Ecobank Ghana moves to reassure customers after fresh Supreme Court defeat in Daniel Ofori case
Ecobank Ghana PLC has sought to calm concerns among its customers and stakeholders following yet another setback in its lengthy legal battle with businessman Daniel Ofori, insisting that its financial position and day-to-day operations remain unaffected by the court’s latest ruling.
In a statement issued on May 16, the bank acknowledged the Supreme Court’s decision and reaffirmed its respect for the judicial process and the rule of law.
“We wish to reassure our customers that the Bank’s financial position remains strong and resilient, and our services continue without disruption,” the statement read.
The assurance follows a May 6 Supreme Court ruling that dismissed Ecobank’s latest bid to overturn an earlier judgment in favour of Mr. Ofori, stemming from a 2008 investment transaction involving shares in CAL Bank PLC.
The apex court upheld Mr. Ofori’s entitlement to 30 percent monthly compounded interest on an investment sum of GH¢6.16 million, calculated from June 2, 2008, to July 25, 2018 — the date of the original judgment.
The court further directed Ecobank to pay post-judgment interest at 13.5 percent per annum on the full judgment debt until final settlement, along with GH¢50,000 in legal costs.
Earlier clarifications from the courts established that the 30 percent compound interest must be applied first up to the 2018 judgment date before the statutory post-judgment interest takes effect on the accumulated total.
The ruling adds to a string of Supreme Court decisions that have gone against the bank in this case, which has wound its way through numerous hearings, reviews, and applications over several years.
Ecobank maintained that all branches and digital platforms continue to operate normally and that customer transactions remain uninterrupted.
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