A 15-year prison term has been imposed on Ato Essien, a former CEO of Capital Bank.

Former CEO of the now-defunct Capital Bank, Ato Essien, has been sentenced to 15 years of imprisonment with hard labor.

This decision stems from his failure to fully meet his commitment to repay a total of GH¢90 million, an agreement he made with the state, despite being granted multiple extensions since December 2022.

Ato Essien had initially pleaded guilty to 16 counts of stealing, money laundering, and conspiracy to steal, all related to his involvement in the collapse of Capital Bank.

However, he subsequently entered into a plea bargain with the state under section 35(7) of the courts ACT 459.

Under the terms of the agreement, Mr. Essien was obliged to settle GH¢90 million, of which he paid GH¢30 million on December 13.

The remaining GH¢60 million was to be paid in three equal installments in 2023, with GH¢20 million due by April 28, another GH¢20 million by August 31, and the final GH¢20 million by December 15, 2023. It was explicitly stated that failure to meet these payment deadlines could result in a custodial sentence.

However, as of April 28, Mr. Essien had not paid the full GH¢20 million that was due. The state subsequently filed an application on May 2, 2023, seeking a custodial sentence for Ato Essien.

The presiding judge, Justice Eric Kyei Baffour, granted Ato Essien approximately six months to fulfill his payment obligations, postponing the application’s hearing.

From January to October 12 of this year, Ato Essien managed to pay only GH¢7 million in addition to the initial GH¢30 million.

With GH¢53 million of the agreed sum still outstanding, the judge, having run out of patience, permitted the state to proceed with the application. Following the hearing, Ato Essien was sentenced to 15 years in prison.