Head of Mission for the Commonwealth Enterprise and Investment Council, Dr. John Apea, has stated that “there was no theft” in the case of Capital Bank founder William Ato Essien, challenging the basis of the former banker’s conviction.
“Mr. Ato Essien is in prison, they say he stole 90 million Ghana Cedis. I’m here to tell you with the information that I have that there was no theft, and that 90 million Cedis is extremely contentious to start with” he stated.
According to Dr. Apea, newly reviewed evidence reveals that the widely cited figure of 90 million Ghana cedis is highly contentious. He contended that Mr. Essien has been punished for a fee he legally earned and has since been refunded in connection with a fully documented financial arrangement.
Speaking yesterday at a press conference on 9th July 2025 in Accra Dr. Apea emphasised that his role as a Commonwealth representative is centred on business development and human rights, not legal prosecution. Nonetheless, he said he was compelled to speak after being presented with what he referred to as credible and “deeply troubling” evidence regarding Mr. Essien’s incarceration.
“I was provided with evidence I didn’t understand at first,But after careful review, I now believe that no theft occurred and that the widely reported figure of 90 million Ghana cedis is fundamentally flawed” he indicated.
Dr. Apea, who also serves on the Board of the Commonwealth Human Rights Office, clarified that the 610 million Ghana cedis provided by the Bank of Ghana to Capital Bank was not a grant, as widely perceived, but a commercial loan at an interest rate of 28% per annum.
According to him, the bank was consistently repaying 14.4 million cedis monthly until it was shut down.
He revealed that 308 million cedis had already been repaid before the bank’s closure.
He argued that 27.5 million Ghana cedis paid to Mr. Essien was a finder’s or facilitator’s fee for securing the liquidity support.
He likened the fee to typical commissions or agent fees common in Ghana’s informal mobile money transactions.
“It was a legal, documented transaction, If the court acquitted the MD of Capital Bank, who was accused of making that payment, how can Mr. Essien be convicted for receiving it?” he questioned
Dr. Apea announced that a petition is being launched to urge President John Dramani Mahama to grant Mr. Essien clemency on humanitarian and evidential grounds. The campaign he said aims to gather one signature per day Essien has spent in prison, totalling over 630 signatories.
“We will go as far as we can until his release, This is about justice not just for Essien, but for any citizen wronged by the system” he added.
The move, he believes, aligns with the principles of justice, fairness, and human rights that form the foundation of the Commonwealth Charter.
“This petition is not a defence of financial mismanagement, It is a call for a more balanced and humane approach to justice one that takes into account not only legal outcomes, but also the human condition and our moral responsibility as a nation” he said.
By Bertha Demah