Unibank Scandal: Calls for Tougher Recovery as Evidence of Lavish Self-Enrichment Mounts

Bright Simons, Vice President of IMANI Africa, has issued a strong call for a more aggressive recovery strategy in the Unibank scandal, accusing the state of settling for far less than what could have been recouped from the former majority shareholders of the defunct bank.

In a detailed exposé published on social media, Mr. Simons criticized the government’s apparent satisfaction with a $160 million recovery deal—arguing that only $60 million would directly come from the owners, while $100 million hinges on recovering from bad debtors, a process receivers have long struggled with.

“I sincerely believe that the former owners could have paid more than $60 million,” Simons asserted. “Of the nearly $2 billion that went into Unibank, over $800 million was transferred to owner-controlled entities.”

Highlights from the Forensic Findings:

– GH¢3.7 billion advanced to related parties, most of it deemed impaired. – GH¢2.3 billion in customer deposits not disclosed in prudential reports to the Bank of Ghana. – GH¢3.4 billion of the gross loan book was non-performing (91%). – Capital Adequacy Deficit: GH¢7.4 billion. – Over GH¢1.3 billion in overstated customer loans. – Widespread non-interest earning related party advances in breach of banking laws.

Simons pointed out that nearly 30 entities controlled by the Unibank owners benefitted from these suspect transactions, including NUMA, House of Duffour (HODA), Yaw Addo Developments, and UniSecurities.

Some disturbing examples include:

– $16 million approved for companies like UniPrecision and Alban Logistics without collateral. – $25 million borrowed from Afreximbank for BOST was allegedly diverted and never reached the intended recipient. – $15 million used to acquire a foreign insurance company that was subsequently controlled by the owners, not the bank. – Overbilling by related companies, such as Topp Core Security invoicing for 36 security personnel while only 16 were deployed. – Purchase of Meridian House for over $5 million, later transferred to StarLife at less than 25% of value.

Demand for Independent Oversight

Simons concluded his statement with a forceful recommendation:

“To tell citizens that the only recovery route is to seize some lands and unvalued buildings is insulting. The government must immediately engage a reputable and independent firm to represent Ghana’s interests—especially if the Attorney General is too politically conflicted to act decisively.”

This statement reignites the debate around financial accountability and whether political compromises are undermining justice and economic recovery in Ghana’s banking sector clean-up.

Stay with Nsemgh.com for breaking updates on the Unibank saga and ongoing financial sector developments.