Parliament to probe Ofori-Atta BoG Dubious UniBank Liquidation

The Speaker of Parliament Alban Bagbin has referred the petition by former Governor of the Central Bank Dr Kwabena Duffuor and founder of defunct UniBank to a seven-member committee to probe the questionable circumstances in which the Bank of Ghana and the Finance Ministry caused the revocation of its banking license.

The petition had been submitted to Parliament earlier by Dr. Duffour and it was tabled by the Bawku Central lawmaker Mahama Ayariga.

When the petition was tabled, it was rigorously challenged by Minister for Parliamentary Affairs Osei Kyei-Mensah-Bonsu claiming the matter was before a court.

However, Speaker Alban Bagbin overruled the challenge saying the report of the committee’s work will be handled in a manner such that it will not affect the court procedure.

In the petitions, Dr Duffuor is asking the committee to restore the license of the bank.

“Investigates the conduct of the Bank of Ghana in the takeover, the appointment of an Official Administrator of uniBank Ghana Limited, and the circumstances of the revocation of the banking license of uniBank Ghana Limited. Directs the restoration of the banking license of Unibank Ghana Limited by the Bank of Ghana and the remedying of the harms done to the shareholders’ property rights as a result of the conduct of the Bank of Ghana,” parts of the order paper announcing the petition noted.

Meanwhile, a similar petition has been laid before Parliament by Prince Kofi Amoabeng, the founder of UT Bank, who also claims the Bank of Ghana deliberately frustrated his bank into liquidation.

 “Investigates the conduct of the Bank of Ghana and the Ghana Stock Exchange for the revocation of UT Bank’s license and delisting the bank without due regard to the rules of Administrative Justice guaranteed under article 23 of the 1992 Constitution,” the former boss of the defunct UT Bank stated.

“Directs the restoration of the banking license of UT Bank Limited by the Bank of Ghana and the remedying of the harms done to the shareholders’ property rights as a result of the conduct of the Bank of Ghana.”

The BoG banking sector clean-up between 2017 and 2019 has been fraught with controversies as some seven indigenous banks were closed down for not meeting the so-called GHC 400 million minimum capital requirement.

However, many of these banks are challenging the basis of their liquidation by the central bank, citing deliberate targeting.