William Ato Essien
The Head of Mission for the Commonwealth Enterprise and Investment Council and Board Member, Commonwealth Human Rights Office, Africa, Dr. John Apea, has challenged the long-standing narrative surrounding the conviction of Capital Bank founder William Ato Essien, stating that the reported GH¢90 million theft ‘did not happen’ and that he was made a scapegoat in circumstances leading to the collapse of the bank.
According to him, the GH¢90 million in question was not stolen but part of a liquidity support loan provided by the Bank of Ghana to Capital Bank, not a bailout or grant, describing the entire incident as a case of mistaken justice.
Speaking at a press conference on Thursday, July 10, 2025, Dr. Apea said the public has been misinformed, insisting that there was no theft in the case for which Ato Essien is currently serving a prison sentence.
He emphasised that the GH¢90 million widely reported in the media is highly contentious, pointing out that Capital Bank had been repaying GH¢14.4 million monthly without default and had already repaid GH¢308 million before the bank’s closure.
“That GH¢90 million is extremely contentious to begin with. The case was made that liquidity support was given by the Bank of Ghana to Capital Bank, the bank he founded. I’m here to tell you that this liquidity support was not free money; it was a loan, a commercial loan at 28% per annum. And until Capital Bank was closed, they were paying GH¢14.4 million every month without default,” he stated.
Dr. Apea further argued that Ato Essien was neither the managing director nor part of the bank’s management team, but had only acted as a facilitator in securing the loan.
He explained that Ato Essien received a finder’s fee of GH¢27.5 million, which he described as a common practice for intermediaries in such transactions.
“Out of that liquidity support loan, Mr. Ato Essien, who was not the MD or part of management, signed a contract to receive a finder’s fee. It wasn’t money he stole. The GH¢27.5 million was an agent’s fee, or facilitator’s fee, that Mr. Essien legally earned from this transaction,” Dr. Apea said.
He also questioned the legal consistency of the ruling, pointing out that the then-Managing Director of Capital Bank, who was accused of authorising the GH¢27.5 million payment, was acquitted, yet Essien was convicted for receiving the same payment.
“The MD of the bank was charged with paying Ato Essien that GH¢27.5 million. That was the charge. And guess what? He was acquitted in court. So how is it that someone is acquitted of paying GH¢27.5 million, but Ato Essien is jailed for receiving the same GH¢27.5 million?” he questioned.
William Ato Essien is currently serving a prison sentence and is reportedly in poor health.
Dr. Apea, who also serves on the Board of the Commonwealth Human Rights Office, described the situation as a growing injustice and called for a re-evaluation of the case, as well as a presidential pardon, considering the toll on Essien’s health.