Groupe Nduom (GN) Ghana has called on the general public to respect the rights of its company, shareholders, directors, employees and customers.

This, the company said, is in line with the 1992 Constitution, which mandates the prevalence of the rule of law and guarantees the human rights of every citizen. 

A statement issued by GN’s corporate affairs unit on Friday, 28 August 2020, said it has observed to its dismay, “several political party members (including elected officials who should know better), person(s) purporting to belong to security agencies and professional service providers who are actively infringing on our rights.” 

According to company, it wants to let everyone know for the avoidance of doubt “that shareholders of GN Savings and Loans Company Limited have an ongoing case being heard in the Human Rights Division of the High Court against the Bank of Ghana (BOG) and others, seeking the reversal of the revocation of the Company’s licence.” 

The statement continued: “BlackShield Capital Management, is also seeking the reversal of the revocation of its licence by the Securities and Exchange Commission (SEC)” and “while the matters remain in court, the main shareholder, Dr Papa Kwesi Nduom has refrained from making public statements about any of the cases in court.” 

It, therefore, advised the public to do the same and to stop any acts that will undermine the values of the assets of the two companies.

The Bank of Ghana (BoG), on Friday, 16 August 2019, revoked the licences of 23 insolvent savings and loans companies and finance houses including GN Savings and Loans.

The central bank's action was taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.

The Bank of Ghana appointed Mr Eric Nipah as the Receiver for the specified institutions in line with section 123 (2) of Act 930.