Ecobank Gambia Buys Bayba Financial Services For D 9 Million dalasis!!!!!

Controversy Surrounds The Sale Of  Bayba!!!!

Following the seizure of the Bayba Financial Services, the Central Bank of The Gambia, has sold Bayba for D9Million dalasis to Ecobank, said Bank officials here. Ecobank is a Pan African bank “operating in 25 countries and over 500 branches in Africa.” The leading bank recently opened a branch in The Gambia, which is fairly faring, according to Central Bank sources.

Bayba went into liquidation, following the company’s inability to  meet its financial obligations to its customers and financial lenders. As a result, the Central Bank of The Gambia, moved in to takeover the affairs of Bayba. The company’s assets and ailing financial budget were attached by the state.

 Consequently, Bayba’s offices were annexed to the Central Bank,  with Bank officials temporarily overseeing the operations of the bankrupt Financial firm. Bayba’s owner lived in the United Kingdom. It is not clear if he was involved in the sale process.

“Actually Bayba at the moment is under the ownership of Ecobank. They bought it after Central Bank Seizure of Bayba Financial Institution, due to some problems caused by the former CEO of Bayba Financial Services. Ecobank paid 9 million Dalasis to assume ownership of the Institution,” said Central Bank sources.

The sale of Bayba was never made public, thus raising eyebrows in some quarters over the transparency and legitimacy of the change of ownership. Central Bank officials here are under fire for their failure to comply with financial regulations, governing liquidation process of seized companies.

“Ecobank is now making the formal procedures with Central Bank to get full control of the institution by direct Management. The current Central Bank staff managing Bayba are now making their exit strategies. It is interesting to note that some of the Central Bank senior Managers were trying to use dubious means to dispose of the Institution. So let Governor Saho and his crew of thieves explain to the general public what happen to Bayba,”said our sources.

Attempts to reach the new owners of Bayba, Ecobank for comment proved abortive. Muhammed Jah of Quantum Net is said to be among  the Board of Directors of Ecobank Gambia. Jah was indisposed for comments at press time.