You Have Recovered Only 10.6% Of Unibank Liability, Not 60% – Bright Simons Exposes Attorney General

Bright Simons, Honorary Vice President of IMANI Africa, has disputed the Attorney-General’s assertion that 60% of funds lost in the collapse of Unibank have been recovered, describing the claim as misleading.

The Office of the Attorney-General (A-G) announced on July 22, 2025, that it had entered a nolle prosequi in the case of The Republic v. Kwabena Duffuor & 7 Others, effectively halting prosecution. A-G Dr. Dominic Akuritinga Ayine cited the recovery of 60% of alleged losses as justification, stating that the decision aligned with prosecutorial discretion under Article 88(3) of Ghana’s Constitution.

However, Simons, in a detailed analysis, argued that the A-G’s figures do not reflect the true financial losses incurred by the state. He pointed to a July 31, 2018, letter from Unibank’s shareholders admitting liability of GHS 4.9 billion—far higher than the GHS 3.3 billion cited by the A-G.

Key Discrepancies Highlighted

1. Understated Liability – Simons noted that Unibank’s owners had previously acknowledged owing GHS 4.9 billion, yet the A-G’s settlement only accounts for GHS 3.3 billion.

2. Bank of Ghana’s Exposure – The Bank of Ghana (BoG) was owed over GHS 2.8 billion, with net liabilities at GHS 2.2 billion after offsets. The current settlement of approximately $160 million (GHS 1.2 billion) falls short of covering this debt.

3. KPMG’s Findings – An audit by KPMG in 2018 revealed Unibank’s liabilities at GHS 9.2 billion ($2 billion), with nearly $1.8 billion unaccounted for, including $400 million in questionable loans to related parties.

Questions for Accountability

Simons questioned why the A-G dropped criminal charges before securing full restitution, especially given the political connections of Unibank’s majority shareholder, a former finance minister. He also called for transparency from the BoG and the Receiver overseeing Unibank’s assets.

“The settlement covers only 10.6% of the actual losses to Ghana,” Simons stated. “If this is the standard for accountability, then we must ask whether Ghana is truly serious about financial justice.”

The A-G has defended the decision as pragmatic, citing legal challenges in similar cases. However, critics argue that the move sets a dangerous precedent for financial sector accountability.

As public scrutiny intensifies, stakeholders await further clarification from state agencies involved in the Unibank resolution process.

Source: GhanaFeed.Com