MP for Zabzugu, John Jabaa Benam has been accused of plunging the Zabzugu Rural Bank into bankruptcy after contracting a loan of about ₵240,000 from the bank.

“We have taken evey step to take the money....we have tried all to get the money back” Board Chairman of the Northern regional rural bank Alhaji Baba Munkaila said.

The MP who is a board member of the bank is said to have used his position to secure the loan without a collateral and has since refused to pay back the money.

The Board chairman explained why the board saw no need to insist on a collateral.

“We think he is an honourable person, we think he will never decieve us” he said.

The Zabzugu Bank appealed to the Bank of Ghana to prevail on the politician to pay the loan but it has yielded no results.

The central bank of all rural banks in Ghana, APEX Bank was also notified last November to help retirve the money and a delegation has been sent to Jabaa Benam.

Nothing has changed except further failed promises to pay, the Board chairman lamented.

“We are struggling at the bank...” Alhaji Baba lamented

Alhaji Baba said as board chairman he also took a loan from the bank to build a hotel after presenting a collateral.

He said he has honoured his repayment obligations. He wants the MP to be compelled to pay the money.

But the MP for Zabzugu, John Jabaa Benam rejects the accusation. He said the bank rather owes him ₵100,000.

“I need my money over a ₵100,000 I put into that bank. He should bring my money. I am even not asking for interest”

He said the bank took the money with the promise of giving him shares in the bank

“As I talk to you today, I swear by my dead father that I don’t have a certificate indicating that I owe one share in the bank” the MP told Joy News.

He tells JOY NEWS although he took ₵42,000, it was as part of plans to retrieve over ₵100,000 he invested in the bank.

He is challenging the bank to go to court if it believes the politician owes the rural bank.