Felix Addo leads restructuring process of NIB

A consultant in restructuring and insolvency, Mr Felix E. Addo, has been appointed advisor to the National Investment Bank (NIB) to oversee the restructuring of the state-owned lender.

The Bank of Ghana (BoG) announced the appointment of Mr Addo, who is the President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA), in a press statement copied to the GRAPHIC BUSINESS.

The NIB is part of five indigenous banks that are benefiting from the Ghana Amalgamated Trust (GAT) arrangement.

It was given an advisor on January 4, 2019.

BoG’s January 25, 2019 statement said Dr Addo was expected to help restructure NIB through governance and management reforms and streamline its business model to help refocus it as a bank to industrialisation.

“He will stay in the bank until otherwise advised by the BoG,” the statement said.

While there, the central bank said he would furnish the BoG with a status report on the bank as frequently as it may require.

It explained that his status as advisor “does not take over the powers, responsibilities, and duties of the bank’s shareholders, directors, or management.

“Under Act 930, the Advisor may attend meetings of the Board of Directors without voting at such meetings,” it explained.

Assurance

The central bank used the opportunity to assure depositors and customers of NIB that the bank remained open for business under the control of the its own management, and that customers’ deposits are safe.

The statement said the central bank remained committed to promoting a strong and resilient banking sector that retains the trust and confidence of the general public.