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Capital Bank saga: Ato Essien ready to pay back GH¢27m to state
Lawyers of the former Chief Executive Officer (CEO) of Capital Bank, William Ato Essien, who is facing trial for the collapse of the financial institution, have indicated that their client is willing and ready to return about GH₵ 27 million to the state.
Mr Ato Essien has begun negotiations with the Attorney General to have some of the charges brought against him dropped.
His lawyers revealed that he has paid close to GH₵ 1.4 million and also given out some 19 newly cleared cars from the port to the state.
According to the lawyers, led by Thadeus Sory, engaging the AG based on section 35 of the Courts Act, which allows for an offer of compensation or restitution in respect of some of the charges brought against the accused persons is currently ongoing.
The lawyers have already indicated to the Economic and Organised Crimes Office (EOCO) that, their client was willing and ready to return about GH₵27 million to the state.
The Attorney General’s office in response confirmed the negotiations and informed the court that they will consider it.
The judge, Justice Kyei Baffour, adjourned the case to June 18, 2020, for the two parties to report back to him.
Mr Ato Essien is facing trial, with three former executives of the defunct bank; Fitzgerald Odonkor, Kate Quartey-Papafio and Tetteh Nettey for 26 charges levelled against them.
The prosecution, led by the Attorney General (AG), Ms Gloria Afua Akuffo, accused the four persons of engaging in various illegal acts that led to the dissipation of the GH¢620 million liquidity support given to Capital Bank by the Bank of Ghana between June 2015 and November 2016.
It is the case of the AG that Essien, with Odonkor’s aid, transferred the liquidity support to certain companies either controlled by him or in which he had an interest.
According to the AG, GH₵ 130 million of the liquidity support was transferred to MC Management Services, which was later presented to the BoG as the initial capital to set up Sovereign Bank, another bank in which Essien had an interest.
She further alleged that between June and October 2015, Essien, aided by Odonkor, appropriated GH¢27.5 million of the liquidity support by carrying it in jute bags.
“The money was purportedly used as payment for business promotion,” she told the court.
Ms Akuffo also accused Essien of giving some liquidity support to his cronies in the form of a loan to be used to buy shares in Capital Bank.
With regard to Quartey-Papafio, the A-G said as part of the scheme to further dissipate the GH¢620 million liquidity support, Essien transferred GH¢ 70 million of the money into Quartey-Papafio’s bank account at Cal Bank.
She further accused Quartey-Papafio of trying to withdraw the money in 2017, even though she was aware that Capital Bank had collapsed and was in receivership.
The withdrawal, the A-G submitted, was, however, prevented by the receivers of Capital Bank.
During his application for bail, counsel for Quartey-Papafio, Dr Dominic Ayine, a former Deputy A-G, rebutted the facts presented by the A-G.
He described the case as a ground-breaking one in the country’s jurisprudence.
“This is going to be the first case in the history of this country that stealing has occurred with the consent of the owner,” counsel contended.
Making his case, he argued that the GH¢620 million liquidity support was essentially a loan that was granted to Capital Bank by the BoG, which was supposed to be paid with interest.
“Essentially, this was money belonging to Capital Bank,” he said.
Counsel further submitted that per Section 60 of the Companies Act, 2019 (Act 992), there was nothing wrong with a lending institution giving out loans for people to buy in that institution.
Source: Citinewsroom.com
News
CSA marks Cyber Security Awareness Month with maiden National Cybersecurity Education Conference in Accra
The Cyber Security Authority (CSA) has held the maiden National Cybersecurity Education Conference in Accra to promote cyber resilience and digital rights in Ghana’s education sector.
The conference, organised at the Ghana Tertiary Education Commission (GTEC) auditorium, formed part of activities to mark this year’s National Cyber Security Awareness Month, under the theme “Empowering Higher Education for Cyber Resilience and Digital Rights.”
Speaking at the event, the Acting Director-General of the CSA, Mr. Divine Selase Agbeti, said the theme reflects a shared national commitment by the Authority, the Ministry of Education, GTEC, and all tertiary institutions to build a secure and responsible digital future.
He explained that cybercrime is projected to reach $10.5 trillion globally by the end of 2025, making it one of the biggest economic threats in history. Meanwhile, there remains a shortfall of about four million cybersecurity professionals worldwide.
Mr. Agbeti said Ghana’s rapid digitalisation, where nearly 70 percent of the population relies on the internet for education, governance, and commerce has also increased exposure to cyber risks.
He noted that tertiary institutions have faced cyber incidents such as grade alteration, forged certificates, exam leakages, sextortion, and admission scams, which threaten student welfare and institutional credibility.
He revealed that the education sector has been designated as critical information infrastructure, and protecting it is essential to national security and development.
For that reason, he revealed that the CSA has prioritised education within Ghana’s National Cyber Resilience Strategy, guided by the Cybersecurity Act, 2020 (Act 1038) and the National Cybersecurity Policy and Strategy.
According to Mr. Agbeti, the CSA is working with GTEC and the Ministry of Education to integrate cybersecurity into teaching, learning, and institutional management.
