Prince Kofi Amoabeng, founder of UT Group was arraigned before Accra circuit court for contributing to the demise of his UT Bank in 2017. He was charged with stealing and money laundering at the court. According to the prosecution Prince Kofi Amoabeng, founder of UT Group is alleged to have embezzled over GhC200 million belonging to UT Bank customers.

According to sources, he was concurrently charged with defunct Beige Bank boss Mike Nyinaku for causing financial misappropriation.


According to the details of the prosecution, investigations are still ongoing to unravel the mysteries behind the offenses.

Mr. Prince Amoabeng was arrested earlier and in a court presided over by Justice Essandor of the Accra circuit court granted him a bail of GHC110 million with two sureties with a monthly income of at least GHC 2000.

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The bank of Ghana revoked the license of UT Bank on August 14, 2017, whose liability stood at GHS850 million as against its assets of GHS112million according to the Bank of Ghana report.

Picture: remitly

Recently, Prince Amoabeng was interviewed on a TV station where he said that UT Bank would not have been closed if Bank of Ghana gave him a little more time. According to him, they had investors with proposals who were ready to invest in the bank to pay a reasonable amount that UT Bank owed customers “but BoG takes a decision to close down the bank which will cost the nation at least GH¢ 2.2 billion, it doesn’t make sense to me”.

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One could not have been happy with how things went with regard to customers of UT Bank money in debt. However, the decision of the closure of UT Bank and other financial institutions that the bank of Ghana took if it was in the interest of the nation and customers, one could say it was okay.


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