A petition has been submitted to President John Dramani Mahama, seeking a presidential pardon for William Ato Essien, the founder of First Capital Plus, which later became Capital Bank.
Ato Essien was sentenced to 15 years in prison by an Accra High Court after being found guilty of misappropriating over GH¢90 million in liquidity support provided by the Bank of Ghana to Capital Bank.
Initially, he was allowed to avoid imprisonment by repaying the GH¢90 million as restitution. However, after paying GH¢30 million upfront in December 2022, he failed to meet the agreed payment terms for the remaining GH¢60 million, leading to his custodial sentence.
The petition, submitted by lawyer Andrew Appiah-Danquah on February 27, raises concerns about the fairness and integrity of Ato Essien’s conviction.
It highlights his contributions to Ghana’s financial sector, job creation, and support for local businesses, arguing that his conviction undermines the achievements of a visionary entrepreneur.
According to the petition, Capital Bank’s collapse in 2017 was not due to fraud but rather a politically driven effort to consolidate financial power.
It claims that the GH₵620 million liquidity support was a commercial loan, not fraudulent activity, and that the bank had already paid GH₵336 million in interest over two years.
Furthermore, it states that the GH₵480 million labeled as a “shareholder loan” was part of a strategic restructuring of non-performing loans, a common banking practice rather than an act of fraud.
The petition also points out inconsistencies in the legal process, noting that three other accused persons—Dr. Tetteh Nettey, Rev. Fitzgerald Odonkor, and Kate Quartey-Papafio—were acquitted on the same charges for which Ato Essien was convicted.
It argues that Ato Essien was pressured into a plea bargain and agreed to pay GH₵90 million—an amount higher than the alleged loss—of which he has already paid GH₵43.75 million.
The petition urges President Mahama to grant a presidential pardon, stating, “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”
Read the petition below:
READ ALSO: