The First Allied Savings and Loans Company has been hit by panic withdrawals following reports that a shareholder by the name “Nyantakyi” is to take over the company.


Management said the panic withdrawals started after investigative journalist, Anas Aremeyaw Anas, premiered his ‘Number 12’ exposé on corruption in football.

The documentary captured over 77 football officials and referees engaging in various acts of misconduct and alleged corruption.

Resigned Ghana Football Association (GFA) president Kwesi Nyantakyi was among those captured in the exposé, leading to his resignation from roles with FIFA and CAF.

Management of the First Allied Savings and Loans company said its customers have been rampantly withdrawing their monies, in what they describe as a case of mistaken identity.

Confirming the story to Accra-based Citi FM, a management representative of the company, Yaw Antwi, said they noticed the situation after their weekly withdrawal level hit an all-time high.

“We realized a lot of people were coming into our branches to withdraw which was much more than our liquidity plan. So after about a week, we realized that we had shot through the roof with withdrawals. That was just around the time we got to know that there is news in town that we have one share holder called Nyantakyi and that government is looking to lay hold of his assets,” he said.

“People had acted on that information and thronged into the banking hall to take their money. So it was then we realized that it was not just a normal withdrawal but some false information that is going on.”

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Mr. Antwi explained that the company is losing as a result of the massive withdrawals and clarified that, contrary to reports that have been speculating, there is no shareholder by the name Nyantakyi.

He, therefore, urged customers to not to withdrawal their monies from the savings and loans company, assuring that their funds are safe and secured.

“We don’t have any shareholder by name Nyantakyi so all our customers should be calm,” he said, adding that the company is working assiduously to rectify any challenge caused by this misinformation.