June 14, 2021
By Aruna Kamara in Bo
Customers of My Residual Income Global-SL Limited, commonly called ‘My Coin’ rushed to the Shelmingo roundabout in Bo on early Friday morning to express their dissatisfaction over the termination of the operation of My Coin operation in Bo but President Bio could not talk to them as his convoy was in a terrific speed heading towards the Bo-Koribondo Highway.
Some security officers told this medium that they could not tell whether president Bio was coming to address people at Shelmingo but they were around to provide the routine security for the presidential convoy.
Other police officers however said that they were hearing from the People who were at the round-about insinuating that they were there to stop the Presidential Convoy. They had wanted President Bio to talk to them about the position of his government whether to allow My Coin to operate or devise a strategy of ensuring that they get their money back.
A resident of Bo, Sylvester Joseph, who is a customer of My Coin in a tearful mood, told this medium that he has invested fifty million Leones into the scheme and wants to recover his money as the Bank of Sierra Leone has indicated that My Coin has been operating illegally in the country.
A Police Officer preferring anonymity at the Bo Police Station said that this is a very serious issue that the President would have stopped over at the Shelmingo Junction to talk to them about. He said he is a victim who had to invest his children’s incomplete college fee to make profit and pay the required fees.
A Media Practitioner Alie Badara was on Classic Radio in Bo on Friday Morning, saying that he has invested in the business and that he is expecting the government to help address the issue as the people regarded the business as a channel to alleviate poverty in the country.
Recently, speaking during a Press Conference at the Bank of Sierra Leone Complex in King Tom, Freetown, the Bank Governor Kaifala M. Kallon made categorically clear that it is under their purview to license financial institutions in order to protect the people from financial fraud.
Kaifala M. Kallon went on to say that My Residual Income Global-SL Limited, commonly called “My Coin” never applied for license from the Central Bank and as such, they were and are in total breach of the banking laws.
He added that “anyone in breach of that legislation has committed an offence and is liable to conviction of jail term not exceeding 10 years or a fine equivalent twice the total amount deposited, or both fine and imprisonment.
He registered disappointment in the people of Bo City who are victims of what he called “thievery.”
According to him, freezing the account of the Chief Executive Officer (CEO) of My Residual Income Global-SL Limited is first step in their intervention to safeguard the money of those who have been hoodwinked in the scam.
“It is pathetic in Sierra Leone these days to see that citizens now believe thieves and scammers as opposed to trained persons for their welfare,” Mr. Kallon wondered.
The Bank Governor stated clearly that the motive of the Bank of Sierra Leone is not to prevent people from getting back their monies
However, the Bank Governor of the Bank of Sierra Leone has said that he has asked the Attorney general to find a legal way of dealing with the said issue.
He dismissed social media statement from the CEO of My Coin which stated that he has met with the Governor and sanctions have been agreed to be lifted.
In order for people to get their monies back, a database according to the Bank Governor will be created to ascertain the actual persons who invested at My Coin.
If it turned out that the money available is insufficient to pay everyone, revealed the Governor of the Bank of Sierra Leone, the people will receive their monies back but not 100%,” he concluded.