The founder of the defunct Capital Bank, William Ato Essien, has made a rare public appearance since his release from jail on bail.
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Essien was granted GH¢10 million bail in July 2025 by the Court of Appeal after being jailed for embezzling over GH¢90 million in Bank of Ghana liquidity support funds.
Facebook photos posted by Deputy CEO of Tema Oil Refinery Mustapha Abubakar showed Essien was at a government press conference to commemorate the signing agreement between Cybele Energy and the Government of Guyana for the exploration of oil in the South American country.
Other photos from the event showed some key government officials and dignitaries attending the occasion alongside Ato Essien, including Presidential Adviser Kofi Okyere Darko.
About William Ato Essien’s prison sentence
Essien pleaded guilty to misappropriating funds deposited at the bank by thousands of clients and to stealing, abetment to theft, conspiracy to steal, and money laundering, among other charges.
He was also found guilty of financial crimes relating to the mismanagement of funds, including the embezzlement of GH¢620 million.
During the case, Ato Essien had tried to challenge the revocation of Capital Bank’s operating licence by the Bank of Ghana.
He was initially told he would have been able to walk free if he could settle his debt of GH¢53 million to the state.
Ghana’s banking sector experienced a significant crisis between 2017 and 2019, leading to the collapse of several indigenous banks, including uniBank, UT Bank, Capital Bank, and others.
The Bank of Ghana embarked on a comprehensive clean-up and recapitalisation exercise, citing insolvency, weak corporate governance, related-party lending, and unsustainable business models as key reasons for the failures. This clean-up was said to have cost at least GH¢21 billion.
Godfred Dame campaigns for Essien’s pardon
Meanwhile, YEN.com.gh reported that former Attorney-General Godfred Yeboah Dame had backed calls for the release of the former Capital Bank CEO.
He also criticised the office of the current AG, Dominic Ayine, for its handling of high-profile matters. Essien was convicted in 2022 for embezzlement.