FIU reveals more details on Super Advertis investigation
By Iris Aminata Bangura
In a recent development, the Financial Intelligence Unit (FIU) in Sierra Leone has initiated investigations into the operations of a money laundering company named Super Advertis. The company commenced its activities in the country in September 2023, prompting the FIU, a government-coordinated agency dedicated to combating money laundering and financial-related issues.
In an exclusive interview on the Epic Morning Show, Augustine T. Ngegba Putan, the Manager of the Examination and Compliance Division at the FIU, disclosed, “Super Advertis registered their operations with the Corporate Affairs Commission and were certified, but failed to get their license from the Bank of Sierra Leone after the registration process.” He emphasized, “The law demands that if you want to operate a certain business, you must not only have a certificate of incorporation or registration but also a license from the Bank of Sierra Leone. If not, such operations will not be considered legal.”
Putan further explained, “We are working with the Bank of Sierra Leone, and our role is to do a background check on companies or individuals who want to operate. Until we send detailed and authentic information to the Bank of Sierra Leone upon completion of our background check, such companies will not be granted a license by the Bank.”
The manager detailed the investigation timeline, noting that the probe into Super Advertis commenced in November, two months after the company started operating. Subsequently, a press release from Orange Money Mobile Company on February 3, 2024, disassociated itself from Super Advertis.
Putan stated, “We had a meeting that lasted for two hours with the companies operating virtual wallets: Orange Money and Afri Money to know whether they had any formal relationship with the said company, and both mobile companies denied being affiliated with Super Advertis.”
Regarding suspicions of exceeding transaction limits, Putan revealed, “After the meeting, we decided to send a formal correspondent to freeze the agents’ numbers who had purportedly linked with Super Advertis, and the money they froze is Nle 3.4 million, which is in a virtual wallet on Orange and Afri Money.”
He explained that the Chinese owner of Super Advertis is yet to be arrested, and investigations are ongoing.
When asked what will happen with the proceeds already frozen, Putan said when the investigation is concluded they will have to go through a legal process to redistribute the money to victims.
” A liquidator will be accorded the responsibility of verifying victims of Super Advertis by providing evidence of their investment in the company before their monies can be refunded.”
