By Amin Kef (Ranger)
A landmark development for Sierra Leone’s financial sector has unfolded as the Bank of Sierra Leone (BSL) announced the placement of Union Trust Bank (UTB) into Resolution and approved Rokel Commercial Bank (RCBank) as the acquiring institution. Made public on 8 December 2025, the decision has been widely viewed as a strong endorsement of the stability, credibility and leadership demonstrated by Rokel Commercial Bank under the stewardship of its Managing Director, Dr. Walton Ekundayo Gilpin.
According to the Central Bank, the action follows a thorough supervisory review, executed in accordance with Section 69 of the 2019 Banking Act and Section 5(1)(c) of the BSL Act 2019. The move forms part of a structured, well-managed process designed to safeguard depositors, ensure continuity of banking services and maintain financial system stability.
In a strongly worded public notice, the Bank of Sierra Leone stated that the Resolution process is aimed at protecting the interests of customers while preventing systemic risks. It emphasized that RCBank, being strong, stable and well-capitalized, provides long-term security for UTB depositors. A BSL-appointed caretaker management team has been deployed to guide UTB through the transition until the full handover is completed.
Among the firm assurances given by BSL were that:
- All customer deposits at UTB are safe and fully protected.
- Banking services will continue without disruption.
- UTB staff will be fully absorbed into Rokel Commercial Bank.
- The transition will be smooth, transparent and customer-focused.
The development has triggered widespread reaction across the country, with many Sierra Leoneans describing the move as timely, necessary and a significant show of confidence in Rokel Commercial Bank. Analysts and commentators note that the Central Bank’s decision underlines Rokel Commercial Bank’s remarkable transformation over the past years; rising from a loss-making institution to becoming one of Sierra Leone’s most profitable and respected banks.
Under Dr. Walton Ekundayo Gilpin’s leadership, Rokel Commercial Bank has not only modernized its operations but has expanded its corporate footprint across the sub-region. Only recently, the bank’s leadership visited neighbouring Liberia to explore possibilities for establishing a presence there, signaling its ambition for sub-regional dominance.
Although Dr. Walton Ekundayo Gilpin was not immediately available for comment, a close aide disclosed that the seasoned banker is “in very high spirits” and ready to take on the latest challenge of steering another national institution toward stability and growth. Financial observers say this takeover could mark a new chapter in the country’s banking landscape, strengthening public confidence and reinforcing regulatory oversight mechanisms.
The Bank of Sierra Leone concluded its notice by encouraging the public to continue normal banking activities, adding that further inquiries may be directed to the Banking Supervision Department via bsup@bsl.gov.sl.
The transition unfolds amid widespread recognition that the development represents not only a Resolution measure but also a powerful testament to Dr. Walton Gilpin’s exemplary leadership and Rokel Commercial Bank’s rising stature within Sierra Leone’s financial architecture.
