Nduom sues BoG, others over revocation of GN Savings’ license

The Chairman of Groupe Nduom, Papa Kwesi Nduom has sued the Bank of Ghana; Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and Receiver for GN Savings and Loans, Eric Nana Nipah.

The decision comes after the revocation of the licence of twenty-three savings and loans companies and financial houses.

Groupe Nduom wants the court to quash the decision of the Bank of Ghana to revoke the license of GN Savings and Loans.

In his statement of claim, Papa Kwesi Nduom said contrary to claims by the Bank of Ghana that GN Savings and Loans had its license revoked because the company was insolvent, the company, he insisted, was in good standing and its government infrastructure project portfolio was in excess of GH¢2.2 billion, far more than its liabilities.

He added that most of the company’s funds had been invested in government projects as loans and advances to contractors who government, through its ministries and agencies had hired to execute various projects.

He claimed that the government and MDAs as of August 14, 2018, owed the company over GH¢600 million.

Nduom emphasized that the Bank of Ghana and other parties failed to consider the government’s indebtedness to the company in making a determination on the company’s solvency and that constitutes a violation of rights.

He, therefore, wants the court to compel the Bank of Ghana to restore the license of GN Savings and Loans.

The Chairman of Groupe Nduom also wants the court to stop the Bank of Ghana, Attorney General, Finance Minister and other related parties from taking over possession and management of GN Savings and Loans.