President Mahama petitioned to pardon jailed Capital Bank founder William Ato Essien

A petition has been submitted to President John Dramani Mahama, urging him to grant a presidential pardon to William Ato Essien, the founder of now-defunct Capital Bank

Essien is currently serving a 15-year prison sentence after being convicted by an Accra High Court for misappropriating over GH¢90 million in liquidity support provided by the Bank of Ghana to Capital Bank.

Initially, Essien was given the opportunity to avoid imprisonment by agreeing to repay the GH¢90 million as restitution to the state. However, after paying GH¢30 million upfront in December 2022, he failed to meet the payment terms for the remaining GH¢60 million, leading to the imposition of a custodial sentence.

The petition, sighted by GhanaWeb Business and submitted by lawyer Andrew Appiah-Danquah on Thursday, February 27, 2025, challenges the fairness of Essien’s conviction and imprisonment.

It highlights his contributions to Ghana’s financial sector, emphasizing that his leadership at Capital Bank created jobs, supported local businesses, and empowered entrepreneurs.

The petition argues that Essien’s conviction undermines the achievements of a visionary entrepreneur who proved that local enterprises could thrive in a competitive financial market.

It also claims that the collapse of Capital Bank in 2017 was not due to fraud but rather a politically motivated move to consolidate financial power.

According to the petition, Essien resisted political pressure to relinquish control of his bank, which allegedly led to its targeted closure

“Capital Bank’s collapse in 2017 was not due to fraud but a politically orchestrated move to consolidate financial power. Mr. Essien refused to bow to political pressure to cede control of his bank to powerful interests, which ultimately led to its targeted demise. 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," the petition read.

It continued, “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.

“Three other accused persons—Dr. Tetteh Nettey, Rev. Fitzgerald Odonkor,and Kate Quartey-Papafio—were acquitted on the same charges for which Mr. 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," it added.

See the full petition below:



MA