A significant financial scandal has rocked Liberia’s banking sector, with several staff members of Afriland First Bank indicted and jailed for their alleged involvement in a complex theft scheme. The Liberian National Police (LNP) formally charged G. Rufus Togba and his accomplices with a range of offences, including theft of property, criminal conspiracy, criminal facilitation, and money laundering. The total amount illegally diverted from two business accounts is estimated at US$226,125. The accused are currently held at Monrovia Central Prison, awaiting judicial review, which is expected to include charges of economic sabotage. This case has sparked significant public concern about the security of deposits within the Liberian banking system and has prompted calls for enhanced oversight and stricter regulatory measures.
The meticulously detailed police charge sheet, dated September 5, 2025, outlines the methods employed by Togba and his co-conspirators to systematically siphon funds from the accounts of Associated Builders & Contractors Inc. (ABC) and MY Sport Wear. These fraudulent activities involved unauthorized transfers and withdrawals, bypassing the bank’s internal security protocols. One specific instance cited in the charge sheet details a withdrawal of US$14,400 from ABC’s account, subsequently redirected to individuals unrelated to the business. Further investigation revealed the staggering sum of US$114,200 misappropriated from ABC’s account alone, in addition to US$11,925 fraudulently transferred from MY Sport Wear.
The alleged fraud highlights a critical lapse in internal control mechanisms at Afriland First Bank. The bank’s standard operating procedure, which mandates a three-tiered authorization process involving a Processor, Verifier, and Validator for every transaction, appears to have been deliberately circumvented. The investigation suggests a collusive effort among staff members to approve and execute these fraudulent transfers without the necessary supporting documentation. Adding another layer to the scandal, James D. Porlor, Manager of the bank’s Duala branch, reportedly admitted to receiving US$1,200 from one of the implicated employees but failed to furnish any records substantiating the transaction.
To further conceal their illicit activities, the perpetrators deactivated SMS alerts for ABC’s account, effectively silencing real-time notifications that would have alerted both the Fiamah Branch and the bank’s headquarters. This deliberate suppression of alerts allowed the fraudulent scheme to operate undetected for an extended period. The investigation’s preliminary findings suggest that the total amount of suspicious activity at the bank between July and December 2024 could exceed US$939,000, underscoring the urgent need for a comprehensive audit of the bank’s operations and a thorough review of its internal control systems.
The initial complaint that triggered this investigation was filed on November 22, 2024, by Robert Nkous, CEO/Manager of Afriland Bank Liberia Ltd., with Liberia’s Inspector General of Police, alleging a bank fraud perpetrated by G. Rufus Togba involving US$165,000. Following this initial complaint, the bank provided supplementary information on December 19, 2024, implicating Togba in further fraudulent activities against clients including Associate Builders & Contractors, GEOSKOPE LTD, and MY Sportswear. This evolving case underscores the vulnerability of financial institutions to internal fraud and emphasizes the importance of robust internal controls and vigilant oversight to protect depositors’ funds.
This case has raised serious concerns about the integrity and stability of Liberia’s financial sector. The alleged theft has eroded public trust in Afriland First Bank and has the potential to trigger broader anxieties about the security of deposits within the Liberian banking system. The case highlights the need for strengthened banking regulations, enhanced internal audit procedures, and robust law enforcement efforts to deter future financial crimes and safeguard the interests of depositors. The outcome of this case will undoubtedly be closely watched by the public, financial institutions, and regulatory bodies, as it has implications for the future of banking security and public confidence in Liberia’s financial system. The Liberian government will need to take decisive action to restore public trust and ensure the long-term stability of the financial sector.
