A petition has been sent to President John Dramani Mahama, appealing for a presidential pardon for William Ato Essien, the founder of First Capital Plus, which later became Capital Bank.

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Essien was convicted by an Accra High Court and sentenced to 15 years in prison for misappropriating more than GH¢90 million in liquidity support from the Bank of Ghana.

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Initially, he was given an opportunity to avoid jail by repaying the full amount as restitution, but he failed to meet the agreed payment terms.

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Although he managed to pay GH¢30 million upfront in December 2022, he was unable to clear the remaining GH¢60 million in installments, leading to the enforcement of his prison sentence.

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The petition, filed by lawyer Andrew Appiah-Danquah on Thursday, February 27, challenges the fairness of Essien’s conviction and calls for a review of the circumstances surrounding his case.

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It highlights his contributions to Ghana’s financial sector, arguing that as the founder of Capital Bank, his leadership created jobs, supported local businesses, and fostered entrepreneurship.

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The petition suggests that his imprisonment undermines the achievements of a visionary businessman who proved that Ghanaian enterprises could thrive in the banking industry.

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Additional concerns regarding his sentencing are also outlined in the petition.

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The petition also presented further arguments, stating,“Capital Bank’s collapse in 2017 was not due to fraud but a politically orchestrated move to consolidate financial power. Mr. Essien refused to bow to political pressure to cede control of his bank to powerful interests, which ultimately led to its targeted demise. The GH₵ 620 Million Liquidity Support Was a Commercial Loan, Not a Fraud…Capital Bank was repaying this loan and had already paid GH₵ 336 million in interest over two years—clear evidence that it was a legitimate banking transaction.

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“The GH₵ 480 million described as a “shareholder loan” was not stolen but rather a strategic restructuring of non-performing loans accumulated over 14 years. Such restructuring is a common financial practice aimed at strengthening a bank’s financial position and was not an act of fraud. The Court’s Acquittal of Others Contradicts Ato Essien’s Conviction

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“Three other accused persons—Dr. Tetteh Nettey, Rev. Fitzgerald Odonkor,and Kate Quartey-Papafio—were acquitted on the same charges for which Mr. Essien was convicted. The court held that: The GH₵ 70 million transaction involving Kate Quartey-Papafio was fully accounted for. The GH₵ 130 million transaction involving Dr. Tetteh Nettey was fully accounted for. The GH₵ 27.5 million transaction involving Rev. Fitzgerald Odonkor was legal and authorised.The petition contends that Mr. Essien was compelled into a plea bargain to prevent a lengthy trial, committing to repay GH₵ 90 million—an amount exceeding the alleged loss—of which he has already paid GH₵ 43.75 million.

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“To avoid a prolonged trial, Mr. Essien was pressured into a plea bargain, agreeing to pay GH₵ 90 million—an amount significantly higher than the alleged loss which he has already paid GH₵ 43.75 million.

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The petition therefore appealed to the president to consider granting a Presidential Pardon to Mr. William Ato Essien.

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“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,” the petition added.

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Petition Ato-EssienDownload

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