William Ato Essien: Ex-Capital Bank boss walks free after court accepts ¢90M repayment terms


William Ato Essien, the founder of the defunct Capital Bank, who was standing trial for stealing GH¢192.5 million of depositors’ funds, has avoided a custodial sentence.

Essien avoided prison today (December 13, 2022) after the court, presided over by Justice Eric Kyei Baffour, accepted an agreement between him (Essien) and the prosecution for Essien to pay GH¢90 million as restitution to the state.

As part of the agreement, Essien pleaded guilty to 16 counts of stealing and money laundering and was accordingly convicted.

The other accused persons – Fitzgerald Odonkor – a former MD of Capital Bank and Tettey Nettey, the CEO of a company said to be controlled by Essien, were acquitted and discharged after they were found not guilty, reports graphic.com.gh.

As part of the agreement, Essien who pleaded guilty to stealing GH¢192.5million of depositors’ funds, has already paid GH¢30m to the state and will pay the remaining GH¢60m in GH¢20m in three instalments by the close of 2023.

The presiding judge accepted the agreement under Section 35 of the Courts Act, 1993 (Act 459), which allows accused persons standing trial for causing financial loss to the state to pay the money and possibly avoid a custodial sentence.


Per the orders of the court, in the event, Essien defaults in paying the money by the exact timelines (first on April 28, 2023, second on August 31 and last on December 15, 2023) he will be sentenced to prison.

Justice Kyei Baffour also ordered that by pleading guilty, Essien cannot be appointed as a director of any bank or any financial institution under the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The judge also ordered the Registrar of the court to seize their passport of Essien until the convict finished paying the money.

Justice Kyei Baffour who initially rejected the agreement, accepted it today after it was explained to him that the state had already recovered GH¢101.2m of the GH¢192.5m with the remaining amount being GH¢92.5m

Related: Dissipation of liquidity support to Capital Bank: Court rejects Ato Essien’s GH¢90m

Also, it came out that several GH¢35m were repeated twice on the charge sheet, meaning Essien actually has GH¢57.5m to pay, meaning the GH¢90m being paid by him was more than GH¢32m, which will be interested in the amount to the state.

Justice Kyei Baffour accepted the agreement after listening to submissions from a Deputy Attorney-General, Alfred Tuah Yeboah and a lawyer for Essien, Thaddeus Sory.

Source: graphic.com.gh

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