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Tag: Paa Kwesi Nduom

  • GFA involved in conflict of interest – Paa Kwesi Nduom

    GFA involved in conflict of interest – Paa Kwesi Nduom

    Elmina Sharks owner Paa Kwesi Nduom has accused the hierarchy of the Ghana Football Association of conflict of interest in running the Premier League.

    The politician expressed his frustrations over management of the country’s top-flight competition, which has been plagued with several challenges including poor officiating, lack of a headline sponsor, and absence of broadcast rights holders.

    It hit a new low in hooliganism when Asante Kotoko supporter Francis Frimpong “Pooley” was stabbed to death during a Week 19 clash against Nsoatreman in Nsoatre.

    “The people who run the league, there is a conflict of interest,” Nduom said in an interview with GTV Sports Plus.

    “Why should an owner of a team be President of GFA, why should an owner of a team be a vice-president of the GFA.

    “We can’t sack them because people’s hands are in their mouth. Can you go and sack the people who are there now? No.”

    Elmina Sharks players and supporters were allegedly involved in acts of hooliganism against Swedru All Blacks in a Division One – less than three weeks following the demise of Pooley and on his one-week celebration.

    “Isn’t it a consequence of what has been happening in the country? If you let people misbehave from Premier, Division One, Division Two, what do you expect? If I was not at the stadium, what do you think would have happened?

    Meanwhile, Sharks’ Jay Asamoah has been charged with breaching Section 13 (1) (k) of the Ghana Football Association’s Disciplinary Code for allegedly assaulting referee Eso Doh Morrison.

  • “The GFA needs a serious overhauL” – Dr. Paa Kwesi Nduom after Kotoko fan’s murder

    “The GFA needs a serious overhauL” – Dr. Paa Kwesi Nduom after Kotoko fan’s murder

    Business consultant and founder of Ghana’s Progressive People’s Party (PPP), Dr. Paa Kwesi Nduom, has urged the Ghana Football Association (GFA) to implement significant reforms following the tragic incident at Nsoatre last weekend.

    The incident claimed the life of Francis Frimpong, popularly known as Pooley, an ardent Asante Kotoko supporter who was fatally stabbed during the club’s matchday 19 clash against Nsoatreman at the Nana Koroman II Stadium.

    In the aftermath, three individuals have been arrested in connection with the violent disturbances that marred the game. While the GFA has launched investigations and charged those involved, Dr. Nduom believes these measures fall short of addressing the deeper issues.

    He is calling for comprehensive reforms within the GFA to prevent such tragedies in the future and to ensure the safety of fans and players alike.

    “The GFA needs a serious overhaul,” he shared in a post on Facebook.

    “A few people at the top feed on FIFA money and leave the clubs, referees and players hungry.

    “What are we waiting for? More deaths, bankruptcies and Black Stars losses?” he quizzed.

    As part of the measures, the Ghana FA is set to meet with the Ghana Premier League clubs on Thursday, February 6, while a meeting with the supporters leadership is also in line for Friday.

    In the mean time, no Ghana Premier League fixture will be played this weekend.

  • Restore GN Bank’s license! – Dr. Nduom tells BoG Governor

    Restore GN Bank’s license! – Dr. Nduom tells BoG Governor

    The Global Chairman of Groupe Nduom and former owner of GN Bank, Dr. Paa Kwesi Nduom, has fervently urged the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, to review fresh evidence and restore GN Bank’s banking license.

    Dr. Nduom asserts that GN Bank is prepared to resume full operations and implores the central bank to preserve the bank’s assets in optimal condition.

    He is confident in the bank’s assets’ viability and potential for success if the BoG reinstates its license.

    “So, when people ask what we want, all that we’re saying is to recognize that indeed there was more money there than was said to be—just proof. Recognize the proof. Someone has said somewhere, ‘give me new facts and I will change my mind.’ We have given and continue to give new facts to the BoG.

    “All that we’re asking the Governor, Dr. Addison, is to take a look at the new facts, recognize them for what they are, and give us back our license, give us back our assets. Make sure the assets are in good condition, and let’s move on.

    “Even in the reclassified state as a savings and loans company, we are prepared to start working. And we know once all the accounting is done, once the funds start coming in, everybody will realize that the 305-branch network of GN Savings deserves to become a universal bank—GN Bank again,” Dr. Nduom explained in a video shared on Facebook.

