Business News of Friday, 29 September 2023
Source: www.ghanaweb.live
2023-09-29NIB - ADB merger is government’s ploy to eventually sell to their cronies – Minority MP
Merger discussions underway
The Member of Parliament for Bolgatanga Central, Isaac Adongo, has said the merger between the National Investment Bank and the Agricultural Development Bank is a move by the government to eventually sell NIB to themselves.
According to him, the reason they chose to merge NIB with ADB is because the Bank of Ghana owned about 64% stake in the institution.
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He added that it won’t be long after the merger before there will be an uproar against the BoG holding shares in the bank, which will eventually lead to it being sold to a “strategic investor” who will eventually turn out to be someone from the government’s side.
Adongo said unless there is an ulterior motive, "they should come to the Minority [we] will give them people to go and work there for free with a clear mandate and no interference and NIB will be the most viable bank, the most well-capitalized bank, and the most liquid bank in Ghana.
“It is clear that this is not about the interest of NIB. This is the last step towards passing through the backdoor to acquire NIB and ADB for themselves in a state capture,” he said while addressing journalists on September 28, 2023.
He added: “I’ll tell you why of all the banks they chose ADB. ADB is listed on the stock market, isn’t it? 64% of the shares are with the Bank of Ghana so when they merge them, the English will start. Then before you realise somebody will appear as a strategic investor meanwhile it is they themselves. They will now take NIB and ADB from us. Suddenly the bank that has been struggling will find a strategic investor.”
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