NIB Shines Again -Records High Profits, Dividends

For the first time in many years, National Investment Bank (NIB) would soon declare proper profits for shareholders to enjoy dividends, Ernest Mawuli Agbesi, Managing Director (MD) of the bank has stated.

Established in March 1963, NIB has experienced some slight hiccups in the past few years but through the persistence and professionalism of its current management, the bank is poised to make its shareholders proud.

‘People did not play their cards well with us. People didn’t want to pay back money we loaned to them but we have dealt with that issue.

‘Depositors should not have any worries about their money. We have come out of the troubled waters and we can confidently say that everything is now fine.’

Mr Agbesi said NIB was able to retrieve GH¢33 million from defaulters in Sunyani alone.

‘From last year, our strategy has been to have accelerated growth. As at December 2013, our net worth was GH¢967 million. As at December 2014, it stood at GH¢2.1 billion ($700 million). There is now confidence in NIB,’ he stressed.

NIB is 97 percent jointly owned by Bank of Ghana (BoG) and Government. Individual shareholding is 3 percent. It had 28 branches as at 2014, and the Board has mandated management to open 22 branches by 2017.

Mr Agbesi said new branches have been opened at Ashaiman, Swedru, Hohoe, Airport City, East Legon and Asokore.

NIB would roll out seven more branches to by July.
Next year seven new branches would be opened with another at Sawla.

‘We want to add more so money transfer services would be accessed from almost all parts of Ghana.

Explaining further, he said NIB has majority shareholding in Nestle, Total Ghana, Nexans Cable Metal, Metro Mass and a host of companies.

‘Our shareholding in Nestle is about GH¢240 million. So in the worst scenario, we can sell our shares and cover up.

Owing to the passage of the Banking Act (2003), NIB no longer deals with typical merchants. It is now doing general banking with special emphasis on SMEs.

With a new software secured at $3 million, it wants to roll out MasterCard by June/July of this year. In line with this, 30 ATM machines have been secured to be installed at colleges, university campuses.

Furthermore, it intends to establish excel banking for executives and keenly refurbish all branches.

The bank now has new facilities for salaried workers who want to buy estates, household appliances, automobiles and equipment, among others.

‘We insure all our facilities with insurance companies. One does not have to be an account holder before they are entitled to loan facilities. Once they are salaried workers they are guaranteed.’

By Samuel Boadi

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