National Investment Bank (NIB): Growth vs Collapse

National Investment Bank (NIB): Growth vs Collapse

It is the duty of owners of a bank to capitalize a bank. Government as 95% shareholder in NIB owes the people of Ghana this patriotic duty. GROWTH

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It is the duty of owners of a bank to capitalize a bank. Government as 95% shareholder in NIB owes the people of Ghana this patriotic duty.

✔ The Afede Board led branch expansion which added 22 new branches by 2016.
✔ The Afede Board neutralized the interest/influence of Bank of Ghana in NIB by acquiring 44% ownership interest held by BoG back to government (people of Ghana).
✔ The Afede Board increased government ownership of NIB to 95% for the people of Ghana.
✔ The Afede Board through prudence, legal consultancy and patriotism, insisted on taking the Dominion Case to Supreme Court.
✔ The Afede Board, despite the cajoling by top elements of current government to have the case negotiated at board level, took the path of patriotism and won the Dominion Case at Supreme Court.
✔ The Afede Board saved NIB and the people of Ghana over $60 million through the Dominion case.
✔ The Afede Board reorganized all investments made by NIB including shares in Nestlé Ghana which alone priced over ¢450 million.
✔ The Afede Board ensured that the Volvo loan from the Kufuor era was retired by NIB.
✔ The Afede Board instituted staff rationalization for efficient operation of the bank.
✔ Afede Board planned to offload shares of NIB on the GSE conditioned on the supreme court victory of the bank.

✖ Ken Ofori Atta is refusing to allow NIB recapitalize from several sources.
✖ With two weeks to the Supreme court judgment, Ken Ofori Atta wrote a letter to NIB board asking the board to withdraw the case from the Supreme Court.
✖ Supreme Court victory of NIB attracted more investors to NIB but Ken Ofori Atta has refused to allow such opportunities for NIB.
✖ Ken Ofori Atta is serving the parochial interest of top NPP elements who wish NIB did not grow as a state bank.
✖ Top members of NPP have variously fronted for Dominion against the national interest. A member of council state and known NPP lawyer. One of such lawyers now promoted to the Supreme Court by Prez. Nana Addo. Supreme court upheld NIB’s case 5-0. NIB won the review as well.
✖ Ken Ofori Atta, in the supreme court case which NIB won, prevailed upon NIB board to have negotiated settlement out of court. This the board refused.
✖ Ken Ofori Atta has used all means to prevent NIB from publishing its accounts for 2016 and 2017.
✖ Panic Withdrawals being used to collapse NIB. State institutions who are depositors are being directed not to do business with NIB.
✖ A law firm related to a famous family member of Prez. Akufo Addo is making $15,000 from NIB monthly as retainership.
✖ Since 2017, the government has packed the wage bill of NIB with staff who have no desks to work.