Business

Samuel Sarpong appointed MD of NIB

The Former Chief Operating Officer at Ghana Commercial Bank (GCB) Samuel Sarpong has been appointed as new Managing Director of National Investment Bank (NIB) subject to the Bank of Ghana’s approval.

This is what JoyBusiness has picked up from persons close to shareholders of the bank.

Who is Mr Samuel Sarpong

Until his appointment, Mr Sarpong was working with a private consulting firm.

In 2017 Mr Sarpong stepped down as Chief Operating Officer at GCB to set up his own private consulting firm.

He also acted on several occasion as the Managing Director of GCB.

Mr Sarpong holds a degree from University of Guelph, Ontario Canada ( M.Sc Agric ) and an MBA from Wifrid Laurier University Ontario Canada.

He also served as a policy adviser in the Ontario Ministry of Agric and FOOD and Ministry of Economic, Development and Trade, Canada from 1990 to 1995.

In 1996, he joined the Canadian Imperial Bank of Commence holding senior roles in credit risk management, including Director, Lending products.

In 2005, Mr Sarpong joined General Electric Corporations, Consumer Lending Business GE Money Canada and as Senior Manager at General Electric, he served as risk leader for three business Units – Credit Cards, Risk Infrastructure and Fraud and Mortgages.

Why the new appointment?

The decision follows concerns by shareholders of the National Investment Bank and the Ghana Amalgamated Trust (GAT) over how the bank has been managed.

This led to shareholders and GAT asking the current Managing Director, Dr John Kweku Asamoah to step aside.

Sources at the bank say the shareholders together with GAT wanted to take steps to assure persons who are investing in GAT corporate bond that they are also taking measures to put NIB on a strong footing, following issues with its financials and certain decisions taken by the board and management of the bank.

However, persons close to the current Managing Director, Dr John Kweku Asamoah have rejected arguments that the bank was mismanaged under their leadership.

Changes at NIB Board

Economist and finance ministry representative on the board, Michael Ayesu appointed as acting Board Chairman.

It follows the decision by the current Board Chairman Togbe Afede XIV to resign from the board.

He was educated in Ghana and the United Kingdom.

He holds a Bachelor of Arts Degree in Social Sciences (Economics & Sociology) and a Diploma in Education from the University of Cape Coast.

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