The long-running commercial dispute between businessman Daniel Ofori and Ecobank Ghana has finally come to an end after the Supreme Court in 2026 reaffirmed earlier rulings in favour of Ofori. The decision brings closure to nearly two decades of litigation over disputed share-sale proceeds and contested investment returns.
Origins of the Dispute
The case dates back to 2008, following the sale of about 14.3 million CAL Bank shares valued at approximately GH¢13.7 million. The transaction was executed through Databank Brokerage, with Ecobank Ghana acting as the settlement bank.
What was initially treated as a routine securities transaction escalated into a major legal dispute over alleged unpaid proceeds and a disputed 30% investment return.
Core Legal Arguments
Ofori consistently argued that the shares were duly transferred and that Ecobank Ghana was obligated to release the proceeds together with agreed returns under an investment arrangement valued at about GH¢16.6 million.
Ecobank, however, disputed the claim, citing regulatory complications involving the Bank of Ghana and the Securities and Exchange Commission (Ghana). The bank also pointed to alleged inconsistencies in documentation and unresolved issues around dividend payments following the transaction.
Court Rulings and Final Judgment
A major turning point came in 2018 when the Supreme Court ruled in favour of Ofori, affirming his entitlement to the funds and recognising the validity of the 30% interest arrangement.
Despite subsequent legal challenges by Ecobank, successive rulings between 2018 and 2026 consistently upheld the original decision, culminating in the final Supreme Court affirmation in 2026.
Compensation Outlook
Although the Supreme Court did not publicly specify a final liquidation amount, it confirmed that the 30% interest rate should be applied on a compounded basis over approximately 18 years.
This has significantly increased the potential payout, with estimates placing total compensation between GH¢1.8 billion and GH¢1.9 billion, reflecting the exponential effect of compound interest over time.
Ecobank Response
In response to renewed attention on the case, Ecobank Ghana reiterated its financial strength, stating that it remains well-capitalised, operationally resilient, and fully compliant with regulatory standards.
The bank emphasised that despite legacy legal disputes, its balance sheet remains strong and its pan-African operations continue to perform robustly across key markets.
