President John Dramani Mahama has been petitioned to grant a presidential pardon for William Ato Essien, an entrepreneur and founder of First Capital Plus, which later evolved into Capital Bank.
Essien was sentenced to 15 years in prison by an Accra High Court following charges of stealing over GH¢90 million of liquidity support provided by the Bank of Ghana to Capital Bank.
He was initially given the opportunity to avoid a custodial sentence by agreeing to pay back the GH¢90 million as restitution to the state but he failed to meet the payment terms agreed upon with the Attorney General and the court.
Essien paid GH¢30 million upfront in December 2022 but was unable to pay the remaining GH¢60 million in the agreed installments. His failure to fulfill the payment terms led the court to impose a custodial sentence.
But the petition submitted by Andrew Appiah-Danquah, a lawyer, and dated Thursday February 27, addressed raised serious concerns about the fairness and integrity of Essien’s conviction and imprisonment.
The petition highlighted Essien’s significant contributions to Ghana’s financial sector as being the founder of Capital Bank, his leadership and innovation provided thousands of jobs, supported local businesses, and empowered Ghanaian entrepreneurs.
The petition argued that his conviction undermined the achievements of a visionary entrepreneur who proved that local enterprises could thrive in a competitive financial sector.
Other facts of the petition were that “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 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 Court’s Acquittal of Others Contradicts Ato Essien’s Conviction
“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 further stated 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.
“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.
It therefore urged the president to grant a Presidential Pardon to Mr. William Ato Essien.
“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,” the petition added.
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