Is NIB safe?, BOG appoints Felix Addo to restructure NIB.
BoG appoints Felix Addo to restructure NIB
The Bank of Ghana (BoG) has appointed Felix E. Addo as an Advisor for the National Investment Bank (NIB) to help improve the bank’s affairs.
Mr. Addo’s appointment is pursuant to Section 101 (1) of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930).
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He is expected to help restructure NIB through governance and management reforms as well as streamlining its business model to help refocus it as a bank to industrialisation.
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He will act as Advisor until otherwise decided by the BoG, and as part of his mandate provide the central bank with frequent status reports on NIB.Mr. Aidoo is the immediate past Country Senior Partner of Price Water House Coopers, Ghana and a former member of the PwC Africa Governance Board.
He has more than 30 years of practice and consulting experience in restructuring and insolvency, corporate/project finance and recovery amongst other areas of specialty.Mr. Aidoo holds a B.Sc. (Hons) Administration from the University of Ghana, Legon and an MA in Professional Accounting from Loyola College of Maryland, USA.
Although Mr. Aidoo is allowed to attend meetings of the Board of Directors, he cannot vote in such meetings as contained in Act 930.
“It is important to note that an Advisor does not take over the powers, responsibilities and duties of the bank’s shareholders, directors, or management,” the BoG indicated.
The Bank of Ghana further assured depositors and customers of NIB that it is opened for business, and that their deposits are safe.
BoG also stated that it is committed to promoting a strong and resilient banking sector that retains the trust and confidence of the general public.