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TTU loses GHC4.5m investment in Brooks Financial Services



Reverend Professor John Frank Eshun

TTU loses GHC4.5m investment in Brooks Financial Services

The Takoradi Technical University (TTU) is ruing over a GH¢4.5million investment it made in Brooks Financial Services.

The University it has emerged is unable to recoup the said investment due to the demise of the financial institute over two years now.

The purported investment, Sources within the University divulged to Empire FM in Takoradi was done on the blind side of the University’s governing Council.

The botched investment was said to have been done by the University’s Vice-Chancellor Reverend Professor John Frank Eshun, without the approval of the University’s governing Council.

It is being alluded by insider sources that the Vice-Chancellor was influenced to do the said investment by a government member on the Council.

The Vice-Chancellor confirmed the story and directed Empire News’ Emmanuel Ohene-Gyan to the director of Finance, Mr. Emmanuel Boadi to comment on the disturbing outcome.

All efforts to get Mr. Boadi’s response have been unsuccessful.



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Armed Police officers storm NAM1 mother’s house to ‘gather information’



rmed Police officers storm NAM1 mother’s house to ‘gather information’

Heavily armed Police officers have stormed a house in Cape Coast belonging to the mother of Nana Appiah Mensah who is wanted for alleged fraud and money laundering in the Menzgold Ghana saga.

Residents told the officers, numbering about 20 arrived at the huge one-storey house located at Adaaso at about 11:20 Sunday in search of Nana Appiah Mensah who is popularly known as NAM1.

Sources within the Central Regional Police Command have confirmed the ‘friendly visit’ to the house by a team of officers from Accra and Cape Coast but did not give further details except to say they were there to “gather information,” our correspondent Thomas Cann reported.

According to the sources, “no one was arrested” and that the visit was part of investigations by Interpol in the case being handled by the Police Criminal Investigations Department. It is unclear whether the officers met the mother, Mrs. Ivy Brew, who is said to be the owner of the property that sits on a large compound.

What happened?

A neighbour who witnessed the incident Sunday morning said they were there when suddenly “we just saw a lot of police [officers] at my next door. Apparently, they were looking for NAM1”

The source who spoke on condition of anonymity said the residents they initially thought the officers were in the neighbourhood because of an armed robbery, but it turned out they were after NAM1

“Initially, we thought it was armed robbery but later we heard they were looking for NAM1,” the source said, noting she never knew the property belongs to NAM1’s mother until Sunday’s incident.

People in the area told our correspondent Monday that aside someone in the house who is believed to be a caretaker, hardly do they see people moving in and out of the property that has been walled with electric fence wire.

According to them, once in a while, they find people come in and go.

When our correspondent visited the area Monday, the gate to the house was locked.

“There was a gentleman at the gate who told me his boss has asked him to come to the house to do something for the woman. For 30 minutes he has been at the gate without anyone responding to ringing of the doorbell,” Thomas Cann reported.

Police on Friday declared NAM1 wanted as they secured a warrant for his arrest.

The action by the Police followed a series of protests from aggrieved customers who have had their investments running into several thousands of dollars locked up in NAM1’s Menzgold firm.

“We are looking for him [Nana Appiah Mensah] to be arrested and that we have even obtained a warrant of arrest,” Director of the Police CID, DCOP Maame Yaa Tiwaa Addo-Danquah, said in a statement Friday.

The Police have since notified Interpol to arrest Nana Appiah Mensah who is believed to be hiding in either South African or Nigeria.


The Bank of Ghana in August last year issued a public notice that Menzgold Ghana Limited is not licensed and has no authority to engage in the solicitation, receipt of money or investments and the payment of dividends or returns to its clients which is captured in Section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It also hinted of impending sanctions, saying after several cautions to Menzgold, it has started discussions with relevant regulatory authorities to sanction them for breaching the law.

Though Menzgold called the bluff of the central bank, it was forced to shut down in September 2018 by the SEC.

As part of the shutdown notice, the firm was ordered not to take new contracts (investments).

SEC claimed evaluation of Menzgold’s documentations show the company does not have the licences to trade in gold, and that, its operations are in breach of Act 929 “as well as a threat to unsuspecting and uninformed investors”.

The company has since been in tango with SEC as well as customers and investors who are demanding their returns and investments.

But when the issues appeared to have escalated due to pressure from the customers, Nana Appiah Mensah run to parliament with a petition to intervene so the company can resume operations and pay its customers.

Intervene for us to resume operations – Menzgold begs Parliament The company pleaded with the House to particularly intervene in the impasse between it and the SEC, which the company claimed has caused delays in paying its customers interest on their investments.

The company claimed in the petition to the Finance Committee of Parliament that the complete shutdown of its gold collectible vault by SEC has “caused a lot of serious challenges for the company and its customers [both local and foreign]”.

Accordingly, the firm wants parliament to “intervene and help resolve this matter amicably”.


