Connect with us

Business

Court Of Appeal Dismisses BOG’s Appeal In GN Savings Case – BOG Ordered To Justify Its Revocation Of Licence

Published

on


The Court of Appeal on Monday 22nd June 2020, dismissed an appeal by the Bank of Ghana, which challenged the jurisdiction of the High Court in hearing the suit filed by GN Savings and Loans over the revocation of its license.

The BOG argued that the only lawful forum for resolving the GN Savings concerns is the Ghana Arbitration Centre. However, the High Court dismissed its application in December 2019 thereby compelling the BoG to seek redress at the Court of Appeal.

Ruling on the matter, the Court of Appeal, presided over by Justice Ackah Yensu, ably supported by Justices L.L. Mensah and Anthony Oppong unanimously dismissed the application, and directed BOG to go back to the High Court and justify the revocation of the license of GN Savings.

In October 2019, BoG and the Attorney-General raised a preliminary legal objection to the case brought by Dr Papa Kwesi Nduom and two other shareholders of GN Savings and Loans Limited. In the objection, the BoG and the Attorney-General argued that the High Court has no jurisdiction to hear the complaint which is challenging the revocation of GN Saving’ licence.

Lawyer for GN Savings, Justice Srem-Sai, expressed concern about BoG’s legal gymnastics, which he said are all aimed at stalling the progress of the case and thereby perverting the course of justice.

Source: GhanaFeed.Com

Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

The Souvenir Hawker Who Became A Billionaire – Meet The Agege Boy That Built A $400million Company

Published

on


Sijibomi Ogundele, Nigeria’s youngest Billionaire and Luxury Real Estate mogul is noted for his status as Nigeria’s youngest billionaire and CEO of multi-million dollar company, Sujimoto Group. But only a few know about his humble beginnings, hustling on the busy streets of Agege to the well-paved streets in France.

Growing up in the slum of Agege, as a little 8-year-old, Sijibomi’s first introduction to Entrepreneurship was when he started a bike business popularly called‘Okada’ business, from his little savings. Despite the usual African Parent’s disapproval, he drew inspiration from his mother’s entrepreneurial spirit and grew his Okada business from 1 to 6 motorcycles, a testament to his strong, resolute and resilient business mind.

At just a young age of 39, he has built his company, Sujimoto Group, in just 5 years, into a Luxury Construction behemoth, focused on building extraordinary edifices in premium neighbourhoods of Ikoyi and Banana Island. With annual revenue of approximately $30 million and many other pending projects, Mr Ogundele believes the Sujimoto group is worth over $400 Million.

Many have opined that the young and dynamic businessman might be eyeing a political position, but according to Mr. Ogundele, “the business of politics is bigger than the politics of business. We are focused on business but we shall support the government. To us, the Government is like a beautiful woman, marry her only when she is an asset, not a liability.”

Source: GhanaFeed.Com

Continue Reading

Business

Another Bank Merger- First National And GHL Bank

Published

on


First National Bank Ghana, is a new bank from the merger of First National Bank and its subsidiary, GHL Bank.

First National Bank established the completion of the merger of the two banks.

The new bank, First National Bank Ghana, is a financial entity which seeks to attend to diverse financial needs for various investment, corporate and retail banking services to their customers.

The bank also offers improved already present answers for real estate and housing markets.

Dominic Adu, the Chief Executive Officer for First National Bank Ghana revealed thus, “ We are very excited about the work that we have done to date and the resulting seamless synergies we have achieved with this merger.”

“We believe that this merger will offer customers the advantage of a broader suite of banking products and services while maintaining our commitment to all our stakeholders.”

One of the main gains of the merger as stated  by the company is the enlarged network  in the central areas of Accra , Kumasi and Takoradi.

The bank said in its statement that, “Customers can now access all banking services from a total of eleven branches and on First National Bank Ghana’s world-class digital platforms, which make convenient banking services available 24/7.”

The Executive Director of First National Bank Ghana, Richard Hudson  also said “This is an exciting time for us, and we are committed to partnering with our customers on their individual or business journey. There are current challenges impacting general growth and opportunities in the financial services sector, but we believe that our innovative approach to products and the focus on in-house digital banking solutions will give us the competitive edge.”

Source: GHANAFEED.COM

Continue Reading

Business

“Our Predicament is Worse than Covid-19”- Aggrieved Customers to Akufo-Addo

Published

on


The Coalition of aggrieved customers of the collapsed Fund Management Companies in Ghana have described their condition as worse compared to Covid-19.

The Secretary of the group, Joseph Aryeetey at a press briefing on Sunday accused the government of being insensitive to their plight. He said the government has failed in addressing the problem it created as a result of the financial sector clean-up

“This government has proven to be the most insensitive in the history of this country. This is evident in the way they have treated our issue. For a problem that you created by yourself under the guise of financial sector cleanup, we expected to be treated well. Even though our predicament is worse than COVID-19, government appears to show more attention to companies that have been affected by the COVID than paying us”

However, the group cautions the government to be mindful of the consequences of its failure to address their grievances on the upcoming General Election.

