Dr. Papa Kwesi Ndoum – Adomonline.com https://www.adomonline.com Your comprehensive news portal Mon, 24 Jun 2024 12:37:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.2 https://www.adomonline.com/wp-content/uploads/2019/03/cropped-Adomonline140-32x32.png Dr. Papa Kwesi Ndoum – Adomonline.com https://www.adomonline.com 32 32 ‘Give us back our license, give us back our assets’ – Nduom’s bold appeal to BoG https://www.adomonline.com/give-us-back-our-license-give-us-back-our-assets-nduoms-bold-appeal-to-bog/ Mon, 24 Jun 2024 12:37:57 +0000 https://www.adomonline.com/?p=2412466 The owner of the defunct GN Bank has issued a passionate appeal to Dr Ernest Addison, the Governor of the Bank of Ghana (BoG), to consider new evidence and reinstate the bank’s license, which was revoked due to alleged insolvency.

Dr Kwesi Nduom urged the Central Bank to maintain the assets of GN Bank in good condition, arguing that they are ready to resume operations.

He said the bank’s assets are still viable and could thrive if the license is reinstated.

In 2018, the BoG’s efforts to consolidate the banking sector led to the revocation of licenses from several financial institutions, including GN Bank.

On June 14, the BoG justified its decision, citing significant regulatory breaches and claiming that GN Bank failed to meet crucial financial regulations and banking standards, which threatened its operational stability.

In a Facebook post on Sunday, June 23, Dr Nduom vehemently disputed the BoG’s claims about GN Bank’s capital inadequacy.

He implored Dr Addison to reexamine the evidence from the 2019 GN Savings and Loans transition report, which he says shows that the bank had sufficient funds.

“So, when people ask what do you want? All that we’re saying is that recognise that indeed there was more money there than was said to be just proof. Recognise the proof. Someone has said somewhere that give me new facts and I will change my mind. We have given and continue to give new facts to the BoG.

“All that we’re asking the Governor, Dr Addison, is to take a look at the new facts, recognise them for what they are and give us back our license, give us back our assets. Make sure the assets are in good condition, and let’s move on.

“Even in the reclassified state as a savings and loans company, we are prepared to start working. And we know once all the accounting is done, once the funds start coming in, everybody will realise that the 305-branch network of GN Savings will deserve to become a universal bank—GN Bank again. That is it.”

Dr. Nduom envisions employing thousands of people once their license is reinstated.

“What we are looking for is to go back and put thousands of people back to work and 100s of branches, so that financial inclusion can resume.”

He highlighted that the requirement for a savings and loans company is GHC15 million.

“Even the GHC30.3 million that the finance ministry erroneously told the BoG that Group Nduom companies had, Even if we took that money, and paid it, which still they haven’t paid.

“If they paid us and we paid into GN Savings, That would have been able to give us the capital required to continue on our savings and loans. But we said in our books, GHC2 million.

“In addition, we had properties and other related buildings, including the many branch buildings put up by some of our companies. We said we would give it to the organisation to shore its capital.

“It was all rejected, and these are the same buildings that BoG’s appointed receiver went around hurriedly to put locks on the gates and buildings and walked away. Left them to rot, all of those things still there.”

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Ndoum calls on govt to pay over GH¢7bn owed his companies https://www.adomonline.com/ndoum-calls-on-govt-to-pay-over-gh%c2%a27bn-owed-his-companies/ Mon, 27 May 2024 09:45:11 +0000 https://www.adomonline.com/?p=2400304 The Chairman of Groupe Ndoum and the former owner of Gold Coast Fund Management Company, Dr Papa Kwesi Ndoum, has said government still owes his companies and other subsidiaries over GH¢7 billion.

The Securities and Exchange Commission (SEC) revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, in 2019, which led to the freezing of depositors’ funds.

Depositors and investors have been trying to retrieve their funds for years without success.

Dr Ndoum is now urging the government to repay contractors who borrowed money from Groupe Ndoum.

He said if the government had paid these contractors years ago, his companies would not be facing the current financial challenges since the debt has grown from GH¢1.8 billion to over GH¢7.1 billion and continues to accumulate interest.

At a press conference on May 26, Dr Nduom called on the government to either pay the owed amount or come up with a payment plan to resolve the issue and ensure that the customers receive their funds.

“A debt that used to be GH¢1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest. So the government of Ghana and its agencies, if they had paid us even one-third of that money to the contractors six years ago, there wouldn’t be a Gold Coast or Black Shield problem.

“There wouldn’t be a GN Bank problem, there wouldn’t be a problem with any of our companies. So today, what we are asking is we are saying let them pay the money. If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid,” he said.

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