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GH¢2bn GAT: Addison lied – Isaac Adongo



GH¢2bn GAT Addison lied – Isaac Adongo

GH¢2bn GAT: Addison lied – Isaac Adongo

A member of the Finance Committee of Parliament, Isaac Adongo, on Friday, 11 January 2018, accused the governor of the central bank, Dr Ernest Addison of deceiving the public as far as the status of the Ghana Amalgamated Trust (GAT) vehicle which is to be used to shore up the recapitalisation drive of some five struggling local banks, is concerned.

GAT is an arrangement of private pension funds to inject GHS2 billion into supporting solvent and well-run indigenous banks, which had difficulties meeting the new minimum capital requirement of GHS400 million.

The banks are the merged Omni/Sahel Sahara Bank, Universal Merchant Bank, Prudential Bank, ADB and NIB.

The Bolgatanga Central MP’s accusation comes in the wake of mounting pressure on the central bank and the government to disclose the real faces behind the GHS2 billion support to the five banks under the GAT arrangement.

Speaking to Francis Abban on Morning Starr, Mr Adongo said the BoG governor has not been sincere about the status of the Trust to the public.

“No pension fund had invested one cedi in any of those five banks. That’s a fact… Ghana Amalgamated Trust was created on the 17th of December 2018, issued with the certificate to commence business the same day. When did they raise the 2 billion and from whom, by 31st December?

“So that’s a complete lie. You know who owns Ghana Amalgamated Trust? National Trust Holding Company (NTHC). Is that the pension funds that he’s talking about? The National Trust Holding Company owns hundred per cent of Ghana Amalgamated Trust, as a nominee shareholder for the government… When they say nominee shareholder, as representing the government and because it’s a nominee shareholder, it doesn’t have to cough up stated capital of two billion,” he said.

Disclosing faces behind GAT will boost confidence

Following the announcement of the package on 4 January 2018, the central bank came under heavy criticism for eliminating some local banks from benefiting from the scheme—an accusation Dr Ernest Addison dismissed as untenable, arguing that the regulator had nothing to do with the selection of the five banks.

Speaking on the Business Edition on Wednesday, Banking Consultant Dr Richmond Atuahene contended that revealing the identity of the sponsors would boost investor confidence in the bond to be issued to raise the GHS2 billion.

“If you want me to issue a bond, who is backing it? Can this institution, the GAT, worth their salt, go into the market and say that: ‘We are issuing this so back us?’ Whatever way you look at it, there are a few fiscal issues.

“If I were going to buy that bond, I would ask: ‘Who the sponsors are?’ You tell me GAT.

Then who set the GAT up? What’s the ownership, the ownership identity? If there’s no ownership identity, it would be very difficult for me to participate in it because at the end of it all, should something go wrong it means I won’t have a fallback position,” he said.


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5 Facts about NAM 1 being Declared Wanted by Interpol you Must Know



5 facts about NAM 1 being declared wanted by Interpol you must know

5 Facts about NAM 1 being Declared Wanted by Interpol you Must Know

In the last couple of days, there have been a hue and cry about Nana Appiah Mensah was otherwise known as NAM 1 not being on INTERPOL’s public website but a security person who has worked with the body for more than three decades has unveiled facts that may not be known to many which is why they are making such comments.

He disclosed to on grounds of strict anonymity issues about how INTERPOL operates is highly restricted, since it is an international security body hence cannot give all details about its mechanisms to the public.

“However, we can say that like all security institutions, and even public ones, there is the public website and the restricted one”

1. INTERPOL does not just publish a person because a country says that person is wanted. There are rules for putting people on the wanted list, be it public or otherwise.

2. For very good reasons, not all persons who are on INTERPOL’s wanted list are on the public website. For security reasons, we cannot go into details about all of that.

3. What I can say, however, is that Ghana has requested that NAM 1  should be declared at the INTERPOL level as a wanted person and thankfully that request has been granted. It means that he is very likely to be stopped anytime he tries to cross the borders of any of the 194 member countries.

4. Once he is stopped, then the process of bringing him back to face trial will be triggered. (They cannot give all the details).

5. Moreover, we want to assure the public that INTERPOL is not the ONLY way by which a wanted person is returned to the country where he is wanted. The Ghana Police service has triggered all the processes (which again cannot put into the public domain because of their international nature, and they know international security matters are highly confidential).


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TUC to Meet over GHC2bn Private Pension Funds Support for ‘distressed’ Banks



TUC to meet over GHC2bn private pension funds support for ‘distressed’ banks

TUC to Meet over GHC2bn Private Pension Funds Support for ‘distressed’ Banks

The Trades Union Congress(TUC) has hinted of a meeting to be held Monday January 14, to consider government’s decision to support some solvent but distressed banks using private pension funds without negotiations with fund managers or contributors.

