Ousainou Jallow, the Operations Manager at Agib Bank Gambia Limited, has requested additional time to provide the Commission with a letter from Espace Motors outlining the cost of the “Mbalit” trucks and the profit expected from the transaction. The request was made during his testimony before the Commission.
Jallow explained that the relationship manager involved in the loan to the KMC Staff Welfare Association is no longer with Agib Bank, and as head of operations, he stepped in to provide information regarding the bank’s involvement in the financing of the truck purchase.
He testified that Agib Bank and Espace Motors have a joint-venture investment agreement, under which the bank funds the purchase of vehicles, and both parties share the resulting profit. Jallow confirmed that Agib Bank provided the financing for the “Mbalit” trucks delivered to the KMC, as part of this agreement. He stated that whenever Espace Motors intends to purchase vehicles, they send a letter to Agib Bank detailing the cost and projected profit, after which the bank provides the necessary funds.
In response to questions from Lead Counsel Patrick Gomez, Jallow revealed that he was unsure whether the bank had thoroughly assessed the viability of the “Mbalit” loan scheme, especially given the potential challenges in collecting payments from the trucks’ proceeds. He added that Espace Motors had authorized Agib Bank to deal directly with the KMC regarding the transaction.
Jallow also explained the repayment structure for the loan, which was based on revenue generated from the 19 wards of the KMC. However, he noted that at times, the funds generated by the trucks were insufficient to meet the monthly payment obligations. As a result, the bank had to draw payments from the KMC’s main account instead of the designated “Mbalit” accounts. This practice involved using taxpayer money when the ward accounts failed to provide the necessary funds.
When asked for details about the amounts generated from the ward accounts, Jallow requested time to gather the information. He was also asked if he was aware that Espace Motors was acting as an agent for the supplier, to which he responded that he did not know.
The Commission has ordered Jallow to provide the requested documents regarding the cost and profit from the trucks, and he is expected to return to testify once the documents are reviewed.
