• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Ghana’s apex bank annuls acquisition of ADB shares by Belstar capital

Fikayo Owoeye by Fikayo Owoeye
July 17, 2018
in Business News, Company News
Ghana’s apex bank annuls acquisition of ADB shares by Belstar capital
Share on FacebookShare on TwitterShare on Linkedin

The Bank of Ghana has annulled the acquisition of 51% shares in Agriculture Development Bank held by Belstar Capital, Starmount Development company Limited, SIC Financial Services Limited, and EDC Investments Limited.

According to the apex bank in Ghana, the acquisition has not followed due process.

Recall that earlier this year, a consortium led by Belstar Capital, a turnkey project finance and implementation institution, Starmount Development Company Limited, EDC Investments Limited, and SIC-FSL reportedly pledged their shares, proceeds, entitlement and voting rights to uniBank.

RelatedStories

Ghana’s currency best performing globally, boosted by IMF aid, oil, and gold

Ghana’s currency best performing globally, boosted by IMF aid, oil, and gold

June 2, 2025

Ghana’s Central Bank maintains Monetary Policy Rate at 27% amid inflationary pressures 

January 27, 2025

The institutions took up a substantial stake in ADB’s Initial Public Offering (IPO) in 2016 that paved the way for the bank to go public. The bank raised about 326 million cedis in its Initial Public Offer (IPO).

However, BoG Governor, Dr. Ernest Addison, noted that the apex bank in Ghana has neither sanctioned the change of ADB ownership nor the willing of the majority shareholder’s rights to uniBank.

In his words:

“Just to clarify that the Central Bank has not given approval to the purported takeover or through the pledging of shares of the Agricultural Development Bank (ADB) to uniBank,”

The apex bank noted that the acquisition without the knowledge and approval of the Bank of Ghana was a breach of section 49 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It also noted that the shares acquired by Belstar and Starmount were acquired with funds obtained from uniBank Ghana Limited which is currently in official administration using emergency liquidity support obtained by uniBank Ghana Limited from the Bank of Ghana in questionable circumstances. The Central Bank earlier this year placed the bank under administration after it became insolvent and appointed KPMG as the bank’s administrator.

The liquidity funds obtained by uniBank were improperly and unlawfully on-lent to Belstar and Starmount to acquire shares including shares held by the Financial Investment Trust on behalf of the Bank of Ghana in ADB’s IPO.

The bank further noted that Belstar and Starmount have participated in a series of other questionable, unsafe, and unsound related party transactions involving uniBank Ghana Limited to the detriment of Ghana’s financial system and for their financial gain and benefit.

Agricultural Development Bank of Ghana, established in 1965, is a government-owned development and commercial bank in Ghana. The bank is the first development finance institution established by the Government of Ghana.  It is one of the commercial banks licensed by the Bank of Ghana.


Follow us for Breaking News and Market Intelligence.
Tags: Agriculture Development BankBank of GhanaBelstar Capital
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

Related Posts

Ghana’s currency best performing globally, boosted by IMF aid, oil, and gold
Currencies

Ghana’s currency best performing globally, boosted by IMF aid, oil, and gold

June 2, 2025
Economy

Ghana’s Central Bank maintains Monetary Policy Rate at 27% amid inflationary pressures 

January 27, 2025
Easy steps to build wealth through saving money in 2024
Currencies

Finally, Nigeria overtakes Ghana regarding who has higher Interest Rates

November 29, 2024
Ghana president, World Bank
Economy

Ghana’s inflation hits two year-low of 22.8% in June

July 10, 2024
Bank of Ghana
Economy

Ghana’s interest rate stays fixed at 30% as country is still way off central bank’s inflation target

November 27, 2023
IMF
Business News

IMF negotiations with Ghana to be fast-tracked-Finance Minister

September 29, 2022
Next Post
FEC approves bilateral air services agreement

Nigeria to unveil new National carrier in London

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Nigerian Ehis Akhimie convicted in US for $6 million fraud, faces up to 20 years in prison 
  • Tin Can Customs Command generates N747 billion in H1 2025, up 29.85% from last year
  • 9mobile, MTN to roll out National Roaming nationwide before end of July 

Follow us on social media:

Recent News

Nigerian Ehis Akhimie convicted in US for $6 million fraud, faces up to 20 years in prison 

Nigerian Ehis Akhimie convicted in US for $6 million fraud, faces up to 20 years in prison 

July 3, 2025
Nigerian Custom service

Tin Can Customs Command generates N747 billion in H1 2025, up 29.85% from last year

July 3, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics