Ecobank Ghana has debunked speculations that it is about to collapse under the weight of a heavy financial burden occasioned by a recent court ruling in favor of businessman, Daniel Ofori, saying that its “financial position remains strong and resilient and services continue without disruption.”
In a three-paragraph statement issued on Saturday evening, the bank said it is aware of the said court ruling and the financial claim it places on the bank, adding that as a responsible financial institution, it respects the judicial process and will continue to uphold the rule of law.
This statement from Ecobank was occasioned by a May 2026 Supreme Court ruling, which stopped Ecobank from overturning a 2023 court ruling in favor of Daniel Ofori, and also brought finality to a nearly two-decade-old legal battle over some share sale way back in 2008.
Facts of the case
Simply put, in 2008, Daniel Ofori sold his over 14.3 million shares in CalBank for more than ghs13 million to one William Oppong-Bio through Databank Brokerage, with Ecobank as the settlement bank.
The court heard that after the shares had been duly transferred to Oppong-Bio and his name had been listed in the shareholders’ register as the new owner of those shares, there was some regulatory interruption in the payment process. Meanwhile, Daniel Ofori had already committed over ghs6 million out of the proceeds of the sale into some investment at Ecobank at a 30% interest rate.
Even though, there was a regulatory disruption in the payment process, Daniel Ofori insisted that, to the extent that William Oppong-Bio had been listed as the new owner of those shares and he (Ofori) had also designated part of the proceeds as an investment at Ecobank, he must still be paid his money in full.
Meanwhile, in court, Ecobank also argued that the sale was not consummated because Daniel Ofori continued to earn dividends and even some bonus shares in respect of those 14 million plus shares even after he had transferred the shares.
Ecobank therefore alleged in court that Daniel Ofori employed fraud such as document alteration and others, to obtain court rulings in his favor as he kept enjoying from the very shares he transferred.
Finality
The matter has since 2008 till date travelled through the High Court, Court of Appeals and Supreme Court. The finality, which comes after Ecobank sought the Supreme Court’s review of the 2023 ruling, said, among other things that:
- Ecobank must pay Daniel Ofori his money at 30% compound interest from June, 2008 to July, 2018.
2. Ecobank will pay an additional 13.5% interest for every month it delays payment to Daniel Ofori.
Stifling the voiceless?
The ruling made the news headlines almost immediately it was granted. But for some weird reason, the major and trusted online news portals, who published the story, took it down even though the content was factual and was based on open court proceedings.
But bloggers have since been putting out stories about the ruling with all the facts as were laid out in court. So, what the public know about the case now is what they read and saw from bloggers.
This is a clear example of how when mainstream media shortchanges the voiceless for their selfish reasons, bloggers become the voice of the voiceless.
In 2023 when the last ruling on the matter was given, Ecobank was to pay Daniel Ofori over GHS96 million. It is now not clear how much they are to pay, but given the compound interest added to it, the amount is expected to be much higher.
But as stated above, Ecobank says it is not fazed by it because its financial position is strong and resilient.
