Ato Essien, the former Chief Executive Officer of the defunct Capital Bank, has been sentenced to 15 years imprisonment with hard labor due to his failure to fully repay an amount of GH¢90 million that he agreed to pay to the state.

This decision comes after several lifelines and opportunities given to him since December 2022.

Essien pleaded guilty to 16 counts of stealing, money laundering, and conspiracy to steal for his role in the collapse of Capital Bank.

He entered a plea bargain with the state under section 35(7) of the courts ACT 459.

The agreement stipulated that Essien was to pay GH¢90 million, of which he paid GH¢30 million on December 13. The remaining GH¢60 million was to be paid in three equal installments in 2023: GH¢20 million by April 28, another GH¢20 million by August 31, and the final GH¢20 million by December 15.

One of the key conditions of the agreement was that the court would impose a custodial sentence if any payment deadlines were missed.

As of April 28, Essien had not paid the GH¢20 million due, leading the state to file an application on May 2, 2023, to have him imprisoned.

The presiding judge initially gave Essien about six months to make amends.

However, from January to October 12, Essien paid only an additional GH¢7 million, leaving GH¢53 million outstanding.

The judge, having exhausted his patience, allowed the state’s application for Essien’s imprisonment.

The judge ultimately sentenced Ato Essien to 15 years in prison for his failure to fulfill the agreed repayment.