Ecobank Ghana PLC assures customers of stability after Supreme Court defeat in Daniel Ofori case

Ecobank Ghana PLC assured customers and stakeholders that its operations remain stable and financially sound after suffering another setback in its legal dispute with businessman Daniel Ofori. In a statement issued on May 16, the bank acknowledged the recent Supreme Court ruling and reiterated its commitment to respecting the judicial process and the rule of law, stating, "As a responsible financial institution, Ecobank Ghana PLC respects the judicial process and will continue to uphold the rule of law." The Supreme Court dismissed Ecobank's latest attempt to overturn an earlier judgment in favor of Mr. Ofori in a long-running dispute linked to a 2008 investment transaction involving shares in CAL Bank PLC.

The bank moved to calm public concerns, stressing that the legal developments have not affected its operations or service delivery, adding, "We wish to reassure our customers that the Bank's financial position remains strong and resilient, and our services continue without disruption." In its May 6 ruling, the apex court reaffirmed that Mr. Ofori is entitled to 30 percent monthly compounded interest on an investment sum of GH¢6.16 million from June 2, 2008, to July 25, 2018 - the date of the original judgment. The court further ordered Ecobank to pay post-judgment interest at 13.5 percent per annum on the full judgment debt until final settlement, in addition to GH¢50,000 in legal costs awarded to Mr. Ofori.

The ruling reinforces earlier Supreme Court decisions delivered in favor of the businessman and marks another significant development in the legal battle that has spanned several years through reviews, applications, and multiple court hearings. Earlier court clarifications indicated that the 30 percent compound interest must first be applied up to the 2018