Rokel Commercial Bank Presents Dividend
By Yusuf Alghali

The outgoing Chairman of the Rokel Commercial Bank, formerly Barclays Bank Limited, Mr. A. Dunstan M'cormack, has officially presented to President Ahmad Tejan Kabbah a cheque worth Le. 1.998,743,000 (one billion, nine hundred and ninety eight million, seven hundred and forty three thousand) being 51% dividend payable to government for the year ending 31st December 2003.

Since its inception in 1999, the Rokel Commercial Bank has been able to deliver annual dividend payments to government, increasing from Le. 571,000,000 (five hundred and seventy one million) in 1999 to nearly Le.2b (two billion) for 2003, Chairman M'cormack said in a statement preceding his handing over of the cheque at the Hill Station Presidential Lodge Thursday 29th April 2004.

He also indicated that with the delivery of the 2003 dividend, the Rokel Commercial Bank would have contributed in excess of Le5,300,000,000 (five, billion three hundred million) to government's cheques. He dared other commercial banking institutions to match the Rokel Commercial Bank's impressive 51% dividend payment figures to any establishment in the country.

Mr. M'cormack, who was accompanied by other board members as well as the incoming Managing Director Henry Akintola Macauley, disclosed that operating profits, which he put at Le. 10.74 billion, were the highest ever recorded since the bank commenced its operations, an increase in profit levels of some 69% over the year 2002. He noted further that the bank's reserve had also showed a significant increase, rising to the tune of Le. 20,000,000,000 (twenty billion).

M'cormack, who will shortly be stepping down from his 12-year long chairmanship of the bank, thanked the President and government for the confidence reposed in him over the years as well as the experience afforded him in being of service to his country.

Receiving the cheque, President Kabbah said the figures declared by Chairman M'cormack had made him feel proud, stressing that he was certain that he was speaking for the entire nation. He also stated that the bank's performance had helped dispel the myth that Sierra Leoneans cannot manage their own affairs with impressive results. By taking the decision to resign at this time, the President continued, Mr. M'cormack had made himself a role model, examples of which, he said, were now difficult to come by. "Some people want to hold on to public positions forever," President Kabbah remarked, adding that rotating and diversifying experiences was good both for the country and for professionals themselves. He also made reference to Chairman M'cormack's brilliant track record as General Manager of the Sierra National Airlines (SNA), including his recent decision to voluntarily resign from that other establishment as well. However, the President expressed the hope that Mr. M'cormack would continue to make himself available to the national private sector and help in revitalising it. "We can still make use of your considerable experiences in other sectors," the Head of State told Mr. M'cormack and revealed that Mr. Y.T. Sesay had meanwhile been nominated to succeed Mr. M'Cormack as chairman of the board of the Rokel Commercial Bank.

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