“A draft Memorandum of Understanding (MoU) has been submitted to GTEC to formalise the development of a National Cybersecurity Competency and Qualification Framework, which will create a clear learning path from basic cyber literacy to advanced professional certification” he added.
He further announced that the Authority is collaborating with the Ministry of Education to establish an Education Sectoral Computer Emergency Response Team (EDU-SCERT) to coordinate responses to cyber incidents across universities and colleges.
Mr. Agbeti added that the CSA has reached over 5.6 million adults with cybersecurity awareness programmes between January and October 2025, compared to only 102,000 people reached in 2022, a sign of growing national awareness.
“Cybersecurity can no longer be limited to IT departments or computer labs. Every student, whether studying medicine, law, or business, should have basic knowledge of digital safety and responsibility,” he emphasised.
He commended GTEC, the Ministry of Education, and the Accra Technical University for partnering to organise the event, calling for the conference to become an annual platform for dialogue between academia, industry, and policymakers.
Delivering a keynote address on behalf of the Minister for Education, the Executive Director of CENDLOS, Prof. Diyawu Mumin, said the education sector faces an average of 2,507 cyberattacks weekly globally, making it one of the most targeted sectors worldwide.
He disclosed that between January and October 2025, Ghana’s National Cyber Security Emergency Response Team identified 505 leaked employee credentials and over 5,000 stealer logs belonging to educational institutions, many of which were available for sale on the dark web.
Prof. Mumin said the Ministry recognises that effective policy is the first line of defence in protecting the education system.
He mentioned that the Ministry, in collaboration with the CSA, GTEC, and other stakeholders, has reviewed Ghana’s ICT in Education Policy and EdTech Strategy to embed cybersecurity and digital safety across all levels of learning.
He encouraged GTEC to expedite the signing of the MoU with the CSA to start implementing the cybersecurity competency framework, adding that cybersecurity should be a general course across all disciplines, not just in IT.
“Our vision is for every student, regardless of discipline, to graduate with a grounding in cybersecurity and digital ethics. Universities must treat cybersecurity as a matter of governance and national security, not merely a technical subject,” he stated.
Prof. Mumin also confirmed that the Ministry is working with the CSA to establish an Education Sector Computer Emergency Response Team, which will detect, coordinate, and respond to cyber incidents in the education ecosystem.
He called for urgent action against admission scams, sextortion, cyberbullying, and certificate forgery, which he said threaten trust in Ghana’s educational institutions.
The Director-General of the Ghana Tertiary Education Commission (GTEC), Prof. Ahmed Jinapor Abdulai, in his remarks, said safeguarding Ghana’s digital future must begin from the classroom, the laboratory, and the lecture hall.
He described the theme as visionary and relevant, noting that while digital transformation has improved teaching and research, it has also exposed institutions to cyber threats that can cripple systems and compromise data.
Prof. Jinapor said cybersecurity is no longer the sole responsibility of IT departments but a civic and educational duty that demands ethical reflection and institutional leadership.
He revealed that GTEC is integrating cybersecurity awareness into quality assurance frameworks, programme accreditation, and institutional audits, and reaffirmed the Commission’s partnership with the CSA to make cybersecurity education a national priority.
“Universities and colleges must produce not only employable graduates but resilient ones. individuals who understand the value of information, the sanctity of privacy, and the ethical use of technology,” he said.
He added that GTEC would continue to encourage curriculum reforms to ensure that cybersecurity education cuts across all disciplines and institutions.
Prof. Jinapor urged tertiary institutions to allocate resources for digital security, train staff and students to recognise risks, and adopt robust response systems, stressing that cyber resilience will soon define institutional credibility just as accreditation defines academic standards.
He concluded that Ghana’s youthful population and expanding tertiary sector give the country a unique opportunity to become a continental leader in cybersecurity education and policy innovation.
By: Jacob Aggrey
The National Sports Authority (NSA) has announced that the suspension on professional boxing in Ghana will officially be lifted on Thursday, November 6, 2025.
This follows months of consultations between the Ministry of Sports and Recreation and the Interim Management Committee (IMC) responsible for overseeing reforms in the sport.
According to the NSA, significant progress has been made in addressing the key concerns that led to the suspension, including improvements in medical and safety protocols, governance, and administrative structures.
The Authority said these reforms mark a major step toward reviving Ghana’s rich boxing heritage and ensuring the safety and well-being of athletes.
Some of the new measures include the publication of medical and safety manuals, the establishment of a functional Interim Medical Commission, a centralized medical database, an approved insurance framework, and the certification of ringside and medical staff.
The NSA commended the IMC, athletes, and all stakeholders for their patience and cooperation throughout the reform process.
It added that the new systems will make Ghanaian boxing more credible, safe, and internationally respected.
The Authority called on local and international promoters to bring global bouts and collaborations to Ghana under the enhanced standards.
In the coming weeks, the NSA will roll out educational programs and new partnerships aimed at improving the welfare of Ghanaian boxers and promoting the sport’s growth.
The Authority reaffirmed its commitment to working with all partners to ensure a safe, professional, and sustainable future for Ghanaian boxing.
By: Jacob Aggrey
