The anniversary LOGO was unveiled by the Special Guest of Honour, Vice President, H.E. Dr. Mahamudu Bawumia,  assisted by the Board Chairman of NIB, Togbe Afede XIV.

Other dignitaries including the Minister for Finance, Ken Ofori Atta, MDs and CEOs of various organizations, key customers and ex-staff were present to witness the launch.

The anniversary will be under the theme “55 Years of Growing Ghanaian Businesses.”

In his welcome address, Chief Executive Officer of the Bank, Dr. John Kweku Asamoah said the bank has undergone institutional, managerial and financial restructuring and transformation which has made the bank very formidable in the industry.

He added that NIB has chalked significant successes since the outdooring of the three (3) year Strategic Plan (2015–2017) which has fast-tracked the growth of the Bank, making it more competitive and meeting customer expectations.

On his part, the Board Chairman, Togbe Afede XIV paid glowing tribute to former staff, board and management of the Bank saying, NIB would not have been where it is today but for their immense contributions.

Commenting on the Bank of Ghana’s recent directive for Banks to recapitalize to GHC400million by the end of 2018, Togbe Afede XIV assured customers and stakeholders that “efforts are underway to meet this requirement, and it will be met.”

He further said that, the recent Supreme Court’s unanimous decision of 7-0 dismissing a review application filed by the Dominion Corporate Trustees Limited against NIB, “brings finality to an eight-year old case in which Dominion Corporate Trustees Limited was claiming over $120 million in judgement debt from the Bank.

He thanked all stakeholders of the Bank for making the launch of the 55^th Anniversary possible.

Delivering the keynote address, Dr. Mahamudu Bawumia lauded the bank for the remarkable gains made over the 55-year period, supporting the sustenance and growth of the economy.

He was especially pleased with the Bank’s efforts at keeping with the time as it opens its 55^th Branch at Teshie. Dr. Bawumia congratulated the Board, Management and the Legal team of NIB for the recent victory at the Supreme Court saying it was a major milestone “as it threatened the very existence of the Bank.”

He also commended the bank for remaining resolute and growing steadily over the years inspite of the challenging nature of the Ghanaian economy.

He however, expressed hope that the challenges faced by the economy would soon be addressed to bring relief to the financial sector and its customers.

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By: citifmonline.com/Ghana

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According to the panel of seven justices of the Supreme Court, the review suit filed by Dominion Corporate Trustees failed to meet the conditions of review.

The Supreme Court in June 2017, overturned a $60 million judgment debt entered against NIB by the High Court in February 2013.

[contextly_sidebar id=”q5djQeRmzn5A0AtCzzxkuurScAnevNGQ”]This was after NIB appealed the decision of the High Court, which was later upheld by the Court of Appeal in October 2015.

The interest on the amount, per the High Court judgment, was 11 per cent, with effect from January 29, 2009, till the date of final payment.

The High Court’s decision was as a result of a legal action against NIB by Dominion Corporate Trustees Limited on behalf of certain investors who purchased promissory notes issued by Eland Ghana Limited and allegedly guaranteed by NIB.

Background

The suit was commenced against the NIB by Standard Bank Offshore Trust Company, which was later substituted by Dominion Corporate Trustees Limited, on behalf of investors who had purchased promissory notes issued by Eland Ghana Limited and guaranteed by NIB.

Under the terms of the transaction, the investors had to pay a discounted total sum of US$45 million in May 2007, and upon maturity of the promissory notes on January 29, 2009, reap US$60 million, thus earning US$15 million in profit.

During the trial, it was reported that, the NIB led evidence to show that its Managing Director at the time, Mr. Daniel Charles Gyimah, signed the guarantee without any authorization from the board.

The bank also led evidence to show that the US$45 million was not utilized for the advertised purpose, but was rather distributed by Mr Gyimah to Eland Ghana Limited and companies connected to it.

Other beneficiaries were Iroko Securities Limited, London, as well as private individuals, including Mr. Gyimah’s son.

The largest beneficiary was Sphynx Limited, USA, which was given US$24 million. It also emerged that Sphynx Limited was a fully owned subsidiary of Iroko Securities Limited.

In the counterclaim, the bank joined Mr. Gyimah, who according to the NIB did not have the mandate to authorize the promissory note.

Also joined to the counterclaim was Eland International Ghana Limited.

But the court, in its February 21, 2013 judgement, held a contrary view and declared NIB liable and ordered it to pay the $60 million, with 11 percent interest, with effect from January 2009 until the day of final payment.

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By: Fred Djabanor/citifmonline.com/Ghana

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AADFI is an International organization with over 80 member Development Finance Institutions (DFIs) across Africa with multilateral DFIs from Asia and Europe.

The participants for the workshop were from Ghana, Cote d’Ivoire, Kenya, Nigeria, Zambia, Rwanda, South Africa and Botswana. The aim of the workshop was to equip participants with the knowledge on how to develop and apply effective and robust financial models for projects viability.

Speaking at the opening ceremony, the MD/CEO of NIB Mr. John Kweku Asamoah challenged participants to take advantage of the workshop to deepen their knowledge on financial modeling. This he said will help improve their competence and performance.

Mr. Asamoah added that the challenges facing the African continent are similar and therefore entreated participants to openly share their peculiar experiences and challenges to serve as a case study for all to learn from.

In a speech read on behalf of the 2^nd Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama by the Deputy Chief Manager, Dr. Christian Ahortor of the Research Department, Bank of Ghana, Dr. Asiama said Development Finance Institutions play critical roles in providing an inclusive financial services such as credit, insurance, savings and payment services to the poor.

He further urged DFIs to provide sustainable finance that deals with social and environmental challenges associated with their growth and development.

Dr. Asiama disclosed that the Bank of Ghana is working with the Association of Bankers to review the existing Base Rate Model. The idea behind the model he said was to bring transparency to rate setting and hence lending rate in the economy. The committee he said has completed its work and soon a draft notice would be issued for implementation.

Dr. Asiama also indicated that the Bank of Ghana is developing a Central Data Hub for use by data providers to ease data submission to Credit Bureaus. He added that proposed amendments to the Borrowers and Lenders Act 2008 (Act 773) have been drafted with the aim of strengthening the Secured Transaction Regime in the creation, perfection, priority and enforcement of security interest on both movable and non-movable properties.

In conclusion, he urged financial institutions to work with financial technology firms to deploy security systems with threat intelligence capabilities to assist in preventing cyber threats to financial infrastructures.

He enjoined financial institutions and payment systems operators to obtain international security certifications such as the ISO 27001 and the PCI DSS as these as necessary to promote integrity of the financial payment systems.

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Source: NIB

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