Fortiz names new Board for Merchant Bank

XYZ Business has learnt that Fortiz Private Equity Fund, new owner of Merchant Bank Ghana, has named new Directors for the beleaguered Bank’s board.

They include Issa Anafure, Dr Alhassan Iddrisu, Afotey Odarteifio, Ernest Asare, Mrs Kay Yaakor Kwao Simmons and Nilla Selormay.

The Bank’s current board chair, Noel Nii Addo, who is the Former Deputy Managing Director of HFC investments, according to information gathered by XYZ Business, is likely to chair the reconstituted board, after replacing former Board Chair Marian Barnor, who stepped down earlier in the year.

Three other board members who also stepped down include MD Joseph Tetteh, Seth Kwesi Dei and Dr. Bill Puplampu.

Fortiz acquired a 90% stake in Merchant Bank with Ghc90 million.

An earlier proposal by South African Bank, FirstRand, to buy a 75% stake in the bank at Ghc199 million fell through.

Anti-graft campaigner, Andy Awuni, who has described the purchase as a “dash”, is in court seeking to place a perpetual injunction on the sale.