Liberia: Prime Credit Sues Central Bank, Demands Nearly US$1.2M Over Credit Bureau Dispute

Monrovia — Prime Credit Reference Bureau, Inc., a Liberian-owned company headed by Managing Director and CEO Eugene Bedell, has filed a damages action against the Central Bank of Liberia (CBL) and its Governor, Henry F. Saamoi, accusing the Bank of issuing it a license to operate a private credit reference bureau before allegedly withholding the data and institutional cooperation required for the business to function.

The company is seeking US$550,953 in damages and US$630,000 in alleged lost revenue for January through September 2026, bringing its claimed losses to US$1,180,953, before prejudgment interest, statutory interest and legal costs.

The complaint, filed before the Civil Law Court for the Sixth Judicial Circuit in Montserrado County during the September 2026 Term, has been assigned to Judge Nelson B. Chinneah.

The allegations contained in the complaint have not been proven in court. The CBL and Governor Saamoi have the right to respond and defend themselves against the claims.

Licensed by CBL

According to the complaint, the CBL granted Prime Credit a license to operate a credit reference bureau on November 11, 2025, after the company had satisfied what it described as the Bank’s legal and regulatory requirements.

Prime Credit argues that the license legally authorized it to conduct credit-reference business in Liberia under CBL Regulation No. CBL/SD/003/2010, which governs the licensing of credit reference bureaux.

The company claims it subsequently made substantial financial and operational investments in reliance on the license and representations allegedly made by the Central Bank concerning the commencement of its operations.

Prime Credit further alleges that CBL officials inspected its office premises, equipment and investments and approved its preparations for operation.

The company says it therefore had a legitimate expectation that it would be allowed to commence providing credit-reference services after obtaining the license.

Dispute Over Credit Data

The dispute, according to the complaint, intensified when Prime Credit sought historical credit information from the Central Bank.

In a letter dated February 5, 2026, the company says it requested five years of historical data on loan applications received by financial institutions.

Prime Credit argues that the information was necessary to populate its credit-reference system and enable banks and other financial institutions to access borrowers’ credit histories.

The company contends that the CBL was required under its regulations either to provide the information or direct financial institutions to make the data available.

Instead, Prime Credit alleges, the Bank failed to provide the requested information or secure the cooperation of financial institutions.

The company claims the absence of the historical data effectively prevented it from operating the bureau for which it had been licensed.

CBL Allegedly Reversed Its Position

One of the central allegations in the case concerns a letter the CBL reportedly sent to Prime Credit’s counsel on April 6, 2026.

According to the complaint, the Central Bank subsequently stated that it did not have clear statutory authority under existing law to license private credit reference bureaux and lacked legal authority to regulate the conditions under which commercial banks share customer credit information.

Prime Credit describes the position as contradictory to the license previously issued to the company.

The company argues that it relied on the CBL’s authorization when committing significant resources to establishing the bureau and that the Bank should not subsequently disclaim the authority under which the license was granted.

Alleged Pursuit of Another Credit System

Prime Credit also alleges that, after issuing its license, the Central Bank issued a Request for Proposals (RFP) for another credit-bureau system.

The complaint cites Section 3.2 of CBL Regulation No. CBL/SD/003/2010, which addresses internal credit-reference arrangements by the Central Bank.

According to the provision cited in the complaint, the CBL may maintain an internal credit-reference unit pending the licensing of a privately operated bureau. It may also maintain its own operation until a privately operated bureau is deemed capable of providing credit-reference services, after which the Central Bank is to cease its own credit-reference operations.

Prime Credit alleges that the CBL had assured the company that it would not compete with its operation.

The company now claims that the Bank’s pursuit of another credit-bureau system, while allegedly withholding the data needed by Prime Credit to operate, caused further financial harm.

Company Claims Hundreds of Thousands in Investment

Prime Credit says it incurred substantial expenses in anticipation of commencing operations.

The complaint states that the company will present financial documents, receipts and other evidence at trial to establish the investments it made after receiving the CBL license.

The company argues that those investments were made in reasonable reliance on the regulatory authorization granted by the Central Bank.

It further alleges that the CBL was aware of the company’s preparations and investments but failed to facilitate the conditions necessary for the bureau to begin operating.

US$1.18 Million Claim

In its prayer for relief, Prime Credit is asking the Civil Law Court to hold the Central Bank liable for US$550,953 in damages.

It is also seeking US$630,000 in lost revenue for January through September 2026, along with six percent prejudgment interest calculated from January 20, 2026, which the company identifies as the date its claim arose.

The company is also requesting six percent statutory interest on any judgment entered in its favor, payment of the costs of litigation and any additional relief the court considers just and lawful.