New LBDI CEO Takes Seat

The new president and chief executive officer (CEO) of the Liberian Bank for Development and Investment (LBDI) has been inaugurated.

Mr. John B. S. Davies was sworn in president & CEO of the Bank on Thursday, January 12, 2012, at a colorful ceremony held at LBDI’s 9th Street, Sinkor corporate head offices in Monrovia.

Mr. Davies, a former Comptroller and Accountant General of Liberia, holds a Master’s degree in Accounting with 14 years of work experience in the private and public financial management sectors.

He served as chief financial officer of LBDI for many years. He also served for seven years as head of LBDI’s Accounts Division.

Mr. Davies replaces former LBDI president and CEO, Francis A. Dennis, Jr. who retired recently after serving the Bank for 36 years, including 14 years as president and CEO.

The former LBDI boss joined the Bank as a young cadet in 1975 after he earned a degree in Economics from Cuttington University in Suacoco, Bong County.

Mr. Davies’ ascendancy to the top LBDI post signals the passing of the torch to the younger generation.

The 41-year-old financial expert stated in his inaugural remarks that central to his priorities is expanding LBDI’s customers’ outreach, increasing the bank’s market share, broadening its human resource talent pool, and aligning LBDI’s development banking perspectives with Liberia’s developmental needs.

He pledged to sharpen risk management systems and policies to ensure that customers’ faith in management’s capabilities is not eroded but maintained.

The young financial expert also announced that he would step up LBDI’s social corporate responsibilities to a higher level of the game. He pledged to build stronger team spirit among staff that would lead to growth and prosperity for all stakeholders.

Davies told the gathering that credible and professional banking practices will remain the hallmark of his leadership at LBDI.

It may be recalled that in November, 2011, the Board of Directors of LBDI overwhelming endorsed and appointed Mr. Davies as president and CEO to replace Mr. Francis A. Dennis.

Mr. Davies, without any hindrance, sailed through a rigorous Central Bank of Liberia (CBL) procedures and met the full approval of the CBL to serve as president and CEO of LBDI.

LBDI Board Chairman, Augustine K. Ngafuan, formally presented the new CEO to the people of Liberia describing him as “one of the best” of young Liberian professionals.

“I have come to introduce someone in whom I have much confidence, someone whom I loved and enjoyed working with for the past few years,” said the LBDI Board Chair as he introduced Mr. Davies to the gathering of customers, shareholders, government officials, business executives and other dignitaries at the ceremony.

Mr. Ngafuan, who is also Minister of Finance of Liberia, expressed regret at losing Mr. Davies to LBDI, but acknowledged that the new LBDI CEO can also serve his country better while at LBDI.

Touching on the future of the new LBDI, Minister Ngafuan expressed confidence that the Bank would return to its core business of development financing.

“LBDI, a Liberian bank, must be the premiere bank in the country, “Minister Ngafuan declared.

In a strong statement, the LBDI Board Chair vowed that there will be no tolerance for failure.

“In Mr. Davies, we have a friend and an energetic leader,” said Minister Ngafuan.

In his intervention, Central Bank of Liberia Executive Governor, Dr. J. Mills Jones, noted “we are here to celebrate the homecoming of Mr. Davies- a young professional.”

According to the CBL boss, LBDI is at cross roads as the Bank hopes to return to its development banking goal.

But the CBL boss noted that LBDI will need to mobilize long term financing in order to achieve its core objective of returning to development banking.

“If Mr. Davies decides to take LBDI back to development financing, the Bank has to mobilize long term financing. We at CBL are prepared to support him in this direction and our offices are opened to listen to you as you endeavor to achieve your goals,” Jones noted.

The CBL boss stressed the need for bank support to the agriculture sector, noting “this is where the strength of our economy lies.”

Earlier, the Director of LBDI Board James S. P. Cooper, pledged the Board’s commitment to supporting Mr. Davies as he endeavors to take the Bank to another level.

He reflected on the tough times the board members experienced during the selection process of the CEO.

LBDI General Manager &Deputy CEO, Ms. Gloria Menjor, for her part, congratulated the former president for safely leading the Bank to a new level.

Ms. Menjor also congratulated the incoming CEO for taking the challenge to open a new page in LBDI’s history as the Bank positions itself to make greater achievements.

Former LBDI CEO Francis Dennis was among many who attended yesterday’s program.

Among other guests were the newly elected President Pro-Tempore of the Liberian Senate, Gbehzohngar Findley, Francis Carbah, Managing Director of the National Social Security and Welfare Corporation (NASCORP) and LBDI Board member, former LBDI deputy CEO, Mrs. Mildred Reeves, Acting Information Minister Jerolimek Piah, Customs &Excise Commissioner Dekontee King-Sackie, and Acting Deputy Finance Minister for Debt Management & Expenditure, Matthew T. K. Flomo.