    To demonstrate GN Bank’s readiness for full operation, he outlined the criteria for a savings and loans company to function in Ghana, affirming that his bank possesses the capability to meet all these requirements.

    He explained, “Even the GH¢30.3 million that the finance ministry erroneously told the BoG that Groupe Nduom companies had. Even if we took that money and paid it, which they still haven’t paid. If they paid us and we paid it into GN Savings, that would have given us the capital required to continue as a savings and loans company. But we said in our books, GH¢2 million.

    “In addition, we had properties and other related buildings, including the many branch buildings put up by some of our companies. We said we would give it to the organization to shore up its capital.

    “It was all rejected, and these are the same buildings that BoG’s appointed receiver went around hurriedly to put locks on the gates and buildings and walked away. They left them to rot. All of those things are still there.”

    In 2017, the Bank of Ghana’s endeavors to consolidate the banking sector resulted in the withdrawal of licenses from numerous financial institutions, among them GN Bank.

  • Ken Ofori-Atta allegedly requested for collapse of GN Bank – Paa Kwesi Nduom reveals

    Ken Ofori-Atta allegedly requested for collapse of GN Bank – Paa Kwesi Nduom reveals

    Founder and Executive Chairman of Groupe Nduom, Dr. Paa Kwesi Nduom, has posted a memorandum for a cabinet meeting on social media, indicating that former Finance Minister Ken Ofori-Atta urged the Cabinet to orchestrate the downfall of the defunct GN Bank to avert any political meddling.

    According to Nduom, the memorandum called for the Cabinet to revoke GN Bank’s banking license.

    Nduom claimed that the motive behind Ken Ofori-Atta’s action was to incapacitate the bank and prevent it from being employed as a tool to politically challenge the current government.

    “I have with me here a memorandum submitted by the Minister of Finance at that time, Mr. Ken Ofori-Atta, asking Cabinet to agree for GN Bank to be collapsed, for its license to be taken. This memorandum didn’t consider that this bank was the biggest bank with the widest distribution in Ghana.

    “It didn’t recognize that we were providing banking services that increased financial inclusion in Ghana. It didn’t recognize that we were supporting financial development and economic development in Ghana.

    “It just said, these people are causing us problems and therefore it might affect our political chances, so let’s shut it down,” Dr. Paa Kwesi Nduom claimed in a viral video shared on X formerly Twitter.

    He acknowledged that, although the memorandum was presented to the cabinet, the cabinet did not approve Ken Ofori-Atta’s request to revoke the bank’s operating license.

    In 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies, including GN Bank. The bank then pursued legal action, contesting the Bank of Ghana’s decision to revoke GN Savings and Loans’ license.

    However, in January of this year, an Accra High Court, led by Justice Gifty Addo Adjei, upheld the Central Bank’s decision, underscoring the institution’s authority to revoke the license due to governance shortcomings that left GN Savings and Loans unable to fulfill its debt obligations.

    Watch video below:

  • Cabinet refused Ofori-Atta’s request to shut down GN Bank due to political reasons – Nduom

    Cabinet refused Ofori-Atta’s request to shut down GN Bank due to political reasons – Nduom

    Dr. Papa Kwesi Nduom, Chairman of Groupe Nduom and former owner of the defunct Gold Coast Fund Management Company, has alleged that former Finance Minister Ken Ofori-Atta petitioned the Cabinet to facilitate the collapse of GN Bank to prevent any political interference.

    According to Dr Nduom, the memorandum from the former Finance Minister requested the revocation of GN Bank’s banking license by the Cabinet.

    He claimed that Ofori-Atta’s motive was to neutralize the bank and prevent it from being used to politically antagonize the ruling government.

    “I have with me here a memorandum submitted by the Minister of Finance at that time, Mr. Ken Ofori-Atta, asking Cabinet to agree for GN Bank to be collapsed, for its license to be taken. This memorandum didn’t consider that this bank was the biggest bank with the widest distribution in Ghana.

    “It didn’t recognize that we were providing banking services that increased financial inclusion in Ghana. It didn’t recognize that we were supporting financial development and economic development in Ghana.

    “It just said, these people are causing us problems and therefore it might affect our political chances, so let’s shut it down,” Dr. Paa Kwesi Nduom claimed in a viral video shared on X formerly Twitter.

