By Fatou Sillah
The Governor of the Central Bank of The Gambia, Buah Saidy, on Tuesday appeared before a National Assembly Special Select Committee to explain the bank’s decision to purchase the former Futurelec property for more than D105 million. The committee is investigating the sale and disposal of assets linked to former President Yahya Jammeh.
Mr. Saidy told lawmakers that the Central Bank required a larger and more secure headquarters to support its growing staff and operations. The existing building, he noted, is over 50 years old and has a vault too small to safely store the nation’s currency. Some of the bank’s cash is currently held abroad, he said, a practice he described as risky in the event of a disaster.
“I requested land, and we were directed to the Ministry of Justice. Former presidential assets are available, but they are to be sold,” Mr. Saidy testified.
The governor said the bank’s vision extended beyond simply acquiring a new headquarters. The plan, he explained, was to establish a financial center on the site, including a Bankers’ Institute. “We wanted enough space to expand and build a facility befitting a central bank,” he said.
According to Mr. Saidy, the property was purchased from a government-appointed receiver for a total of D105,250,000, which included D100 million for the property and D5,250,000 for administrative and legal fees. Payments were made to a commercial bank account designated by the receiver, and the Central Bank is still awaiting the official title from the Ministry of Justice. “We wrote to them on August 27, 2025, and followed up recently. They assured us the title will be made available,” he said.
In addition, a fee of D89,125 was paid to the Land and Survey Department for survey services.
During questioning, counsel Aji Sainey Kah raised concerns that the transaction appeared to involve the government effectively selling land to itself. Mr. Saidy countered that the Central Bank was acting in accordance with the terms set by the receiver and that the location, size, and potential for expansion made the purchase the most suitable option. “Even if allocation of land was possible, the location size and potential for expansion made this the best deal for the bank,” he said.