The Chairman of the ADB board has resigned following accusations of extortion

Daasebre Akuamoah Agyapong II, the Board Chairman of ADB Bank, has resigned immediately in response to allegations of extortion made by a bank customer. The decision to resign was announced following an emergency board meeting that took place yesterday.

Daasebre opted to step down in the best interests of the bank. The controversy stemmed from a petition by businessman and ADB customer, Collins Darkwa, alleging that the Board Chairman, who is also the Kwahumanhene, requested bribes for approving a 12 million Ghana cedis loan.

The petition was submitted to the Office of the President. Darkwa alleged that Daasebre Agyapong insisted on an initial payment of 50,000 Ghana cedis, as well as additional sums, for the approval of the loan. He further mentioned being obligated to comply with his suppliers’ demands despite already fulfilling the payments.

Daasebre reportedly continued to demand additional funds and issued threats of misusing his authority. Darkwa’s business will suffer consequences if he fails to adhere to the directives. Mr. Darkwa is currently seeking a claim of 2,408,000 Ghana cedis from the former chairman.

Daasebre’s departure is seen as advantageous for ADB Bank, a prominent financial institution in the country.