A petition has been submitted to President John Dramani Mahama, seeking a presidential pardon for William Ato Essien, the founder of defunt Capital Bank.
Ato Essien was sentenced to 15 years in prison by an Accra High Court for stealing over GH¢90 million of liquidity support provided by the Bank of Ghana to Capital Bank.
He pleaded guilty to the offence of fraud and was subsequently convicted to prison.
According to the petition, submitted by lawyer Andrew Appiah-Danquah, “Capital Bank’s collapse in 2017 was not due to fraud but a politically orchestrated move to consolidate financial power.
“The petition claims that Essien “refused to bow to political pressure to cede control of his bank to powerful interests, which ultimately led to its targeted demise.”
The petition also disputes the court’s findings, arguing that “the GH₵ 620 Million Liquidity Support Was a Commercial Loan, Not a Fraud…Capital Bank was repaying this loan and had already paid GH₵ 336 million in interest over two years—clear evidence that it was a legitimate banking transaction.”
Furthermore, the petition states that “the GH₵ 480 million described as a ‘shareholder loan’ was not stolen but rather a strategic restructuring of non-performing loans accumulated over 14 years. Such restructuring is a common financial practice aimed at strengthening a bank’s financial position and was not an act of fraud.”
The petition notes that three other accused persons, including Dr. Tetteh Nettey, Rev. Fitzgerald Odonkor, and Kate Quartey-Papafio, were acquitted on the same charges for which Essien was convicted.
The court held that “the GH₵70 million transaction involving Kate Quartey-Papafio was fully accounted for. The GH₵130 million transaction involving Dr. Tetteh Nettey was fully accounted for. The GH₵ 27.5 million transaction involving Rev. Fitzgerald Odonkor was legal and authorised.”
The petition argues that when the court determined that the payments forming the basis of the charges were lawful, “the state had an obligation to review Mr. Essien’s conviction and ensure justice was served.”
It further states that “to avoid a prolonged trial, Mr. Essien was pressured into a plea bargain, agreeing to pay GH₵ 90 million—an amount significantly higher than the alleged loss which he has already paid GH₵ 43.75 million.”
The petition concludes by urging President Mahama to grant a presidential pardon to Ato Essien, stating that “granting a Presidential Pardon to Ato Essien will not only restore justice but will also affirm your commitment to a truly new Ghana—one where freedom and justice are not just words, but lived realities.”
-BY Daniel Bampoe
