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uniBank Takeover Bawumia, Addison 'ungrateful' to Duffuor - NDC MP

The NDC MP accused the Bawumia and Addison of being ungrateful to former Finance Minister Kwabena Duffuor for taking his bank, uniBank.

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Member of Parliament (MP) for Bolgatanga Central Constituency, Isaac Adongo has taken swipe at Vice President Dr Mahamudu Bawumia and Governor of the Central Bank Dr Ernest Addison for cutting the hand that fed them in opposition.

He accused the duo of being ungrateful to former Finance Minister Kwabena Duffuor for taking over his bank, uniBank.

Speaking to students of Tamale Technical University TEIN on Saturday, Mr Adongo warned Dr Bawumia and Dr Addison to be careful.

READ MORE: Kwabena Duffour sponsored Nana Addo to defeat Mahama - NDC man alleges

"Dr Mahamudu Bawumia, I want to tell him here and now, it was Dr Kwabena Duffuor who gave Dr Mahamudu Bawumia his career as a banker at the Bank of Ghana.

"I want to tell Dr Addison that it was Dr Kwabena Duffuor who recruited you into the Bank of Ghana and created a career path that led you to US and now you are back to Bank of Ghana," he said.

Member of Parliament (MP) for Bolgatanga Central Constituency, Isaac Adongo play

Member of Parliament (MP) for Bolgatanga Central Constituency, Isaac Adongo

 

He added: "You cannot cut the finger that fed you. And the people of Ghana must see the political angle to this story."

On Tuesday, March 20, in exercise of its powers under Sections 107 and 108 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) the Bank of Ghana has appointed KPMG as official administrator for UniBank.

The appointment is aimed at saving UniBank from imminent collapse.

It will prevent potential losses to depositors and other creditors, and ensure that the financial condition of the bank does not create further risks for the entire financial system.

Former Finance Minister  Kwabena Duffuor play

Former Finance Minister Kwabena Duffuor

 

But the NDC MP in rebuttal claimed the loan amount of 700 million cedis the Bank of Ghana wrote off was a deliberate ploy to cripple Unibank, as no bank would have survived that.

"You say you cannot understand why they (Unibank) were able to increase loans by 700 million. In one year you say Unibank paid 700 million.

READ ALSO: uniBank takes over ADB

 

"What do you do? You go on site, spend some time to audit their books and establish it," he noted.

He said "But you decide that you want to write off 700 million. When you write off 700 million against any bank in Ghana, it will register a negative capital adequacy. So they forced Unibank to register a negative capital adequacy so that they can kill it."

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