After feeding Akufo-Addo and Ofori-Atta with UT Bank, they turned to collapse it – Kofi Amoabeng cries over betrayal

Prince Kofi Amoabeng, the former Chief Executive Officer (CEO) of the defunct UT Bank, is crying over betrayal from President Nana Akufo-Addo and Finance Minister Ken Ofori-Atta.

The banker and former military man say his bank used to be another form of 'IMF' for the president and his cousin, Ofori-Atta, some time ago.

Speaking to Captain Smart on Accra-based Onua FM and TV’s Onua Maakye show on Wednesday, March 1, Mr. Amoabeng noted that he has since not been able to comprehend why his two former partners could backstab him and collapse UT Bank.

"The very people who are in government now, I've had the occasion to actually bail them out using the same UT, and I gave them the opportunity and tried to become who they are now.

"The president himself (Akufo-Addo) at some point in time, UT was there to bail him out, and Ken Ofori-Atta and the others, his partners and Databank, yes, UT bailed them out.

"So we've fed you before, so even if you'll collapse it, it should not be done the way it was done. You can call me and tell me the situation is beyond repairs but not invading our premises with the police at 6 a.m. and hacking our signs down, and I had no clue," he told host Captain Smart.

The Bank of Ghana revoked the licences of nine banks in its bid to clean up the sector. The BOG cited various reasons, including a capital adequacy ratio crisis, poor corporate governance, and overexposure to related parties, among others.

The Central Bank noted in 2017 that the good assets of Capital Bank and UT Bank would be taken over by GCB Bank, while it appointed Vish Ashiagbor of PwC as receiver to make the most of the remaining assets.

Meanwhile, speaking on Citi TV, the former CEO stated that UT Bank could have received a bailout just like some other banks, but his lack of strong political backing paved the way for the Central Bank to close it down.