The Accra High Court has rejected a bail application by William Ato Essien, founder of the defunct Capital Bank, as he appeals a 15-year jail term for embezzling GH₵90 million.
Justice Emmanuel Lodoh denied the request on May 16, 2025, despite prosecutors not opposing the motion, citing judicial discretion and the severity of the offense.
Essien was convicted in October 2023 after defaulting on a plea bargain requiring repayment of GH₵90 million to the state. The agreement, negotiated with then-Attorney General Godfred Yeboah Dame, stipulated three installments: GH₵30 million by December 2022, followed by payments in April, August, and December 2023. While Essien paid the initial GH₵30 million, he failed to settle the remaining GH₵60 million, with only GH₵7 million of the final tranche paid by sentencing.
Defense lawyer Baffour Gyawu Bonsu Ashia argued for bail pending appeal, but Justice Lodoh emphasized the gravity of misappropriating public funds. The ruling aligns with Ghana’s intensified crackdown on banking sector fraud, following reforms spurred by the collapse of multiple banks, including Capital Bank in 2017.
The case highlights challenges in recovering embezzled funds and reflects a broader judicial trend of stringent penalties for financial crimes. Similar rulings have targeted executives of failed banks like UT Bank and Unibank, signaling a stricter approach to economic governance.
