GN Savings closure: Nduom refutes BoG’s allegations

Chief Executive Officer (CEO) of Groupe Nduom, Dr. Papa Kwesi Nduom has rejected reasons given by the Bank of Ghana (BoG) for the revocation of license of GN Savings.

According to him, GN Savings had made available documentation and invoices for each and every item provided by the International Business Solutions (IBS).

Dr. Nduom, in a heartfelt video debunked the claim that he owned and operated IBS and had overseen the transfer of more than sixty million dollars of depositors’ funds to the international company.

He noted, “IBS is a procurement company, and indeed IBS also acting on the behalf of Groupe Nduom who doesn’t know that all multinational companies like any other company has a parent company, they pay management fee, they pay for expenses and so on and so forth.”

He further argued that the transfer of funds to the company was for work done by the international company on behalf of GN Savings, as was the case for other clients of the company in Ghana.

He explained, “Assuming, Coconut Groove demands four towels or bedsheets and when IBS brings the items, we have to transfer money from GN Bank to pay for these items but not without proper documentation and we have evidence to all the requested items.”

Dr. Nduom is assuring customers and the general public of his commitment to ensuring that the right thing is done.

He reiterated, “Don’t let anybody fool you by throwing dust in the eyes of the general public of somebody who doesn’t know. My point to you is that let us know where we are, once we all understand the fact, explain our actions to everyone and to let everybody know we have done things with the best of governance practices, using our foundation which is a foundation based on our faith”.

A recent BoG investigation revealed significant amount (USD 62,255,516.93, GBP 718,528.59 and EUR4 200) of depositors’ funds held with GN had been transferred to International Business Solutions without any documentation to support such transfers.