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Business News of Tuesday, 19 February 2019

Source: Starr FM

Togbe Afede resigns as NIB board chair

The Board Chairman of the National Investment Bank (NIB) has resigned, Starr Business has gathered.

Togbe Afede’s resignation was as a result of internal wrangling at the state-owned bank, sources with knowledge of the development told Starr Business.

He resigned last week, according to the sources after opposing moves by some elements in the governing New Patriotic Party (NPP) to take over NIB through the Ghana Amalgamated Trust.

The NIB board, according to Starr Business sources is being forced to sign some transactions that are not in the best interest of the state-owned bank.

Other members of the board have also resigned.

NIB is part of some five banks benefiting from GH¢2billion support from the Ghana Amalgamated Trust which are solvent and well-run indigenous banks, which were otherwise having difficulties meeting the new minimum capital requirement of GH¢400 million.

Togbe Afede was appointed as board chair of the NIB in 2017 by President Akufo-Addo.

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