Home Economy CBL Official Linked To Extortion Against Money Exchangers But…

CBL Official Linked To Extortion Against Money Exchangers But…

by News Manager

By: E. Geedahgar Garsuah, Sr.

MONROVIA: The Assistant Director for the Department of Supervision at the state-owned Central Bank of Liberia (CBL), Abdullah Molley, has been accused by some money exchangers from various parts of Monrovia of extorting the amount of US$65 from each of them, under the pretext of annual registration fees.

The spokesperson of the aggrieved money exchangers, Ezekiel Kortu, alleged that nearly five hundred money exchangers have fallen prey to the “extortion spree” being spearheaded by Molley.

According to Kortu, those who made payment in line with Molley’s alleged extortion game-plan do not have formal membership with National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL).

He alleged that as means of coercing money exchangers for the payment of the US$65, Molley and his team members have threatened to seize their monies.

Kortu claims that the CBL Assistant Director in the Department of Supervision, along with other individuals benefited from approximately US$10,000 from the extortion spree in the period of two months.

As a means to create awareness on what Mr. Kortu termed as a “dubious act” allegedly involving Mr. Molley, the aggrieved money exchangers have threatened to stage a major peaceful protest shortly.

Kortu said the protest is intended to bring to light the criminal act being allegedly perpetrated by the CBL Assistant Director for Supervision.

When this paper contacted Mr. Abdullah Molley for comment on the extortion allegations levied against him and others by the money exchangers, he categorically refuted the claims.

He, however, declined to make further comment.

When this paper also contacted the President of National Association of Foreign Exchange Bureaus of Liberia, Mr. Nimely Sayeh, as to whether or not he was in the know of the extortion allegations made against Abdullah Molley, Mr. Nimely said he did not receive any formal complaint of extortion against Mr. Abdullah Molley and others.

“We are currently looking into the allegation made by some money exchangers in parts of Monrovia through their spokesperson, Mr. Ezekiel Kortu, that the Assistant Director for the Department of Supervision of the Central Bank of Liberia and his team are taking US$65 from each person as annual registration fees,” NAFEBOL President, Nimely Sayeh told this paper.

Mr. Sayeh pointed out that while individuals who do not have NAFEBOL’s membership identities are illegally engage in money exchange activities in various street corners, it is not in the preview of the CBL to singlehandedly impose any payment fees on them.

He said NAFEBOL is currently working out mechanisms geared towards ensuring that illegal money exchangers are registered with the association upon which capacity-building training will be initiated to equip them for the foreign exchange trade.

Related Posts

Leave a Comment