Union Trust Bank Shareholders Challenges Bank of Sierra Leone Over RCBank Takeover

Shareholders of Union Trust Bank (UTB) have formally petitioned the Bank of Sierra Leone (BSL), requesting an immediate suspension of the central bank’s decision to place UTB under a caretaker management and approve Rokel Commercial Bank (RCB) as its acquirer.
The petition, filed by ACE Legal Partners on behalf of major UTB shareholders and consultant Dr. Jonathan Bangura, alleges significant statutory and constitutional violations in the process that led to the decision.
The petition was submitted in response to BSL’s public notice on December 8, 2025, which declared that UTB would be placed under caretaker management and that RCB would take over the bank.
According to the petitioners, the central bank’s actions contravene the Banking Act, 2019, particularly Section 69, which mandates a 45-day period for UTB to submit a capital restoration plan. They claim that BSL shortened this statutory period to just 30 days, disregarding the required timeframe.