Minority kick against gov’t plans to merge NIB and ADB

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The Minority in Parliament has stated its objection to the government’s plans to either collapse the National Investment Bank (NIB) or merge it with the Agricultural Development Bank (ADB).

Minority Spokesperson on Finance Isaac Adongo says the move smacks of conflict of interest since the Bank of Ghana (BoG) is said to own majority stake in ADB.

“The law requires that if the Bank of Ghana is not satisfied with NIB, it has several options including placing NIB under administration like they placed uniBank under administration, revoke the license of NIB because that is their property,” he told journalists in Accra on Thursday, September 28.

“But in revoking the license, they must take steps to ensure that depositors’ funds are protected by placing it under receivership and proper supervision to close the phase of life.”

The Bolgatanga Central Member of Parliament (MP), however, observed that government has no intentions of taking a regulatory action on the state of NIB.

“They are not intending to place NIB under Article 930 but they are trying to find a back-door approach without regard to the law that set up NIB.”

He said the solution to the current crisis of NIB is to restructure its finances to balance its sheets and “swap all the NIB debts that it owes to government”.

Mr Adongo, therefore, served notice that they will kick against any move to offset assets of NIB to ADB.

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