ADB saga ADB head office not for sale - MD

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

  • Published:
Stephen Kpordzih, MD, Agricultural  Development Bank play

Stephen Kpordzih, MD, Agricultural  Development Bank

24/7 Live - Subscribe to the Pulse Newsletter!

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

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233547385856, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos





Top Articles

1 Pulse Review A dose of Charlotte Osei and Nana Addo’s 6 months of “nothing”bullet
2 Diplomatic Ties Ghana's new ambassador to US meets Trumpbullet
3 Charlotte Osei EC boss is lying against me - Amadu Sulleybullet
4 Confusion at EC Amadu Sulley accused of ‘illegally’ taking GHC6m...bullet
5 Ashanti Region 4 killed in galamsey pit collapsebullet
6 National Service NSS registration turns chaotic as soldiers...bullet
7 Confusion at EC EC chair accuses her deputy of signing...bullet
8 Atta Mills Death Son of the late Prof wants to know how...bullet
9 Western Region Soldier arrested for blackmailing lover...bullet
10 Nayele Ametefe Court orders confiscation of drug...bullet

Top Videos

1 WATCH Kennedy Agyapong dances wildly to hip hop song in hilarious videobullet
2 Prophecy Hundreds will die in floods in 2017 – Prophet revealsbullet
3 Watch Adwoa Safo claims credit for Mahama's projectbullet
4 Capt. Mahama's Death The account of this 10-year-old will leave...bullet
5 Lynched Soldier Residents of Denkyira-Obuasi mourn Maj. Mahamabullet
6 Lynched Soldier Listen to the man who hit Capt. Mahama's head...bullet
7 Vitiligo Enam Honya - is challenging what you think about beautybullet
8 Ghana@60 Agya Koo embarrassed Ghana at Independence Day -...bullet
9 Health Alert Fufu is killing Africans - Mensah Otabilbullet
10 Meet "The Beast" President Obama's Cadillac that's...bullet

News