Leadway Trading deposits US$3.3 in  BSL

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September 24, 2018

By Mohamed Massaquoi

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Leadway Trading Company CEO Babadi Kamara

Leadway Trading Company, which was contracted by the government as sole agent to facilitate export of 13,000 worth of timber, has generated a total sum of US$3,367,300.00 (three million three hundred and sixty seven thousand three hundred United States Dollars) as revenue for the month of August 2018.

The said amount has already been paid directly into the account of the Bank of Sierra Leone, according to Leadway.

Chief Executive Officer Babadi Kamara, speaking to journalists last Friday, disclosed that the company has started receiving export fees for the estimated 13,000 containers to be exported and that the payment has been made for 1,150 containers for which all tariffs due to government have been paid in full.

“Revenue paid to government for timber is categorised as follows: National Revenue Authority levy US$2,500 per container and reforestation or cities US$ 350 per container. In total Leadway Trading Company is paying US$2,850 per container. In all of these, we have paid to the Bank of Sierra Leone US$ 3,367,300.00,’’ he said

“My company will continue to provide update on timber trade for the consumption of the citizenry. I called on all the stakeholders in the timber trade, especially the Sierra Leone Police and district forest officers under the Ministry of Agriculture Forestry and Food Security to continue monitoring our forest to ensure that no new cutting of timber takes place,” Kamara said.

Following the political transition in early April 2018, the government imposed a ban on timber trade and through the Ministry of Finance, a five man timber review committee was instituted to investigate the trade under the previous administration. It was as a result of that investigation, followed by a statement from State House,  that Babadi Kamara was appointed to work and ensure that the government of Sierra Leone benefit from the export of timber that were already logged and ready for export.

“The lifting of timber ban is not a ticket for anybody to harvest timber anywhere in Sierra Leone. My company employed district monitors who were charged with the responsibility of assessing timber products and issuance of clearance to trucks transporting timber from the districts to the depots in Freetown,” he concluded.