News Africa

Nduom’s bank in Liberia reportedly broke

A Liberian commercial bank owned by Ghanaian millionaire, Dr. Papa Kwesi Nduom, is on the verge of bankruptcy together with one other, International Bank Limited.

This according to the news portal, Frontpageafricaonline.com has prompted panic withdrawals from customers.

The bank, SIB Liberia Limited started facing challenges in 2020 after it decided to take over the First International Bank (FIP), assuming its liabilities to a tune of about US$23 million, the report noted.

It added that “the bank paid US$14.7 million of the legacy depositors’ liabilities inherited from the defunct FIBLL and relied on the Central Bank (CBL) to pay the remaining US$8.5 million to the legacy depositors, some of whom had threatened legal action against the bank.

The Bank had complained that paying US$14.7 million out of its working capital significantly impacted its cash flows.

Frontpage added that the bank appealed to the CBL to intervene in repaying the outstanding liabilities to the legacy depositors, arguing that the debt rightfully belongs to the Government of Liberia and the Central Bank.

“The CBL Board of Governors, after a thorough review of the matter over two years, upheld the bank’s request and approved the payment of the outstanding legacy deposit liabilities of US$8 million.” the report noted.

However, this payment had not been executed at the time of this report.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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