The CBI Cash Pipeline: Skerrit, NBD, and the Real Story Behind the Bank Board Shake-Up

Prime Minister Roosevelt Skerrit‘s decision to remove the board of the National Bank of Dominica (NBD) has triggered debate across the island. Officially, the move is described as necessary to “strengthen financial management.” However, deeper investigation reveals a far more layered story—one directly tied to Dominica’s Citizenship by Investment (CBI) program and mounting international scrutiny.

NBD’s Central Role in CBI Transactions

Since the launch of Dominica’s CBI program, NBD has served as a primary financial gateway for processing passport sales revenues. These inflows account for a substantial share of Dominica’s economic lifeblood, helping to fund development projects and plug budget shortfalls.

With the program under growing international scrutiny, particularly from the European Union and the United States, how NBD handles these funds has become a focal point for financial watchdogs. Transparency and anti-money laundering (AML) concerns loom large, and banks involved in these transactions face heightened regulatory pressure.

Board Concerns About CBI Oversight

According to credible sources familiar with internal NBD operations, some outgoing board members had previously raised questions about the transparency of certain CBI transactions. There were specific concerns about whether due diligence processes were being consistently applied and whether all inflows were fully accounted for.

These internal pressures put the board in direct tension with the administration, which has maintained tight control over the CBI program’s operations. Removing board members seen as “too independent” allowed the government to regain absolute control over how these sensitive funds are handled.

International Pressure and Government Control

The timing of the board’s dismissal is particularly telling. It coincides with renewed global scrutiny of Caribbean CBI programs, with Dominica consistently singled out for its program’s lack of transparency. International partners have made clear that closer financial oversight is expected, particularly concerning beneficial ownership records and the tracking of CBI revenues.

Rather than face this scrutiny with a fully independent board at NBD, the government appears to have opted for a compliant team that will prioritize political loyalty over financial oversight. This strategy ensures fewer internal challenges and streamlines decisions on how CBI cash is deployed.

NBD’s Independence Under Threat

As Dominica’s leading indigenous bank, NBD should ideally function as a pillar of financial independence, upholding professional banking standards without undue political influence. However, the abrupt restructuring reinforces the perception that in Dominica, even major financial institutions operate at the mercy of political directives.

For citizens and international partners alike, this raises alarming questions. Can NBD be trusted to apply proper financial scrutiny when its leadership is handpicked to align with government interests? Does this weaken confidence in the institution’s governance standards?

A Bank Caught Between Two Worlds

NBD is trapped between its legal mandate to operate as a responsible financial institution and its political reality as a tool for managing government cash flows. This tension is not new, but it has reached a critical point with the rising global pressure on Dominica’s CBI program.

CBI funds are not simply “extra income” for the government. They are vital for maintaining public services, funding infrastructure, and keeping the economy afloat. As a result, controlling NBD becomes more than a matter of governance—it is a matter of economic survival for the administration.

The Real Risk for Dominicans

For ordinary Dominicans, the consequences of this financial entanglement could be severe. If NBD’s reputation suffers due to excessive political interference, it could face difficulties securing correspondent banking relationships. This would disrupt international transactions, affecting everyone from small businesses to individuals receiving remittances.

Additionally, if international partners lose confidence in the integrity of CBI-related financial reporting, Dominica’s program itself could be blacklisted. This would cripple a key revenue stream and plunge the economy into further uncertainty.

Political Strategy or Economic Survival?

Prime Minister Skerrit’s government will likely frame the board shake-up as necessary for “modernizing governance.” However, critics see it as a calculated power move to ensure no dissent exists within the financial institution most tied to the government’s survival.

This dual narrative—political control versus economic stewardship—captures the heart of Dominica’s current financial dilemma. NBD is not just a bank. It is a frontline player in the delicate balancing act between political ambition, international credibility, and the economic survival of a small island state.

A Pattern of Political Interference

This is not the first time Dominica’s institutions have faced political pressure. From alleged manipulation of the electoral commission to questions around public sector appointments, a clear pattern has emerged where loyalty often trumps competence. The NBD shake-up fits squarely into this broader trend.

In the end, this episode is about far more than board appointments. It is about who controls the economic lifeline of the country and whether financial institutions in Dominica can ever truly function independently. As international scrutiny intensifies, and as Dominicans demand greater accountability, the battle for NBD’s independence is one that could define the future of both the bank and the nation itself.

This article is copyright © 2025 DOM767