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Fortiz Private Equity Fund has named Nilla Selormey as the Managing Director of newly acquired Merchant Bank. Madam Nilla Selormey was first named one of the six Board members of Merchant Bank. Fortiz, a Ghanaian firm, recently purchased 90% stake in the bank for 90 million Ghana cedis in a controversial deal which has been criticised by many. The new Board of Directors recently named by Fortiz are Issa Anafure, Dr Alhassan Iddrisu, Afotey Odarteifio, Ernest Asare, Mrs Kay Yaakor Kwao-Simmons and Nilla Selormey. A statement signed by Emmanuel Botchwey on behalf of the Board of Directors of Merchant Bank stated that Madam Nilla Selormey has been appointed the new MD of the company. The Center for Freedom and Accuracy is in court seeking to stop the takeover of Merchant Bank by Fortiz, claiming it does not give value for money. However, a commercial court Wednesday ruled that Mr. Andrew Awuni Executive Director of the Centre for Freedom and Accuracy does not have the locus to stop Fortiz from taking over Merchant Bank.