UBA, formerly known as Merchant Bank, was alleged by the leading figures of the NPP to have been sold to the ex-president's brother, Ibrahim Mahama.
UMB, formerly known as Merchant Bank, was alleged by the leading figures of the NPP to have been sold to the ex-president's brother, Ibrahim Mahama.
The ex-president's brother was accused of taking a loan facility from the bank but was unable to refund the money, leading to the bank having liquidity challenges. The bank was then sold to him, according to his critics.
Commenting on the revelation by Mr Blay's spokesperson that UMB financed the purchase of the buses, Mr Mahama mocked if his brother's bank actually financed the purchase of the buses.
"$11.4 million Freddie Blay buses ahead of NPP election financed by Universal Merchant Bank,?" he mockingly asked.
"I thought Merchant Bank was sold to my brother, Ibrahim? So Ibrahim Mahama's bank financed the 275 buses for Blay & NPP? LOL!"
The purchase of the buses has generated controversy ahead of the party's annual delegates conference to elect new national executives.
Many political watchers have described the move as a vote buying antics.