The Agricultural Development Bank Limited (ADB) has officially announced the resignation of its Managing Director Stephen Kpordzih, adding that its IPO continues as planned irrespective of the development.

A statement from the bank said its Board of Directors received a letter on 8 January, 2016 from the Managing Director "stating his decision not to seek an extension to his contract, which expires on 31 January, 2016."

"The Board has accepted the Managing Director's decision not to seek an extension to his contract and is in the process of seeking his successor.

"ADB will make further announcements as required, in accordance with all applicable laws and regulations.

ADB said it wishes to reiterate that its Initial Public Offer (IPO) process continues as planned, per the previously announced timetable.