ADB saga ADB head office not for sale - MD

Mr. Stephen Kpordzih has refuted reports that the ADB head office is for sale.

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Stephen Kpordzih, MD, Agricultural  Development Bank play

Stephen Kpordzih, MD, Agricultural  Development Bank

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The Managing Director of the Agricultural Development Bank (ADB) has debunked reports that the bank's head office is for sale.

Reports indicated that the bank has sold its head office for $10 million “only to pay a monthly rent of Gh¢1 million for a new office.”

The move by management of the bank is to pay a monthly rent of GHC1million for a new office which has caused a controversy and dissatisfaction amongst the bank’s staff.

The bank is paying the one million cedis monthly rent to the AFC, a building it has 10% stake in.

Management of the bank, however, said the decision was a prudent one because about 40% percent of the head office staff were housed in other buildings in the city.

But the MD at a press conference however denied the reports describing them as false. Read more ADB sells head office for $10million

According to him, the bank had to relocate its headquarters at ADB house off the Independence Avenue in Accra due to lack of space. He said they needed a “bigger place” to see to the daily operations of the bank hence the need to search for a new place.

He noted that the bank pays $37 per square metre at the new office and that comprises the furnishings and the space adding that, ADB has paid Gh¢5.6 m in six months as rent at the Accra Financial Centre (AFC).

Concerns over dwindling fortunes of ADB Bank have caused the staff of the bank to push for the dissolution of its board.

Another key issue of concern to the workers of the state-owned financial institution is the alleged sale of its landed properties in prime locations such as Airport Residential Area, Roman Ridge, Sakumono, among others.

The workers have  also demanded the immediate reversal and unconditional sale of the ADB House as well as suspension of the Initial Public Offer (IPO) of its assets.

Mr. Stephen Kpordzih, however, added that the land belongs to ADB but had to give it to a private investor to develop it. "Per the agreement with the private investor, ADB as shareholders own 10% stake in the building although they are tenants."

Meanwhile, the minority New Patriotic Party has threatened to sue the bank for trying to sell about 75% of shares on the stock market without seeking parliamentary approval. Read more Minority NPP drags ADB to court

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