-Groupe Nduom to Debtors

 Story: Atta Kwaku BOADI

In February 2019, Groupe Nduom financial companies went public with a request to all their debtors to approach the companies for settlement. 

Today Newspaper published a long list of some of the debtors. Today’s investigations have taken us back to 2019 and what has happened since then.  Our readers will recall this public statement: “We wish to inform our debtors about the urgent need for them to settle their debts – loans, commercial paper, investments, etc.  We remain flexible to work out payment terms to suit the needs of all stakeholders. We are asking all debtors to contact officers …to begin the process of settling their debts immediately.  We are conveniently located everywhere in the country.  We are asking for this to be done by 28th February 2019. Those who fail or refuse to come in for settlement negotiations will face several consequences we do not wish to impose. 

This would include publication of names and liabilities in the media, claim placed on collateral, legal action and other actions available under the laws of the Republic of Ghana.”

Our investigations show that most of the debtors ignored this polite request made by Groupe Nduom.  This included contractors and government agencies. Subsequently, a list of over 4,300 debtors was released and published. 

One newspaper published the list with a headline, “Nduom releases list of over 4200 companies, individuals and schools owing him GH¢434million.” 

This did not include the receivables tied to government agencies.  Today’s investigation has come across the fact that numerous lawsuits filed against government agencies, contractors, and companies in fields such as investment, insurance, construction, health and education.  At the same time, several GN companies this paper understands  have suffered from loss of licenses, low liquidity and general business difficulties.  Sources at Groupe Nduom  told Today  that , GN officials have been strategizing over the past week on how to energize, strengthen and build back a better business organization. 

 An important part of this, Today further understands  is a fresh effort to recover debts owed to its companies. 

“Starting this week, very rigorous contacting of debtors of GN companies will begin”, our source said. .The objective, according to  the source  is to pave the way for a sit down aimed at resolving debt payment challenges. 

Some of the over 4,000 companies Today has sighted include Agyakot, Dynamic Star, GLICO, Healthcare Network, Asabea Engineering, Platinum Seal, Jewuu Construction, Madara Limited. 

“When it becomes necessary, we will begin to publish detailed facts with figures to show how each company became indebted, the purpose of the original facility and efforts made over the years the get payments. A desk has been set up to make it easier for communication between debtor companies and the GN office responsible for workouts.  Debtors are encouraged to call these two numbers:  MTN: *0598383232* and VODAFONE: *0205529331* “,Today’s source  indicated.

A GN memo Today has sighted acknowledges the tough economic environment in the country as the reason for taking the approach of communication and negotiation to reach workable solutions.  

However, in an interview with Today a GN officer on this schedule who spoke on  the condition of anonymity  promised  that plans were  far advanced to use all available legal debt collection tools to motivate debtors to pay attention and fulfill their obligations.

The Today newspaper is standing by to begin publication of those companies and individuals who prove difficult to reach.