Insider Abuse At NIB And The Need For BoG To Call Management To Order

NIB NIB

Insider dealings in commercial banks, especially NIB, have reached a level where the Bank of Ghana, which is the regulator, should urgently find ways of curbing the incessant fraudulent activities in the Ghanaian bank.

Already, there is a growing concern among depositors, arising out of the closure of 16 universal banks. The reasons given by the Central bank for the decision is not farfetched.

Some of the reasons include, poor corporate governance and lack of effective sanction of offenders.

These factors and many more are noted as being responsible for the high rate of staff connivance in bank- related fraud, for which most of the offenders are only punished with dismissal.

As a newspaper, we take exception to the decision of management of NIB, not cracking the whip on a staff, who was complicit in the bank almost losing millions of Ghana cedis.

According to the NIB HR Newsletter published in June under the heading dismissal, "Bright Addison Addai, Law Court Branch, dismissed on June 24, 2020 for involvement in an unsuccessful cloned cheque transaction of GHS3.54 million".

It is from this perspective that this newspaper is compelled by the implication of this development to urge the Bank of Ghana to call management of the bank to answer questions, regarding how they intend to protect depositors' funds.If the the regulatory authorities are not worried, the banking public whose deposits fall victim to this malfeasance are.

NIB is a state owned bank and it is the responsibility of each and every one of us to ensure that, the bank does not go under, as happened to the likes of Bank For Housing and Construction.

It is a given that some of our banks are battling liquidity challenges , this has become apparent because of insider abuse by staff, who are very conversant with the system and know they will get away with theft.

Source: www.theheraldghana.com