Dr Nduom Files For GN Savings and Loans’ Licence To Be Restored Whilst He Sues BOG For Violating his Rights

1 min


Dr Nduom, CEO of the GN Group, is not lying down easily as government goes after his companies.

Nduom has sued the Bank of Ghana for his company’s licence which has been revoked to be restored.

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According to him, the BOG did not take into account evidence provided by his bank that a huge chunk of their debt is due to lending money to finance government projects or government backed contractors.

That, he argues, should have been considered in the decision to declare them insolvent but it wasn’t, making the decision a wrong one and a violation of the rights of himself and his company.

Whilst that case is being heard, Nduom has also applied for an injunction to be placed on the decision to revoke the license of GN Savings and Loans.

Nduom is asking the court to restore the firm “to its specialised deposit-taking license pending the determination of the originating motion.”

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That injunction, if granted, would allow GN to resume operations whilst the substantive case is being heard in court.

Source: GhanaCelebrities.Com


Nii Smiley Byte
Nii Smiley Byte, often called Moonbyte but sometimes called Godwin, is the Managing Editor of GhanaCelebrities.Com. He also moonlights as a fixer for foreign journalists travelling to Ghana for work. Nii has three strong passions in life -- football, blogging and music -- in that order. When you don't find him behind his laptop doing this, you'll find him watching football or chatting with friends - sometimes all three at the same time. His motto is that 'you can do everything you set your mind to', stolen without regret from the greatest rapper the world has ever seen, Eminem. Nii is a secular humanist who sees religion as Africa's biggest obstacle to progress. To reach him for writing or fixing gigs, contact [email protected]