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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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KENYA-NBK on the spot over failure to reveal sacking of CEO

bycitibusinessnews
April 26, 2016
in Africa, East Africa
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Troubled lender National Bank is once again on the spot for belatedly reporting the exit of its chief executive and two other senior managers without notifying the capital markets regulator and the investing public within 24 hours as required by law.

Munir Sheikh Ahmed, the bank’s suspended chief executive, last week revealed that he left National Bank’s corner office on April 13, 2016, a fortnight after he was sent on compulsory leave along with five other senior executives.

National Bank on Friday sent a notice to the Capital Markets Authority (CMA) and the Nairobi Securities Exchange (NSE) notifying them of the management changes – more than a week after Mr Ahmed had left.

National Bank’s regulatory filing, made public on Monday, also says the bank’s chief finance officer, Chris Kisire, and executive director in charge of corporate institutional and business banking, Boniface Biko, had left.

Companies listed at the Nairobi bourse are required to notify the public and the CMA of all material information – such as executive changes, profit alerts – within 24 hours of their occurrence.

“An issuer shall disclose all material information … within 24 hours of the happening of the event,” the CMA regulations state. This is the
second time in less than a month that NBK is breaching listing regulations, having reported a Sh1.15 billion full-year loss without prior warning to investors as is provided by law.

The CMA on April 8, 2016 disclosed that it had fined National Bank an undisclosed amount for failing to publicly issue a profit alert ahead of announcing a loss.

National Bank declined to comment on this story and the mid-sized lender also refused to confirm the exact date it sacked Mr Ahmed.

“I’ve exited. It was a sack. Suspension was a nice way of putting it,” said Mr Ahmed last Friday in an exclusive interview with the Daily Nation.

Mr Ahmed regretted that the public sector does not reward performance, noting he had helped the bank diversify its products, cut expenses to improve cost to income ratio, grow balance sheet and use technology to improve operations.

“I took up this job with a lot of enthusiasm. But I’ve now established that doesn’t work well in public sector. It creates a lot of enemies,” said Mr Ahmed who took over the bank on August 1, 2012.

Wilfred Musau, the bank’s director of retail and premium banking, is now acting managing director of the bank pending fresh recruitment of a CEO.

Kenya’s capital markets regulator Monday said it was duly notified of the executive changes at NBK last Friday and was seeking proof that there was a one-week delay in making public the notice.

“We would welcome any evidence that may be in your possession that would suggest the above referenced notice of changes in management was lodged out of time to inform appropriate action by the authority,” CMA said in response to queries from the Business Daily.

–

Source: Business Daily

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