Unibank collapse: AG drops case against Dr. Duffour, 7 others

Attorney-General files Nolle Prosequi in high-profile financial case

In a major development in Ghana’s banking crisis saga, the Attorney-General has today, July 22, filed a nolle prosequi to discontinue criminal proceedings against former Finance Minister Dr. Kwabena Duffour and seven others implicated in the collapse of uniBank.

The decision was formally announced by Deputy Attorney-General Dr. Justice Srem-Sai, who stated that the move followed the recovery of significant state funds, satisfying the prosecution’s threshold for reconsidering charges.

Background of Republic v. Duffuor & others

The case, The Republic v. Kwabena Duffour & 7 Others (CR/0248/2020), was one of the most prominent prosecutions stemming from the financial sector clean-up initiated by the State in 2018. Dr. Duffuor, who founded uniBank and served as both Finance Minister and Governor of the Bank of Ghana, was charged in 2020 with offenses including theft and money laundering.

Court documents at the time alleged that Dr. Duffuor knowingly received GHS 663.3 million (approximately $122 million) obtained through criminal means. The Bank of Ghana had earlier declared uniBank insolvent in August 2018, citing over GHS 5.3 billion in irregular loans and withdrawals by shareholders and related parties.

Other high-profile individuals, such as former Deputy BoG Governor Johnson Asiama, were also implicated in facilitating financial improprieties.

AG cites successful fund recovery as rationale

According to the Deputy Attorney-General’s statement, the Office of the Attorney-General, working with agencies like the Economic and Organised Crime Office (EOCO), established a 60% recovery benchmark for deciding whether to continue prosecutions in certain cases.

“Following prolonged negotiations and engagements, the accused persons in The Republic v. Kwabena Duffuor & 7 Others case have met this recovery threshold,” the statement noted.

The AG emphasized that continuing prosecution would no longer serve the public interest, particularly given the scale of recoveries already made.

What a Nolle Prosequi means legally

A nolle prosequi is a formal notice that the prosecution does not wish to continue the case. While this results in the discharge of the accused, it does not equate to acquittal, leaving the door open for future prosecution if new evidence emerges.

The Attorney-General’s office clarified that the decision “does not imply an absence of wrongdoing nor a vindication of any conduct”, but rather reflects a pragmatic move to prioritize the recovery of public funds.

Backdrop: Ghana’s financial sector clean-up

Between 2017 and 2019, Ghana undertook a sweeping financial sector reform that saw the collapse of several local banks, including uniBank, UT Bank, and Capital Bank. The Bank of Ghana attributed the crisis to insolvency, poor governance, related-party lending, and flawed business models.

To restore stability and public confidence, the BoG revoked licenses, restructured the sector, and created the Consolidated Bank Ghana (CBG) to take over distressed banks. The clean-up cost the state billions of cedis, pushing the government to pursue aggressive recovery and legal action.

EOCO and AG’s office: A coordinated legal response

The Economic and Organised Crime Office (EOCO) was instrumental in investigating financial misconduct cases, under the direction of the Attorney-General’s office. The legal proceedings, including that against Dr. Duffuor and associates, were part of the State’s broader accountability drive.

AG reaffirms commitment to Rule of Law and public interest

The Attorney-General reiterated his commitment to protecting the public purse, upholding the rule of law, and pursuing justice in matters of national importance. The office highlighted the importance of balancing legal action with tangible recoveries for the State.

“This decision reflects a deliberate choice to safeguard the national interest, not to condone misconduct,” the AG’s statement concluded.

Read the AG’s full press statement :