William Ato Essien Makes Public Appearance At Government Presser Following Release On GH¢10m Bail
- Convicted banker William Ato Essien made a rare public appearance while on bail after his 15-year jail sentence
- Deputy CEO of Tema Oil Refinery, Mustapha Abubakar, shared photos from the event the convict attended alongside some other government appointees
- Essien was jailed in October 2023 for embezzling over GH¢90 million in Bank of Ghana liquidity support funds for Capital Bank
The founder of the defunct Capital Bank, William Ato Essien, has made a rare public appearance since his release from jail on bail.
Essien was granted GH¢10 million bail in July 2025 by the Court of Appeal after being jailed for embezzling over GH¢90 million in Bank of Ghana liquidity support funds.
Source: Facebook
Facebook photos posted by Deputy CEO of Tema Oil Refinery Mustapha Abubakar showed Essien was at a government press conference to commemorate the signing agreement between Cybele Energy and the Government of Guyana for the exploration of oil in the South American country.
Other photos from the event showed some key government officials and dignitaries attending the occasion alongside Ato Essien, including Presidential Adviser Kofi Okyere Darko.
About William Ato Essien's prison sentence
Essien pleaded guilty to misappropriating funds deposited at the bank by thousands of clients and to stealing, abetment to theft, conspiracy to steal, and money laundering, among other charges.
He was also found guilty of financial crimes relating to the mismanagement of funds, including the embezzlement of GH¢620 million.
He was convicted in December 2022 for allegedly embezzling the over-GH¢90 million from Capital Bank.
He was sentenced to 15 years in prison with hard labour in October 2023 after failing to fulfil the terms of a plea bargain agreement.
During the case, Essien had tried to challenge the revocation of Capital Bank's operating licence by the Bank of Ghana.
He was initially told he would have been able to walk free if he could settle his debt of GH¢53 million to the state.
Source: Facebook
Ghana's banking sector experienced a significant crisis between 2017 and 2019, leading to the collapse of several indigenous banks, including uniBank, UT Bank, Capital Bank, and others.
The Bank of Ghana embarked on a comprehensive clean-up and recapitalisation exercise, citing insolvency, weak corporate governance, related-party lending, and unsustainable business models as key reasons for the failures. This clean-up was said to have cost at least GH¢21 billion.
Mahama petitioned to pardon Ato Essien
Essien's bail in July was granted after a section of Ghanaians petitioned President John Mahama to pardon Essien on grounds of health.
On July 27, 2025, Dr John Apea, the Head of Missions at the Commonwealth Enterprise and Investment Council and board member of the Commonwealth Human Rights Office for Africa, highlighted the deteriorating health of the defunct Capital Bank’s founder as a pressing concern.
In multiple media interviews, Dr Apea stated that Essien was now wheelchair-bound due to a reported spinal injury sustained while in custody.
Godfred Dame campaigns for Essien's pardon
Meanwhile, YEN.com.gh reported that former Attorney-General Godfred Yeboah Dame had backed calls for the release of the former Capital Bank CEO.
He also criticised the office of the current Attorney-General, Dominic Ayine, for its handling of high-profile matters. Essien was convicted in 2022 for embezzlement.
Source: YEN.com.gh
