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Prince Kofi Amoabeng: From Hero to Zero

The story has always been clockwise for people. That is starting from humble beginnings to attaining greater heights. What many call from grass to Grace or from zero to hero.

Prince Kofi Amoabeng seems to defile the clockwise movement and is moving anti-clockwise. With a sharp rise to fame and fortune, the one-time owner of UT bank seem now to be in financial distress following recent pictures shown on social media.Indeed, the twists and turns in life are surprising. The once-revered entrpreneaur seem to dance backwards as he is facing many court cases.

Below is a brief background to Kofi Amoabeng’s rise and fall.

  1. Prince Kofi Amoabeng is a Ghanaian businessman who was born on February 22, 1952, at Bososo in the Eastern Region of Ghana.
  2. Prince started his basic education at Penworth Preparatory School, a private boarding school in Accra.
  3. He had his high school at the St Peter’s Secondary School at Nkwatia Kwahu and later proceeded to Adisadel College in Cape Coast Ghana.
  4. Prince proceeded to the University of Ghana where he graduated with a Bachelor of Science in Administration degree with 2nd Class Upper Honours in 1975.
  5. He later joined the Military where he received a scholarship from the Ministry of Defence to pursue a course at the Royal Army Pay Corps where he qualified as an accountant within 18 months and decided to return home upon graduation.
  6. In 1997, Joseph Nsonamoa, Prince Kofi Amoabeng co-founded Financial services and then renamed it Unique Trust Financial Services. UT Financial Services was a non-bank financial services provider (NBFI), in Ghana, which was incorporated in 1997. Over time, the NBFI acquired subsidiaries and was listed on the Ghana Stock Exchange, under its holding company, UT Holdings Limited.
  7. In 2008, UT (Unique Trust) Holdings Limited acquired a majority shareholding in a Ghanaian commercial bank called BPI Bank. The bank was re-branded as UT Bank Ghana Limited and opened for business in May 2009.
  8. In June 2010, UT Bank and UT Financial Services Merged into one new company called UT Bank Ghana Limited. Through a reverse listing on the GSE, the new bank’s shares became listed and those of UT Holdings were de-listed. Its shares trade under the symbol: UTB.
  9. UTB was a medium-sized financial services provider headquartered in Ghana with subsidiaries in West Africa and Western Europe. The bank’s total assets in December 2011 were valued at approximately US$378.4 million (GHS: 712.9 million), with shareholders’ equity of approximately US$32.5 million (GHS: 61.23 million).
  10. On August 14, 2017, the Central Bank of Ghana issued a statement to the press indicating that the license of UT Bank had been revoked along with another Ghanaian owned bank (Capital Bank). In the same statement, the Central Bank also approved the take-over of UT Bank and Capital Bank by GCB Bank Limited.
  11. Kofi Amoabeng is currently subject to ongoing court battles regarding these allegations following his arrest on 14 January 2020 and release on bail of 110 million cedis.
  12. In January 2020, Mr Amoabeng was charged with the embezzlement of a total amount of 59.9 million Ghana cedis from UT Bank. Mr Amoabeng was a cofounder of the bank which collapsed during Ghana’s banking crisis.
  13. The original charges were subsequently dropped and the prosecution intends to bring other charges. He has claimed the charges have a political basis as he has never provided support to either main political party.
  14. Kofi Amoabeng is a single man although they are rumours that he has had amorous relationships with singer Mzbel and broadcaster Nana Aba Anamoah.
  15. He is considered as one of the richest Ghanaians of his generation.

Let’s take a look at some of his awards and recognitions;

  • Lifetime Achievement for Innovation in Africa, 2013
  • Johnnie Walker Giant, 2012. A global “Walk With Giants” campaign.
  • Overall Best Entrepreneur in the Maiden Ghana Entrepreneurs Award (2011)
  • One of two Ghanaians profiled in Moky Makura’s book on Africa’s Greatest Entrepreneurs which profiles 16 of Africa’s top entrepreneurs.
  • Ghana’s Most Respected CEO for 2008/2010/2012.
  • National Honours for an Order of the Star of the Volta- Officer’s Division presented by the President of Ghana in 2008.
  • (CIMG) Marketing Man of the Year 2006.

Other business wholly or partially owned by Prince Kofi Amoabeng:

  1. UT Logistics – Headquartered in Tema, Ghana
  2. UT Properties – Real estate development and management
  3. UT Collections – Debt Recovery
  4. UT Private Security – Armed and unarmed private security service
  5. UT Financial Services Nigeria – Loans and Lease financing solutions
  6. UT Financial Services South Africa – Headquartered in Johannesburg
  7. UT Life Insurance – Life Insurance

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