By: Fatou krubally
Samba Faye, the former Relationship Manager at AGIB Bank, shared a crucial revelation during the Local Government Commission of Inquiry on December 18, 2024, describing the purchase of the Kanifing Municipal Council (KMC)’s “Mbalit” trucks as a “financially suicidal” endeavor.
Faye’s impactful statement encapsulated the challenges and risks associated with the contentious transaction. As the account manager for the KMC, he detailed the council’s attempt to clear debts and address waste collection issues, leading to discussions about procuring trucks for each ward. Despite Mayor Talib Bensouda’s priorities, the proposal faced skepticism within AGIB Bank due to its financial implications.
The former AGIB manager highlighted the bank’s involvement in facilitating funds for truck procurement, emphasizing the impracticality of expecting the KMC to meet the financial obligations.
His testimony unveiled the complex dynamics between AGIB Bank, Espace Motors, and the KMC, revealing a web of partnerships that added to the deal’s intricacies.
Faye’s role in preparing the loan facility for the tripartite agreement between AGIB, Espace Motors, and the KMC provided a first-hand account of the challenges faced in executing directives without the authority to object. Despite recognizing the exorbitant costs and risks associated with the deal, Faye’s adherence to hierarchical decisions underscored the limitations faced by personnel in such transactions.
The revelation of the partnership agreement between EspaceMotors and AGIB, coupled with Faye’s acknowledgment of the transaction’s financial challenges, painted a vivid picture of the complexities involved in the KMC truck purchase deal.
His frank assessment of the situation as “financially suicidal” encapsulated the gravity of the financial risks and repercussions at stake.
Samba Faye’s characterization of the KMC truck deal as a “financially suicidal” endeavor provided a stark insight into the challenges and risks faced in high-value transactions. His testimony illuminated the nuanced relationships and financial complexities underlying the transaction, offering a rare glimpse into the intricacies of financial agreements involving multiple stakeholders.
