ADB Board Chairman resigns over alleged extortion

The Board Chairman of ADB Bank Daasebre Akuamoah Agyapong II has resigned with immediate effect following allegations of extortion against him by one of the customers of the bank.

According to sources, his resignation follows an emergency board meeting yesterday, at which meeting the Board Chairman decided to do the honourable thing by resigning in the best interest of the Bank.

It will be recalled that a customer of the Bank, Collins Darkwa petitioned the Office of the President alleging that the Board Chairman who doubles as the Kwahumanhene extorted a significant amount of money from him in exchange for a GHS12million loan.

The businessman detailed in his petition how the Board Chairman demanded GHS50,000 up front and further loan from him for the approval of the GHS12million loan and appealed to the Presidency to help him recover a total amount of GHS2,408,000 from the Board Chairman.

“Under pressure from my suppliers to procure logistics for the cashew to be supplied, I had no other choice than to agree to the conditions,” Mr. Darkwa said.

Despite fulfilling these demands, Mr. Darkwa claims that Daasebre continued to pressure him for additional funds, threatening to use his position to frustrate the business if he did not comply.

Meanwhile, the resignation of the Board Chairman has brought a sigh of relief to the Bank which many consider as one of the best performing local banks. The swift decision is also reassuring to customers and the general public of the Bank's commitment to good corporate governance and best practice.