The government announced plans to use two billion cedis of the pension funds through a specially created entity, the Ghana Amalgamated Trust, GAT, to support some five struggling banks to meet the new minimum capital requirement of 400 million cedis.

President of NAGRAT, Angel Carbonu, who spoke to Citi News said the Public Sector Union will not allow the government to take over the scheme contributors fought hard to establish.

“Happily, next week all Public Sector Unions are holding a meeting to take a common decision to protect the funds of our workers. We would have to be very careful with government’s unbridled interference in SSNIT over the years, using workers’ money to support dead projects and agenda that did not give any returns to workers”.

“The tier two is supposed to be controlled by the workers themselves. It is their funds, different from tier one which government has control over. We fought many years to ensure that we have a second scheme that we control, that is the agenda,” he said.

The Ghana Federation of Labour has also expressed looming danger, and demands that government immediately halts plans for the Ghana Amalgamated Trust (GAT) to invest private pension funds into some local banks.

“We think it is inappropriate. We think it is wrong, and we think that it must not be encouraged at all,” the Federation’s Deputy Secretary-General, Kenneth Koomson told Citi News.

Mr. Koomson said the move was too risky despite the good intentions.

The Bank of Ghana Governor at a press conference to present updates of its reform within the banking sector revealed that a special purpose vehicle, the Ghana Amalgamated Trust has been created to support some struggling banks.

The banks selected to benefit from the package are the merged Omni/Sahel Sahara Bank, Universal Merchant Bank, Prudential Bank, ADB and NIB.

Meanwhile, the Chief Operating Officer of Dalex Finance, Joe Jackson is casting doubts over the ability of the Ghana Amalgamated Trust Limited to generate enough funds to revive some struggling local banks.

He expressed worry that the political nature of the entire arrangement will make it unattractive for potential investors.


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MiDA to improve energy efficiency of Korle-Bu Hospital and three ministries



MiDA to improve energy efficiency of Korle-Bu Hospital and three ministries

MiDA to Improve Energy Efficiency of Korle-Bu Hospital and Three Ministries

Martin Eson-Benjamin, the Chief Executive Officer (CEO) of the Millennium Development Authority (MiDA), has announced that buildings of the Korle-Bu Teaching Hospital, University of Ghana and Ghana Education Service would be retrofitted to improve energy consumption.

He said three out of the 17 ministries including Education and Health would be retrofitted.

He said the retrofitting exercise would start in six months because the contractor would undergo procurement processes before actual work begins.

Mr Eson-Benjamin announced this at a media stakeholders’ engagement in Accra.

The MiDA CEO said 18,000 LCD street lights would be fixed across the country while the capacity of staff of the Public Utility and Regulatory Commission (PURC) would be enhanced to ensure efficient tariff regime.

Additionally, some 10 market centres, eight of which are in the Greater Accra Region and two in Tamale would be fixed with new metres to curtail fire outbreaks.

He gave the assurance that the Authority would work with the implementing entities to complete the earmarked projects under the Ghana Power Compact II.

Mr Eson-Benjamin announced that Ghana had been nominated for a Third Power Compact under the Millennium Challenge Account (MCA) alongside four other West African countries, including Burkina Faso, Ivory Coast, Benin and Niger.

He said out of the five countries, two would be selected and believed Ghana stands a good chance of being selected, only if she successfully implemented the ongoing Power Compact II.

Mr Eson-Benjamin urged the implementing entities and stakeholders under the Compact to rally behind the Authority to execute quality projects so that Ghana could benefit from the $536 million grant.

Updating the media on the Authority’s Action Plan for this year, he said it was left with 32 months to the end of the Power Compact II, noting that, 60 per cent preliminary works had been done in the past two years and would leverage on it to complete the Compact on schedule.

He said it had fruitful engagements with the implementing entities and key stakeholders, and said negotiation was ongoing for the commencement of work on the largest electricity bulk supply point at Pokuase in March this year.

Again, additional four primary sub-stations would be built in Kotobabi, Korle-Gono, Achimota and Kanda to enhance power distribution and minimize power leakages in Accra.

Mr Eson-Benjamin said another bulk supply point would be built in Kasoa to supply reliable power to surrounding communities.

More so, there would be refurbishment of 10 power transmission lines to ensure efficiency in power distribution, while a data distribution centre would be built in Accra to coordinate power transmission and monitor faulty lines of the Ghana Electricity Company (ECG) and to halt illegal power connections.

A Metre Monitoring System, he said, would be constructed in Accra to coordinate the 14 different metering systems in the country for easy tracing of illegal power connections and detect faulty lines for prompt repairs.

These infrastructures, Mr Eson-Benjamin said, would turn around the operations of the ECG for efficient service delivery.

He added that new equipment and refurbishment of power distribution system for the Northern Electricity Distribution Company (NEDCo) would boost power supply in the northern parts of the country.

The MiDA CEO said the Authority has been working with the Ghana Standard Authority to ensure all equipment and machines installed were up to standard.


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