Former Capital Bank CEO Ato Essien Receives 15-Year Jail Term for Failing to Fulfill Repayment Agreement

Ato Essien, the former Chief Executive Officer of the now-defunct Capital Bank, has been sentenced to 15 years of imprisonment with hard labor. This ruling comes after he failed to meet his commitment to repay a sum of GH¢90 million to the state, despite being granted multiple extensions since December 2022.

Ato Essien pleaded guilty to 16 charges, including theft, money laundering, and conspiracy to steal, in connection with the collapse of Capital Bank. He had entered into a plea bargain with the state under section 35(7) of the courts ACT 459.

As part of the agreement, Essien was required to pay GH¢90 million. He initially paid GH¢30 million on December 13, with the remaining GH¢60 million to be paid in three equal installments in 2023: GH¢20 million due by April 28, another GH¢20 million by August 31, and the final GH¢20 million by December 15, 2023. A crucial condition of this agreement was that the court would impose a custodial sentence if he failed to meet any of the payment deadlines.

However, by April 28, Ato Essien had not paid the entire GH¢20 million that was due. The state filed an application on May 2, 2023, requesting a custodial sentence for the convicted Ato Essien. Initially, the presiding judge, Justice Eric Kyei Baffour, granted Essien approximately six months to make amends.

From January to October 12, Ato Essien managed to pay only GH¢7 million in addition to the GH¢30 million he had paid previously, leaving a GH¢53 million outstanding balance. The judge, having exhausted his patience, allowed the state to proceed with the application. Subsequently, Ato Essien was sentenced to 15 years in prison.