    He revealed although the memorandum was presented to the cabinet, there was no consent to Ken Ofori-Atta’s request to revoke the bank’s operating license.

    In 2019, under the government’s banking sector clean-up, GN Bank (which had become GN Savings and Loans), a company owned by Dr Nduom, had its operating license revoked over reasons of insolvency by the Bank of Ghana.

    Meanwhile, Dr Nduom has asserted that the government still owes two of his companies and other subsidiaries an amount exceeding GH¢7 billion.

    The Securities and Exchange Commission (SEC) had revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, in 2019, leading to the freezing of depositors’ funds.

    Despite ongoing efforts by depositors and investors to retrieve their funds, they have faced challenges in recovering their investments.

    In a recent move to revitalize his companies, Dr. Ndoum has urged the government to reimburse contractors who had borrowed money from Groupe Ndoum.

    “A debt that used to be GH¢1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest. So the government of Ghana and its agencies, if they had paid us even one-third of that money to the contractors six years ago, there wouldn’t be a Gold Coast or Black Shield problem.

    “There wouldn’t be a GN Bank problem, there wouldn’t be a problem with any of our companies. So today, what we are asking is we are saying let them pay the money. If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid,” he said.

  • Ofori-Atta asked me to shut down GN Bank because it was affecting NPP’s chances – Nduom

    Ofori-Atta asked me to shut down GN Bank because it was affecting NPP’s chances – Nduom

    Chairman of Groupe Ndoum and former owner of the now-defunct Gold Coast Fund Management Company, Dr. Papa Kwesi Ndoum, has alleged that former Finance Minister Ken Ofori-Atta petitioned the Cabinet to facilitate the collapse of the now-defunct GN Bank to avert any political interference.

    According to Nduom, the memorandum by the former Finance Minister requested that the Cabinet revoke GN Bank’s banking license.

    He alleged that Ofori-Atta’s motive was to neutralize the bank and prevent it from being used to politically antagonize the ruling government.

    “I have with me here a memorandum submitted by the Minister of Finance at that time, Mr. Ken Ofori-Atta, asking Cabinet to agree for GN Bank to be collapsed, for its license to be taken. This memorandum didn’t consider that this bank was the biggest bank with the widest distribution in Ghana.

    “It didn’t recognize that we were providing banking services that increased financial inclusion in Ghana. It didn’t recognize that we were supporting financial development and economic development in Ghana.

    “It just said, these people are causing us problems and therefore it might affect our political chances, so let’s shut it down,” Dr. Paa Kwesi Nduom claimed in a viral video shared on X formerly Twitter.

    He revealed although the memorandum was presented to the cabinet, there was no consent to Ken Ofori-Atta‘s request to revoke the bank’s operating license.

    In 2019, under the government’s banking sector clean-up, GN Bank (which had become GN Savings and Loans), a company owned by Dr Nduom, had its operating license revoked over reasons of insolvency by the Bank of Ghana.

    Meanwhile, Dr Nduom has asserted that the government still owes two of his companies and other subsidiaries an amount exceeding GH¢7 billion.

    The Securities and Exchange Commission (SEC) had revoked the licenses of 53 fund management companies, including Gold Coast Fund Management, in 2019, leading to the freezing of depositors’ funds.

    Despite ongoing efforts by depositors and investors to retrieve their funds, they have faced challenges in recovering their investments.

    In a recent move to revitalize his companies, Dr. Ndoum has urged the government to reimburse contractors who had borrowed money from Groupe Ndoum.

    “A debt that used to be GH¢1.8 billion is now more than GH¢7.1 billion. It is growing every day with interest. So the government of Ghana and its agencies, if they had paid us even one-third of that money to the contractors six years ago, there wouldn’t be a Gold Coast or Black Shield problem.

    “There wouldn’t be a GN Bank problem, there wouldn’t be a problem with any of our companies. So today, what we are asking is we are saying let them pay the money. If the government doesn’t have the money, let us come up with a payment plan. They pay us, the customers get paid,” he said.

  • Dan Kwaku Yeboah in legal tussel with Nduom over GHS120k debt owed him by the politician

    Dan Kwaku Yeboah in legal tussel with Nduom over GHS120k debt owed him by the politician

    Veteran sports journalist Dan Kwaku Yeboah has revealed that he is embroiled in a legal dispute with Ghanaian businessman and politician, Dr. Paa Kwesi Nduom, concerning an outstanding debt of GH¢120,000.

