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Many people are hearing about the Daniel Ofori vs Ecobank case, but don’t fully understand how the whole issue started and how it ended.
Here’s the simple breakdown from the beginning to today:
In 2008, Ghanaian businessman Daniel Ofori sold about 14.3 million CAL Bank shares to another businessman, William Oppong-Bio.
The transaction was handled through Databank Brokerage while Ecobank Ghana acted as the settlement/payment bank.
The shares were worth about GH¢13.7 million.
According to Daniel Ofori, after the shares had already been transferred, Ecobank failed to complete payment after the Bank of Ghana and SEC raised concerns about the transaction.
Part of the money, about GH¢6.16 million, was then allegedly placed into an investment arrangement with Ecobank at an agreed interest rate of 30%.
This is where the real issue began.
Daniel Ofori later sued Ecobank, arguing that:
1. The shares had already been sold and transferred
2. Therefore he deserved payment
3. Ecobank also owed him the agreed investment interest
Ecobank fought the case for years, arguing that:
- the transaction became problematic after regulatory intervention
- there were inconsistencies in the documents
- and Daniel Ofori was still receiving dividends on the shares after supposedly selling them
One major question people asked was:
“If he sold the shares, why was he still receiving dividends?”
Ecobank used this point to challenge the entire claim and later even alleged document alteration and fraud.
But the courts repeatedly ruled in Daniel Ofori’s favour.
The biggest turning point came in 2018 when the Supreme Court ruled that Daniel Ofori was entitled to the money and the agreed 30% interest.
After that, another battle started:
How should the interest be calculated?
Simple interest?
Yearly compound interest?
Or monthly compound interest?
That calculation changed everything.
Because when 30% interest compounds over many years, the amount becomes extremely huge.
Ecobank kept challenging the judgment and tried several legal attempts to overturn or reduce the amount.
But in 2026, the Supreme Court finally upheld the earlier rulings and confirmed that Daniel Ofori was entitled to the compounded interest.
This officially ended one of Ghana’s biggest and longest commercial court battles.
Charley this case will probably be studied in Ghana’s banking and legal sectors for many years 😁
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