Founder of the now-defunct UT Bank, Prince Kofi Amoabeng, has unveiled intriguing insights into his entrepreneurial journey and career development.

He recounted instances where he found himself in a battle for what he rightfully deserved when certain financial institutions, from which he aimed to secure loans, made irrational demands.

As disclosed in excerpts from his book titled "The UT Story – Humble Beginnings," Amoabeng revealed that at a certain juncture, an undisclosed bank requested an investment in Treasury Bills of a specific value as collateral for him to obtain the desired loan amount.

Although he had initially proposed his property as collateral, the bank initially declined. Later, they approved only half of the requested amount, offering GHC 50 million instead of the GHC 100 million he sought. In addition, they demanded his house as extra collateral.

Frustration mounted, leading him to take an unexpected action: he leapt over the counter and demanded the closure of his account with the bank, insisting on retrieving all his funds.

“I rushed to the bank in very high hopes only to be informed that they had approved GHC 50 million instead of the GHC 100 million I had applied for. And in addition to the GHC 100 million Treasury Bills, they wanted me to add my house as collateral. I became apoplectic!

“They declined my house as collateral and demanded a liquid investment. I struggled to procure the Treasury Bills at a cost. And after three months, they want to grant me half of the amount I had requested. On top of that, they were now demanding my house as additional collateral!

“What do you people take me for? I yelled. [Calm down, Adjei Ansah said]. GHC 100 million Treasury Bills is equivalent to cash!] I yelled ignoring him. So why do you want my house in addition? [So we’ll feel more comfortable, he replied.] If you don’t feel comfortable with the Treasury Bills, then why did you ask for it?” he continued.

Amoabeng continued to recount, "I didn't wait for them to process my request. I vaulted over the counter and confronted the staff, demanding my documents immediately. 'Sir, please remain calm,' they attempted to placate me. 'No! No! No! Don't feed me that nonsense!' I created a scene and closed my account. I was even more furious because I had intended to utilize my house as collateral to secure additional funds from elsewhere."

Ultimately, he returned the Treasury Bill documents he had obtained from a friend and sold his house to fund his business endeavors.

Below is a snippet of the page with the narration: