Gambiaj.com – (BANJUL, The Gambia) – Central Bank Governor Buwa Saidy has told the National Assembly Special Select Committee that the Bank paid D105 million for former President Yahya Jammeh’s Fajara property but has still not received the title deed, four years after the transaction was completed.
Appearing before the Committee, Governor Saidy outlined how the Central Bank managed Jammeh-era accounts and detailed the process surrounding the purchase of the Fajara compound, which was intended to house the Bank’s new headquarters and data center.
He noted that the Central Bank’s existing building is more than 50 years old and no longer fit for modern financial operations, prompting the search for a new site.
Saidy explained that the Ministry of Finance referred the bank to the Ministry of Justice, which then directed them to the court receiver overseeing Jammeh’s seized assets. After inspecting the Fajara property, the bank agreed to buy it and paid the full amount into the receiver’s account as instructed.
However, despite fulfilling all requirements, including paying an additional D89,000 in fees to the Lands Office, the bank is still without the title deed.
“We made the payment and followed all procedures. We have been following up, but the document has not been provided,” Governor Saidy told lawmakers.
Members of the Committee expressed concern that a major public institution could pay such a significant sum for a government-controlled property and still lack ownership documents years later. Saidy said the Bank has received repeated assurances that the deed would be issued, but nothing has materialized.
The Committee also questioned him about several government accounts that were closed by the Central Bank based on instructions from the Accountant General. Saidy stressed that the Bank only acts upon formal written directives.
“Once we receive the instruction, we close or transfer the account,” he said.
He further confirmed that a U.S. dollar recovery account opened in 2017 recorded extensive activity, including cash deposits made by individuals using deposit slips issued by the Accountant General’s office.
The account has seen more than a billion dalasis in inflows and outflows since its creation and currently holds a balance of D101 million.
The Committee requested copies of all written instructions concerning both the Fajara property transaction and the closure of government accounts. Saidy assured lawmakers that the relevant documents are in the Central Bank archives and will be submitted.
The Committee’s investigation is ongoing as lawmakers scrutinize the management of public funds and possessions linked to the sale of Jammeh’s assets.
