• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Thursday, May 19, 2022
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Northern group condemns revocation of Heritage Bank’s license

Nii Larte LarteybyNii Larte Lartey
January 9, 2019
Reading Time: 3 mins read
ShareShareShareShare

A group calling itself the Concerned Northerners Youth, has described as ‘evil’, the decision by the Bank of Ghana (BoG), to revoke the license of Heritage Bank Limited.

The group, which has heavily defended the Bank and its majority shareholder, Seidu Agongo, who is standing trial in the Cocobod case, said the circumstances that led to the collapse of the bank smacks of nothing but tribal discrimination against people from the northern part of the country.

Last week, Heritage Bank’s license was revoked due to a suspicious stated capital, as well as their inability to meet the new 400 million minimum capital requirement, according to the Central Bank.

[contextly_sidebar id=”50FtLievSUkH0P7fWJDNbmd3z9tcoJhg”]Governor of the Central Bank, Dr. Ernest Addison also suggested that, the involvement of the bank’s majority shareholder, Seidu Agongo in the ongoing alleged fraudulent COCOBOD fertilizer contract trial, means he’s unfit to hold a banking license.

But in a statement issued by the group, the concerned youth indicated that they cannot fathom why the central bank decided to move against Heritage Bank although they had almost concluded on getting an investor to meet the minimum capital requirement.

“And what insult can one accept from a person like him except describing a fellow human being as not fit and proper? What is the crime of Mr. Agongo? That he was accused but not proven guilty? To avoid suspicion of the planned evil against the Bank, Dr. Ernest Addison made himself a law and declared that the majority shareholder Mr.  Seidu Agongo’s involvement in a ‘criminal proceedings’ in court made him “not fit and proper” to own a Bank.”

“For the records, Heritage Bank met the minimum capital requirement without question. The source of its majority shares has been stated honestly as funds the majority holder; Mr. Seidu  Agongo got from a contract he had with COCOBOD. Is it now a crime to make and invest money from contracts? Seidu Agongo never borrowed from his own Bank, there was no regulatory infractions by the Bank, the Bank has always complied with all regulations of the Bank of Ghana, does not launder money, has a strong balance sheet, very solvent with no liquidity issues, Why has it been treated this way? Where should its numerous staff go to feed?”

“The Bank of Ghana’s recent ‘clean up’ of the banking sector may have resembled a reasonable exercise worthy of praise, but some evil sins deliberately by the Bank against Heritage Bank which is not, and has not been insolvent is making nonsense of the real intention of the so-called clean up exercise.”

“Every reasonable Ghanaian should fear this dangerous precedence being championed by Bank of Ghana’s Dr. Ernest Addison. Not even the common sense dictum that a man is presumed innocent until proven guilty has cautioned Dr. Ernest Addison to resist the pushing by his whimsical masters to let reason prevail.”

The group appealed to “civil society organisations, clergy, Chiefs, well meaning Ghanaians and stakeholders who are interested in a vibrant banking sector for Ghana and mean well for the economy, and worried about the unemployment canker threatening our security as a nation to appeal to the Bank of Ghana to rethink its decision of revoking the license of Heritage Bank.”

“Let’s all be guided by the remarks of the renowned Economist from the University of Cape Coast, Prof. John Gatsi that the action of the Bank of Ghana and Dr. Ernest Addison who have made  themselves a law and declared Mr. Seidu Agongo not fit and proper to own a Bank; “unfair and a dangerous precedent”. Let’s watch it.”

–

By: citinewsroom.com|Ghana

ShareTweetSendSend
Previous Post

Africa, katowice and climate equity: The dragon that will not be slayed! [Article]

Next Post

Moving beyond the Normalization of football administration in Ghana [Article]

Related Posts

Top Stories

It’s time for Africa to prosper; reduce dependence on foreign aid – Nana Addo

May 19, 2022
Top Stories

NDC suspends Amasaman Constituency chairman for issuing fake party cards

May 19, 2022
General

IT Consortium’s fundraiser app Chango, raises GHS 67,500 for National Cardiothoracic Center

May 19, 2022
Top Stories

One arrested in Bawku over armed attack on traders at Binnaba market

May 19, 2022
Top Stories

Takoradi fake pregnancy case: Court asks defense to file witness statements by June 7

May 19, 2022
Politics

I’ll build a united NPP to break the 8 – Aspiring Ashanti Regional Chairman

May 19, 2022
Next Post
Normalisation Committee

Moving beyond the Normalization of football administration in Ghana [Article]

TOP STORIES

It’s time for Africa to prosper; reduce dependence on foreign aid – Nana Addo

May 19, 2022

NDC suspends Amasaman Constituency chairman for issuing fake party cards

May 19, 2022

IT Consortium’s fundraiser app Chango, raises GHS 67,500 for National Cardiothoracic Center

May 19, 2022
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT