Checks conducted by the Daily Statesman have revealed that the newly appointed Managing Director (MD) of Investment Bank Ghana PLC (NIB), Tweneboa Kodua Fokuo, had been working as the Deputy MD of the Bank since 2019.
The Minority in Parliament has voiced strong opposition against Fokuo’s appointment, citing concerns over the politicization of State-Owned Enterprises. A statement released by the NDC lawmakers condemned the decision, labeling it as detrimental to the nation’s interests.
Similarly, Bright Simons, the Vice President of IMANI Africa, has expressed skepticism regarding the appointment, questioning the rationale behind selecting a parliamentary candidate for the role of MD at NIB.
False impression
The opponents had sought to create the impression that the new MD was new at the state-owned bank, with some people particularly wondering why he should be appointed to the position in view of the fact that he is an NPP parliamentary candidate, even though his case is just like many CEOs of state-owned enterprises and Ministers of state who are also parliamentary candidates.
Authorities at the bank say, since 2019, Mr. Kodua Fokuo has been instrumental in the turnaround journey of the bank, having been in charge of the Risk Management and Operations of the bank.
That add that his joining NIB in 2019 was timely as the bank needed the full implementation of its Enterprise Risk Model (ERM) to kickstart its transformational journey.
Checks indicate that the execution of the ERM Model and the introduction of best practice in governance have created the necessary controlled environment required for sound banking.
Revamping operations
Additionally, Mr. Fokuo has revamped the Bank’s Operations to ensure resilience and application of standard guidelines across the bank for rigour and efficiency.
Rich background
Prior to joining the National Investment Bank, Mr. Fokuo was appointed as the Head of Credit Risk of First National Bank, a subsidiary of FirstRand Bank Group of South Africa.
Between 2008 and 2016, Mr. Fokuo worked with Barclays Bank Ghana (now ABSA) where he rose through the ranks, becoming Senior Risk Control Manager and Country Risk Champion. He is the current Board Chairman of Nexans Ghana Limited and a Board member at State Housing Company Limited.
Mr. Fokuo is a Finance expert with immense experience in Banking and Risk Management.
He spent most of his career with Barclays Bank (now ABSA) and subsequently with the First National Bank, where he gained a lot of relevant experience.
At ABSA (Barclays), he served as the Country Risk Partner alongside other portfolios he managed concurrently, whereas at First National Bank he was the Country Head of Credit Risk.
He has gained significant leadership experience that puts him in a unique position to lead teams for swift delivery.
Requisite qualification
The new NIB MD has Advanced Qualified Risk Analyst certification from IFS School of Finance, UK. He has an MBA (Finance) from the University of Wales, UK. He also has a BSC in Natural Resources Management from KNUST.
SIGA boss defence
Reacting to the development, the Director-General of SIGA, John Boadu, has argued that if Mr Fokuo lacked the qualifications to save the bank from collapse, it would have been a matter of concern.
He said since Mr Fokuo holds the requisite qualifications, there’s no problem with the appointment.
“We are all concerned about the health of NIB, and their financial situation is not very good as we speak. I will entertain any argument that says that by his experience and qualification he is incapable of managing, restructuring NIB; but for the mere fact that he is a parliamentary candidate begs the question,” he said.
About The Author
