Banks in Receivership

Banks under the Receivership of Nii Amanor Dodoo

Introduction

Bank of Ghana (BoG), on 1 August 2018, revoked the banking licences of uniBank Ghana Limited (uniBank), The Beige Bank Limited (Beige Bank), The Royal Bank Limited (TRB), Sovereign Bank Limited (Sovereign Bank), and The Construction Bank Ghana Limited (TCB) and placed them in receivership pursuant to section 123(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (BSDI) (Act 930). Nii Amanor Dodoo was appointed as the Receiver of the five banks pursuant to section 123(2) of Act 930. (BoG’s issued press release)

The information on this website is aimed at providing all stakeholders, including Bank of Ghana, depositors, creditors (local and foreign), former staff and their union representatives, correspondent Banks (local and foreign), loan customers, debtors etc, with relevant information and updates on the receivership of uniBank, Beige Bank, TRB, Sovereign Bank and TCB. Information specific to each defunct Bank has been provided to assist each stakeholder understand activities that have so far been undertaken by the Receiver. You may also contact the Receiver at info@pmoghana.com or on +233 (0) 302 794 031-3 should you require further clarifications.

BOG’s website can be accessed here

Purchase and Assumption Agreements between the Receiver and The Consolidated Bank Ghana Limited

Through Purchase and Assumption (P&A) agreements executed between the Receiver and a newly formed Bank, The Consolidated Bank Ghana Limited (CBG), with BoG’s approval, the Receiver transferred all validated deposits, selected assets and selected liabilities of uniBank, Beige Bank, TRB, Sovereign Bank and TCB to CBG. The shortfall between assets acquired and liabilities assumed was funded by the Government of Ghana (GoG) through bonds issued to CBG.

Assets that remained with the Receiver are being realised through various means to settle, to the extent possible, liabilities and claims that have been and continue to be filed.

Loan customers of the defunct Banks

The Receiver is engaged in the recovery of debts owed to the defunct Banks. Entities and individuals with outstanding loan and/or overdraft balance(s) have been advised to contact the Receiver to agree on modalities regarding settlement of their outstanding balance(s). The amounts recovered would be used in settling liabilities and claims that have been filed and validated, in accordance with the levels of hierarchy set out in the Banking Act.

Payment of outstanding loan and/or overdraft balances can be done at any of CBG’s branches into the accounts of the erstwhile banks listed in the table below:

Account nameGHS Account Number
Unibank Ghana Ltd (in Receivership)1296912100002
Beige Bank Ltd (in Receivership)1296910100002
Sovereign Bank Limited (in Receivership)1296909100002
Royal Bank Ltd (in Receivership)1296941100001
Account nameUSD Account Number
Unibank Ghana Ltd (in Receivership)1296912100001
Beige Bank Ltd (in Receivership)1296910100001
Sovereign Bank Limited (in Receivership)1296909100003
Royal Bank Ltd (in Receivership)1296941100002

Claims against the defunct Banks

In notices published in the newspapers over a period of four weeks commencing 28 September 2018, the Receiver requested individuals and/or institutions that had valid claims against any of the defunct Banks to submit their claims, together with relevant supporting documents (contracts, invoices, goods delivery notes, waybills, statutory declaration sworn before a Commissioner of Oaths etc), to the Receiver’s office for validation. Although the set deadline for the submission of claims was 23 November 2018, individuals and institutions who may still have valid claims but are yet to submit these claims may do so in writing, with relevant supporting documents. All claims must, however, be in respect of goods or services delivered/rendered to the defunct banks prior to 1 August 2018 that have not been settled. 

Claims that are yet to be submitted may be filed with the Receiver at the following address:

4th Floor Allied Heights Building
Olusegun Obasanjo Highway, Abelenkpe
P. O. Box CT 1717
Cantonments, Accra
Tel: +233 (0) 302 794 031-3
Email: info@pmoghana.com

Priority of payment of claims

Payments of claims will be made in accordance with the hierarchy of settlement of claims, set out under section 135 of Act 930.

Shareholders of the defunct Banks

Shareholders of the defunct Banks would be entitled to any residual balance after all validated claims have been paid by the Receiver.

Financial statements of defunct Banks