ADB saga Minority NPP drags ADB to court

The minority NPP has defended its decision to sue the Agricultural Development Bank.

  • Published:
Stephen Kpordzih, Managing Director of ADB play

Stephen Kpordzih, Managing Director of ADB

24/7 Live - Subscribe to the Pulse Newsletter!

The Minority in Parliament has defended its decision to drag the management of the Agricultural Development Bank (Adb) to court.

The NPP threatened to sue the bank for trying to sell about 75% of shares on the stock market without seeking parliamentary approval.

The company has been given the approval to offer its shares on the stock market to enable the bank expand its operations. The bank is expected to offload a little over 100 million shares to the public by the end of April with the aim of generating about GH¢300 million.

But speaking on Citi FM, a member of the Minority in Parliament, Alex Afenyo Markin insisted that the matter should be brought to Parliament to enable them scrutinize  the deal.

“We are saying that as the people’s representatives ADB should bring to Parliament, all their investments plans.

The intention to go to the stock, whatever that they want to do with which ever money that they receive, we should have the opportunity as the people’s representative, working with government to scrutinize it so that there will be value for money,” he said.

Afenyo Markin argued that it is important for the matter to be tabled before Parliament since it will enable them “look at this transaction, how the fund are going to be used after the shares have been floated, and all that, scrutinize same and examine whether or not it will be in the interest of the people for the business entity which is owned by them to be trading on the stock exchange.”

He explained that it is also “for the purposes of constitutional, accountability and transparency, it cannot be said that cabinet approval alone is sufficient in a matter like this.”

In a related development, workers of the Agricultural development bank (ADB) are calling for the immediate dissolution of the board of directors of the bank and the dismissal of the Managing Director, Stephen Kpordzih to save the financial institution from imminent collapse. Read more ADB sells head office for $10million

The staff are also questioning why the bank’s head office was sold at $10 million and another premises rented at GH¢1 million per month.

 “I believe that if all these things had come to Parliament for parliamentary scrutiny perhaps we could have looked at some of these things and properly put across our views,” Afenyo Markin added.

Source: Citifmonline

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos





Top Articles

1 Women’s March Women in Accra march against Donald Trumpbullet
2 Vetting Ablakwa replies Osafo Marfo over 'small boy' commentbullet
3 Homosexuality Dag Heward-Mills’ anti-gay sermon causes controversy...bullet
4 Photo Duncan Williams leads prayers at Donald Trump's inauguration...bullet
5 Energy Minister-Designate I was shot during PNDC era – Boakye...bullet
6 Koforidua Ghanass student killed after tree falls on him; 6...bullet
7 Yahya Jammeh Devout and erratic ex-leader of The Gambiabullet
8 Social media reaction Dag Heward-Mills' anti-gay sermon...bullet
9 Leadership UN appoints ex-president Mahama to top positionbullet
10 Fired! We will ‘definitely lay off’ people appointed...bullet

Top Videos

1 In Zimbabwe President Mugabe’s 70 year-old aide marries his 23-year-old...bullet
2 Refugee Ghanaian to lose fingers after 7-hour trek to cross US borderbullet
3 Vitiligo Enam Honya - is challenging what you think about beautybullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 Obinim saga We had sex only once - Obinim victims confessbullet
6 Kwame Nkrumah Interchange Water leaks from hole in wall at new...bullet
7 Video Taxi driver terrified after an encounter with a ghostbullet
8 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
9 Meet Aisha the female mate who aspires to be a driverbullet
10 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet

News