Owner of Groupe Nduom, Dr. Papa Kwesi Nduom has resigned as the Chairman of some of the companies under Groupe Nduom.
According to the Head of Corporate Affairs of Group Nduom, Frank Owusu Ofori, Dr. Papa Kwesi Nduom took the decision last year in order to ease the pressure on himself and allocate more responsibilities to other CEOs of his companies.
Also, Dr Papa Kwesi Nduom is officially set to retire in December 2018 and take up the position of an advisor for his companies.
Groupe Nduom comprises over 60 independent companies across several industries including entities in tourism, investment advisory, management; and financial services.
However, according to the report, the decision of Dr Papa Kwesi Nduom resignation has nothing to do with the recent happenings in his financial institutions.
Meanwhile, Dr Papa Kwesi Nduom has assured customers of Gold Coast Holdings and GN Bank of addressing their cash withdrawal needs to a large extent.
The two institutions within the Groupe Nduom have been hit by panic withdrawals by customers over the past month.
The panic withdrawals have been triggered by the recent developments within the financial sector with the collapse of seven banks.
Some of the affected clients have threatened legal action over the company’s failure to meet their requests as scheduled.
Dr Papa Kwesi Ndoum has also appealed to customers of the GN Bank to cease panic withdrawals that have hit the bank in recent times.
He said the withdrawals were rather affecting the bank since it could not only survive on payment of funds.
Speaking to traders at the spare parts retail market at Abosey Okai in Accra on October 3, he assured customers that the bank was financially sound and was not going to fold up.
“You should have confidence and stop withdrawing funds with the fear of their misappropriation,” Dr Ndoum told customers.
Dr Papa Kwesi Ndoum explained that “when 100 people bring money to the bank, what we do is to invest them. So, if about 15 to 20 percent of all these customers decide that they will withdraw all their deposits within a day, there will be a problem.”