….Suspect Ex-BoG Governor was forced ‘To Nail’ him
Businessman and founder of the defunct Heritage Bank, Seidu Agongo, has alleged that the immediate past Governor of the Bank of Ghana (BoG), Dr Ernest Addison, deliberately orchestrated Heritage Bank’s collapse, as part of a broader government scheme to weaken him.
Agongo, who owned a 70 per cent stake in the financial institution, stated that while the central bank is meant to operate independently of the executive arm of government, Dr Addison, acted under the directives of those who appointed him.
“The structure of appointments in this country makes it easy for appointees to be controlled by the government of the day. That allows individuals with ill intentions to be used to fulfil political objectives,” he said in an interview with Accra-based TV3’s Business Focus segment.
He further emphasised that, although the Bank of Ghana, is expected to operate as an independent institution, in reality, it does not.
“Whoever appoints you holds the key to your actions. How can I appoint you, and you claim to be independent? You will always do as you are instructed,” he insisted.
Agongo firmly believes that there was a deliberate effort to destroy him.
“They were asked to nail me,” he asserted.
He also criticized the justification given for the revocation of Heritage Bank’s operating license, which was based on an ongoing court case against him.
“You shut down my bank just because I had a case in court, not because a verdict had been given against me. Does that make sense?” he questioned.
“A private business that went through due process to obtain a license, employed Ghanaians, and was fully operational was shut down simply because its owner was in court. How is that fair?,” the businessman stressed.
He continued, “If I’m not fit-and-proper, why were you asking me to merge with other banks? If the bank was not fit-and-proper, why were you asking us to merge with other banks?.”
When challenged to prove that claim, he responded, “You can ask Dr. Ernest Addison; you can verify.”
The Bank of Ghana officially revoked Heritage Bank’s license in 2019 as part of its financial sector clean-up, citing concerns related to the source of its capital and governance issues.
Seidu Agongo, who had been facing trial over the bank’s collapse, was recently cleared by the State after the Attorney-General’s office announced that his prosecution had been discontinued.
Meanwhile, Speaking on Face to Face on Channel One TV with Umaru Sanda Amadu, Seidu Agongo, maintained that he should not have been held accountable by the state for his procurement of fertilizers for the Ghana Cocoa Board (COCOBOD).
He defended his actions, stating that he had met all legal requirements in the procurement process.
He also welcomed the Attorney-General’s decision to withdraw the case, describing it as the right course of action.
“The feeling is good and I have always known that it would be good. I was happy but I was waiting for that day. I knew very well that whatever I did under the law was right. A product that they requested, which I supplied, which has been used, I don’t see why I should be held accountable for something that has been used already.”
Alhaji Agongo asserted that the thought of serving a jail term never crossed his mind.
“Personally, I’m somebody with very good intuition, instincts and everything, and I have never thought of it. I sometimes tell myself that if I go to jail, it means that something greater will come my way.
“It has never occurred to me that one day I will go to jail, no. I’m a businessman, I go to COCOBOD, and they awarded me a contract, which I supplied. I didn’t just take the money and not supply, I supplied.”
On January 28, Attorney-General and Minister of Justice, Dr Dominic Akuritinga Ayine, formally withdrew all charges against Dr. Stephen Opuni, former CEO of COCOBOD, and Seidu Agongo.
State Attorney, Enam Loh Mensah, informed the court that the Attorney-General had instructed the withdrawal of all charges, leading to the filing of a formal notice.
Dr Opuni and Seidu Agongo, had faced 27 charges, including defrauding by false pretenses, willfully causing financial loss to the state, money laundering, and corruption by a public officer.
The trial, which began in 2018, centered on allegations of procuring substandard fertilizers for COCOBOD, allegedly resulting in financial losses to the state.
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