We’re Not Aware of Merger With adb— NIB Board Chairman

The Board Chairman of National Investment Bank(NIB), Togbe Afede the Fourteenth (XIV) has disclosed that government has not approached the company to propose any merger between NIB and the Agricultural Development Bank (adb).

The revelation comes as a surprise as the Finance Minister earlier announced in the 2018 budget presentation in parliament that government intends to merge the NIB and adb to form a National Development Bank.

But speaking to journalists after launching the 55^th anniversary ceremony of the NIB, Togbe Afede XIV maintained that the bank is not aware of any proposed merger between NIB and adb, hence it is focused on its core duty.

“What I’m saying is that, nothing about merger or otherwise has come to us officially. What we are aware of is government’s desire to see NIB return to its core mandate, which will mean supporting industry, supporting one district one factory, so that our industry sector can lead the growth of the Ghanaian economy,” he reiterated.

Togbe Afede, XIV also assured that the bank will meet the 400 million cedis capital requirement announced by the Bank of Ghana.

His assurance, follows some media reports suggesting that the bank is struggling to recapitalize, hence may be merged with the adb.

But, he stated that the bank is in a good position to meet the new capital requirement, hence will not be distracted by news of merger between adb.

“We are doing our work with the sole object of positioning NIB to be a strong bank that will fulfill its original mandate, he said, adding that “the bank can meet the capital requirement and we are working towards that”

Meanwhile, Togbe Afede XIV disclosed that government has given the bank all the support it needs to pursue its core mandate after an appeal case against the bank to claim 150 million dollars judgment debt was dismissed by the Supreme Court.

Source: Citibusinessnews