“If the energy crisis and the nurses’ allowances scrapped off by the Mahama government could cause his defeat then, President Akufo-Addo should also know that history can repeat itself. We encourage our members to vote against Akufo-Addo if he refuses to pay us before the elections,”

Source: GhanaFeed.com

Continue Reading

Politics

News3 hours ago

Ahwoi’s Book Not An Attack On NDC – Manasseh Azure Awuni

Former journalist at Joy FM, Manasseh Azure Awuni has rubbish the NDC’s claim that Prof. Kwamena Ahwoi’s book is an...

News3 hours ago

I’m Not Raising Funds On Facebook – Dr. Okoe Boye

The Deputy Minister of Health, Dr Bernard Okoe Boye has cautioned the public against any Facebook account or page soliciting...

News4 hours ago

NDC Inaugurates Campaign Team In Western Region Ahead Of Election 2020

The National Democratic Congress (NDC) as part of efforts to wrestle back power from the ruling New Patriotic Party (NPP)...

Politics4 hours ago

I Can Confidently Tell You NPP Has Won Election 2020 – Chairman Wontumi Boldly Declares

The Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi has boldly declared...

News5 hours ago

Mahama Not An Answer To Failed Akuffo-Addo – Dr. Steve Manteaw

A former Chairman of the Public Interest and Accountability Committee (PIAC), Dr. Steve Manteaw, has stated that President Nana Addo...

News6 hours ago

NPP Government’s Worst Mistake Is The Compilation Of A New Register – Says Muntaka

MP for the Asawase Constituency, Hon. Mohammed Muntaka Mubarak has stated that the Electoral Commission’s compilation of new voters’ register...

News6 hours ago

Kwesi Pratt Denied Claims Omane Boamah Was Recruited To Attack Rawlings

Editor in Chief of the Insight news paper, Kwesi Pratt has denied claims that Edward Omane Boamah and other young...

Politics7 hours ago

Akyem Chief Threatens Sammy Gyamfi – Says He Will Die Before His Time If He Continues To Insult The President

The Akwanserehene of Akyem Kwabeng Etwienana Baffour Oteatuoso Kokoben II has warned that the National Communications Director of the opposition...

News7 hours ago

Jean Mensah Led EC Has Conducted The Best Registration Exercise In The Country – Ursula Owusu

Minister for Communication and Member of Parliament for Ablekuma West constituency, Ursula Owusu-Ekuful has teased the National Democratic Congress (NDC)...

Politics9 hours ago

Kennedy Agyapong’s Appeal Against Kweku Baako’s Victory Thrown Out By Court – Slapped With More Debts

The woes of controversial MP for Assin Central, Kennedy Agyapong has been compounded after an appeal he filed against a...

Business

Business4 weeks ago

The Souvenir Hawker Who Became A Billionaire – Meet The Agege Boy That Built A $400million Company

Sijibomi Ogundele, Nigeria’s youngest Billionaire and Luxury Real Estate mogul is noted for his status as Nigeria’s youngest billionaire and...

Business1 month ago

Another Bank Merger- First National And GHL Bank

First National Bank Ghana, is a new bank from the merger of First National Bank and its subsidiary, GHL Bank....

Business1 month ago

“Our Predicament is Worse than Covid-19”- Aggrieved Customers to Akufo-Addo

The Coalition of aggrieved customers of the collapsed Fund Management Companies in Ghana have described their condition as worse compared...

Business1 month ago

MTN Drags NCA To Court Over Attempts To Break Monopoly

In a statement, MTN said despite consultations with NCA, the company was left with no choice than to resort to...

Business2 months ago

GCB Bank Grants Two Month Moratorium, Reduces Interest Rate On Personal Loans

GCB Bank Ltd, Ghana’s leading commercial bank, has granted a two month moratorium on loans, while also reducing interest rates...

Business2 months ago

Court Of Appeal Dismisses BOG’s Appeal In GN Savings Case – BOG Ordered To Justify Its Revocation Of Licence

The Court of Appeal on Monday 22nd June 2020, dismissed an appeal by the Bank of Ghana, which challenged the...

Business2 months ago

Full Charges On Mobile Money Transactions To Resume Today After A 3-Month Grace Period

Mobile money subscribers across all platforms are expected to resume the payment of full charges on all transactions, as the...

Business2 months ago

Ecobank Provides GH¢1.3 Million Support to Ghana’s COVID-19 Private Sector Fund

As part of its corporate social responsibility, Ecobank Ghana Limited has supported the Ghana COVID-19 Private Sector Fund with an...

Business2 months ago

Delving into Government’s Quest to Break MTN Ghana’s Monopoly and Its Implications

On Saturday, it emerged that Ghana will implement a set of policies to reduce the dominance of MTN Ghana in...

Trending