM).
The GAC report claims that CBL disbursed 1.94 Billion LRD and 178.33 Million USD in excess cash over the counter to six (6) public entities for the period 2018-2023. The audit report also exposes that 50.2 Million USD was borrowed and spent to finance the GOL payroll without legislative ratification contrary to Article 34d(iii) of the 1986 Constitution of Liberia and Section 46.2 of the 1999 CBL Act.
The audit report further reveals that 32.8 Million USD was borrowed from commercial banks to pay salary in December 2023.
Furthermore, the GAC report established no fuel distribution/consumption log for fuel “procured” for some transactions totaling US$126,390.
It was also observed that CBL Management awarded contracts totaling US$1,765,380.96 and US$2,285,038.95 for the fiscal years 2018 and 2019 respectively without evidence of an approved procurement policy, approved procurement plans, and approved budgets.
The GAC claims that it could not physically verify land valued at US$737.46K in the asset register due to the absence of its location. The report shows no evidence of payment totaling US$386.7K for goods and services and no proof of payment to vendors amounting to US$896K.
Among other serious claims, there’s no evidence that 19 contracts, totaling US$1,537,044.76, awarded in FY 2020 are included in the approved procurement plan for FY 2020.
Selective Justice:
Some political pundits and legal analysts are accusing the Boakai-led administration of being selective in its fight against corruption and accountability by attempting to shield Madam Pearson and only pursue Mr. Aloysius Tarlue even though both Governors are to be held fully liable for allegedly siphoning State resources and misappropriating hundreds of millions in tax dollars.
They wonder why President Boakai is only going after Tarlue and not other CBL Governors and Board Members who equally bear the burden of the alleged massive pillaging of the CBL between 2018 and 2024.
The resignation letter of Madam Pearson in exchange for benefits proves that President Boakai’s administration is allegedly rewarding wrongdoers and State plunderers for abusing their power and clandestinely milking the national treasury while serving at the Central Bank of Liberia.
A well-respected and vocal development specialist, Mr. Ambulah Mamey, recently accused some of President Boakai’s advisors, including Boakai’s nephew Jake Kabakolie, of trying to shield some governors and board members by advising President Boakai to compromise the CBL audit findings.
“If President Boakai accepts the advice, he will be arming Liberians with fresh evidence that there are “sacred cows” and “untouchables” in his fight against corruption. By that single action, the President will undermine his fight against corruption, which is gaining huge public support, and ruin his legacy,” Mamey said.
A renowned political activist, Mr. Moses Yahmia, has warned President Boakai and his government against providing protective shields for certain individuals, including Madam Nyemadi Pearson, who have been indicted by the GAC report for plundering State resources. Yahmia accused Pearson of faithfully executing every dubious financial request from former President George Weah.
With a recommendation to convince President Boakai to reward Pearson for resigning amid allegations of massive corruption, a credible inside source has accused Minister Sylvester Grigsby and Deputy Minister Samuel Stevquoah of negotiating a US$189K settlement for Pearson.
The public is watching to see whether President Boakai will reward wrongdoers after he promised to vigorously pursue them and put an end to impunity during his campaign trail in 2023.
