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Business News of Wednesday, 29 August 2018


Resign from CBG – Adongo to Dornoo

Bolgatanga Central MP, Isaac Adongo, has said Mr Simon Dornoo, who is the Director in charge of now-defunct uniBank at the Consolidated Bank Ghana (CBG) Limited – a bank recently formed by merging uniBank and four other local banks: The Royal Bank, The Beige Bank, The Construction Bank, and Sovereign Bank – must resign, if he had any conscience at all, since, according to the lawmaker, Mr Dornoo is enmeshed in a conflict of interest situation.

According to Mr Adongo, Mr Dornoo superintended uniBank while it was under KPMG’s administration, and, thus, sees no reason why he should serve as a Director in charge of the same bank under the newly-formed CBG.

On 20 March 2018, the government announced the takeover of uniBank, largely due to liquidity challenges. Announcing the takeover, the Governor of BoG, Dr Ernest Addison, said uniBank is currently insolvent.

KPMG was then named as Official Administrator to manage the bank for six months under the leadership of Mr Dornoo.

Before the deadline, the central bank announced the merger of the five banks to form CBG with with Mr Dornoo serving as a Director.

Speaking at a public forum organised by Progressive Alliance Media Communications (PAMC) on the banking crisis on Tuesday, 28 August 2018, Mr Adongo said he finds it everything wrong with Mr Dornoo serving at the new bank.

“Simon Dornoo, after four months, what is your turnaround of uniBank? Where is uniBank today? It has been buried and Simon Dornoo jumped on [CBG] instead of explaining your tenure and why you collapsed uniBank, you have continued to go and enjoy [at CBG]. Simon Dornoo, if your conscience serves you right, resign and go and manage your microfinance company you are struggling to establish”, adding that: “That is a colleague chartered accountant; today, conflict of interest has no basis in our financial system. How can you do this?” he questioned.