Microfinance Institutions, Savings and Loans Firms asset liquidation: landed properties put up for sale

The Receiver for the 347 Microfinance companies and 23 Savings and Loans firms, Eric Nana Nipa, has called for bids from potential buyers to acquire landed properties of the liquidated financial institutions across the country.

Funds to be realised from the properties ranging from housing, warehouse and land will be go to the creditors including government.

There are about 24 landed properties listed for sale belonging to the defunct Microfinance Companies and Savings and Loans Companies across the country.

In a statement issued by the Receiver, prospective buyers will be allowed to inspect the properties after reservation for an inspection appointment.

“A key component of the Receiver’s mandate is to secure all assets of the resolved companies and maximize their realizations for the benefit of creditors.”

The Receiver said interested bidders who want to inspect the properties or have enquiries may visit the receivership website for all the necessary details of the properties.

Meanwhile, 26th November 2021 is the deadline for the submission of all bids after which the Receiver will begin evaluation and necessary arrangements.

On 31st May 2019 and 16th August 2019, the Bank of Ghana revoked the operating licenses of 347 insolvent Microfinance Companies and 23 Savings & Loans and Finance House Companies respectively.

This is pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

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