NIB Boss In Trouble

Bank of Ghana priliminary report sighted by Chronicle found the MD of NIB, Mr Gyimah's oversight role regarding liquidity management and credit delivery was unsactisfactory

Excluding the $60m mysterious transaction, the total liabilty of the bank stood at $79.6m at the end December last year. This represents 160% of the net worth of the bank.

According to the report, large contingent liabilities have been contracted on behalf of the bank without the Board’s authorization or regulatory approval.

In view of this, the report recommended the MD to step aside in order to pave way for a turnaround Manager, to steer the activities of the bank and for in-depth regulatory review and resolution of its liquidity and capitalization requirements

“In response to our queries regarding details of the transaction on 6/2/09, however, he was very evasive with answers such as ‘I do not remember’ or ‘I cannot tell’. He promised to submit a detailed report subsequently, but to date no such report has been furnished”, the report noted.