Nduom welcomes partial bailout of Blackshield customers

November 22, 2020
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The Chairman and Chief Executive Officer of Groupe Nduom, Dr Papa Kwesi Nduom, has welcomed government’s decision to pay up to GH¢50,000 to each customer whose money is locked up in the 20 defunct fund management companies (FMCs).

Government last Tuesday announced that it had taken a “compassionate” decision to partially bailout customers of the remaining defunct FMCs whose firms are still undergoing liquidation processes.

The SEC said in a statement that it would cover all companies whose licences were revoked but for whom legal processes to allow for formal payments of their funds had dragged.

It said the action was expected to benefit 92,460 claims filed against the remaining 27 FMCs.

In welcoming government’s decision, Dr Nduom in a Facebook post said his outfit would continue to work with the authorities to ensure that what was due to the customers was fully paid.

“We welcome this as a positive first step.  We will continue to work with the authorities to ensure that what is due to the customers is fully paid eventually, without regard to our company’s grievances,” the post said.

It further expressed hope that “this measure announced by the SEC provides Blackshield customers with sufficient liquidity to meet their financial obligations while we continue to go through the important processes that are still underway.”

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Below is the full post from Dr Papa Kwesi Nduom

A few months ago, we made it public that after 26 years of unblemished record in the fund management business, BlackShield/GCFM’s main objective was to retrieve investments the company had made with government and private entities and use it to meet the redemption requests of its customers.

Last week, the Securities and Exchange Commission (SEC) in Ghana announced a partial bailout plan for clients of affected Fund Management Companies, including BlackShield/GCFM.  According to the SEC’s statement, all affected customers will be paid up to GHS 50,000 of their claim. We welcome this as a positive first step.  We will continue to work with the authorities to ensure that what is due to the customers is fully paid eventually, without regard to our company’s grievances.

We are painfully aware of the financial stress that our clients, many of whom had been loyal customers for well over two and a half decades, have experienced over the past two years. People have had to delay weddings, education, building homes, medical procedures, and other life milestones because of the crisis. Pensioners in particular have had an extremely stressful experience. We are sorry that our cherished clients have had to go through such pain.

It is our hope that this measure announced by the SEC provides Blackshield customers with sufficient liquidity to meet their financial obligations while we continue to go through the important processes that are still underway.

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