    During an interview on Okay FM, Yeboah explained that this debt stems from services his printing firm provided for Dr. Nduom’s Today newspaper.

    After the collapse of Nduom’s GN Bank, the debt remained unpaid, creating financial difficulties for Yeboah with his suppliers.

    Yeboah shared that a creditor, represented by a law firm owned by Supreme Court Justice Emmanuel Yonny Kulendi, demanded GH¢35,000 for paper supplies used in the printing process.

    He mentioned that Dr. Nduom initially agreed to settle the debt but subsequently became unresponsive to his calls and messages.

    Kwaku Yeboah emphasized his determination to pursue the case until Dr. Nduom fulfills the alleged financial obligation.

    “He (Nduom) owes me GH¢120,000, which is still outstanding. I managed the printing of the Today newspaper for him, but the payment is pending.

    At first, I communicated with his representatives, but as the delay persisted, I discussed the matter with him. He promised to settle the debt while in the US but later cited health issues as a reason for further delay.

    “The legal proceedings were initiated because I had obtained the printing materials on credit, and one of my creditors pursued legal action through Justice Yoni Kulendi’s law firm, resulting in a financial judgment against me.

    I had to pay GH¢35,000 just for the paper, excluding other costs. This case has been ongoing for over four years, and we are still actively pursuing it in court,“ Yeboah stated.

  • Photo of Paa Kwesi Nduom in his youthful days emerges online

    Photo of Paa Kwesi Nduom in his youthful days emerges online

    In conversations about Ghana’s political and business scene, the name Dr. Paa Kwesi Nduom carries considerable weight.

    Despite his prolonged absence from politics due to health and legal challenges related to the collapse of his banks and SDIs over several years, Dr. Nduom, a prominent business owner, played a crucial role in shaping the Ghanaian economy over an extensive period.

    Through his banks and SDIs, he contributed to job creation and provided financial support to numerous businesses until the Bank of Ghana, the financial sector regulator, identified irregularities and subsequently collapsed these financial institutions.

    In the past 24 hours, the state-owned Daily Graphic, via the X platform, shared a cheerful image of a youthful Dr. Nduom.

    The photo captures his vibrant persona, featuring an afro and a suit, exuding an air of excitement.

    While the exact timeframe of the picture remains unknown, Dr. Nduom’s trademark smile, well-known to many, is unmistakably present.

    See the image below as shared by Daily Graphic:

  • Paa Kwesi Nduom to contest revocation of GN Bank’s license in High Court

    Paa Kwesi Nduom to contest revocation of GN Bank’s license in High Court

    Ghanaian tycoon Paa Kwesi Nduom has received approval from Ghana’s Supreme Court to proceed with a lawsuit in the High Court, challenging the suspension of GN Bank’s license.

    This decision comes after the Supreme Court nullified the Court of Appeal’s previous ruling, which had barred Nduom from contesting the license revocation in the High Court.

    On July 19, 2023, the Supreme Court affirmed the jurisdiction of the High Court to handle the lawsuit filed against the Bank of Ghana (BOG) in August 2019. With the highest court supporting the High Court’s authority, the way is now clear for further proceedings and a final judgment.

    The case will now return to the High Court, where it will be evaluated on its merits.

    In 2018, as part of an effort to restructure the banking industry, the Bank of Ghana revoked the licenses of several financial institutions, including GN Bank, which was under the control of Paa Kwesi Nduom’s conglomerate, Groupe Ndoum.

    Nduom, as the founder of GN Bank, initiated a lawsuit in the High Court to challenge the license revocation.

    However, the respondents, including the Bank of Ghana, argued that arbitration should be the appropriate avenue for contesting the revocation, in accordance with the Specialized Deposit-Taking Institutions Act.

    The Court of Appeal had granted their request, leading to a suspension of proceedings in the High Court and directing the parties to pursue arbitration. Subsequently, Groupe Ndoum appealed to the Supreme Court, which ultimately ruled in favor of Nduom’s position.

    Groupe Ndoum, established by Paa Kwesi Nduom, is a multinational family holding company with Ghanaian and American roots, comprising over 60 independent businesses spanning various industries.