Vice President Jeremiah Koung warned that grave consequences will befall anyone or groups flouting laws that protect businesses reserved exclusively for Liberians only, giving a 10-day ultimatum to those doing so to desist or face grave consequences.

Vice President Koung[s warning is apparently directed at foreign businesses allegedly venturing into businesses set aside for Liberians.

The Vice President has alleged that foreign nationals from several countries—including Ghana, Nigeria, Kenya, Sierra Leone, and Côte d’Ivoire—are increasingly taking control of businesses legally restricted to Liberians.

VP Koung referenced the Investment Act of 2010 that he said is the legal framework meant purposely to protect local participation in specific sectors.

The Vice President has however admitted that enforcement over the years has been ineffective, creating room for violations to persist and grow.

Vice President Koung specifically emphasized the alleged acts of Liberians fronting for foreign business owners that provide the capital, manage operations, and claim the profits.

He frowned on the allged practice that he says undermines the intent of the law and prevents genuine local economic empowerment.

The Vice President told reporters the government is about to introduce new regulatory measures to curtail unwholesome act of fronting for foreigners in the local business sector.

He said the new regulations will require Liberian business owners to maintain direct and verified control over company bank accounts, a move he says is intended to curb fronting and strengthening financial accountability.

The Vice President further disclosed that President Joseph Nyuma Boakai has fully endorsed the initiative, signaling a decisive shift toward the strict enforcement of existing business regulations.

This stronger government stance, he noted,  is intended to reclaim the domestic market for local entrepreneurs.

Aside the issue of business ownership, according to Vice President Koung, the new regulations will address broader national concerns, including persistent electricity challenges, mining activities, and developments surrounding the Putu iron ore deal. These remarks suggest that the current crackdown on business violations is part of a wider, more aggressive push for economic reform and national self-reliance in Liberia.