Ousainou Jallow, head of operations at Agib Bank Gambia Limited, has requested time from the Commission to provide a letter from Espace Motors outlining the cost of the trucks and the expected profit from the transaction.

Jallow explained that the bank’s relationship manager at the time of issuing the loan to the KMC Staff Welfare Association is no longer with Agib Bank. He stepped into the matter by virtue of his role as head of operations.

He testified that Agib Bank and Espace Motors have a joint-venture investment agreement in which the bank finances the purchase of vehicles, with profits shared between the two entities.

Regarding the purchase of the “Mbalit” trucks, Jallow confirmed that Agib Bank funded the project, emphasising the existence of an agreement between Espace Motors and the bank.

“Whenever they [Espace Motors] want to purchase vehicles, they write to us indicating the cost and the profit. Then we provide the funds,” he explained.

On the trucks delivered to the Kanifing Municipal Council (KMC), Jallow noted that the transaction was part of the joint-venture agreement with Espace Motors. He also stated that Espace Motors had authorised Agib Bank to liaise directly with the KMC.

However, when asked by Lead Counsel Patrick Gomez whether the bank had scrutinised the viability of the “Mbalit” loan scheme, Jallow said he was unsure. This question was raised due to concerns about potential challenges in collecting payments from the trucks’ proceeds.

Jallow revealed that he had already provided the Commission’s investigators with the requested documents. Lead Counsel Gomez indicated that the documents would be reviewed and that Jallow would be recalled for further testimony.

Repayment Structure and Challenges

Explaining the repayment structure, Jallow said it was based on the turnover from KMC’s 19 wards. However, there were instances when the funds generated by the trucks were insufficient to meet the KMC’s monthly obligations. In such cases, the bank deducted payments directly from KMC’s main account, funded by taxpayers’ money, as the primary source of repayment—the ward accounts—was not providing sufficient funds.

When asked how much was generated from the ward accounts, Jallow requested additional time to provide the figures.

Costs and Documentation

Jallow was questioned about whether Espace Motors acted as an agent for the supplier, to which he responded that he did not know. When asked about the cost of the trucks, he testified that Espace Motors had sent a letter to Agib Bank indicating the cost and profit of the transaction. The Commission ordered him to present the document.

By Adama Makasuba