UT Bank collapse: Akufo-Addo, Ofori-Atta ignored my plea for help – Amoabeng

• Posted on March 25, 2025March 25, 2025
• by Nana Kwesi Coomson
• Comment

Retired Captain Prince Kofi Amoabeng, founder of the defunct UT Bank, has expressed his disappointment over the lack of support from former President Nana Addo Dankwa Akufo-Addo and former Finance Minister Ken Ofori-Atta following the collapse of his bank.

Despite having personal relationships with both individuals, Amoabeng revealed that they did not assist him when UT Bank faced financial difficulties.

Speaking on The Point of View with Bernard Avle on Channel One TV on Monday, March 24, Rtd. Capt. Amoabeng recalled that UT Bank had previously provided financial assistance to Ofori-Atta’s company during challenging times.

He expressed regret that, despite this history, neither Akufo-Addo nor Ofori-Atta offered him support when UT Bank was affected by the financial sector clean-up in 2017.

“I knew him [Akufo-Addo], he had been to my house in Kukrantumi before and all that. So these were not people I didn’t know. I knew the former President. The former Minister of Finance also knew about the problems. As for him, I talked to him like a brother and all that. Because he had been there before, at a point, he had all sorts of cases, and I had to give him a loan,” Amoabeng recounted.

When asked whether he believed the former president’s actions were personal, he explained:

“That is why I went to him again to say fine, maybe it was a genuine decision you have taken, but what about the other companies you have frozen accounts?

“And he said I should speak to his Personal Assistant. So it weakened everything that we built. If you are my friend and I have to make a decision that goes against you, I will call you to see what we can do for you to come back.

“But not just immediately nail your other companies and everything and then refuse to see me. At some point, I said it was that bad and I said well, I had to take care of myself.”

UT Bank was one of several banks whose licenses were revoked in 2017 as part of the Akufo-Addo administration’s financial sector restructuring.