Michael Nyinaku, founder of Beige Bank, the financial institution whose license was revoked in 2018, has been acquitted by the court. The court says he has no case to answer. The Bank of Ghana revoked Beige Bank's license and placed it under receivership after uncovering irregularities in its financial practices.

Major allegations

• Nyinaku was facing 43 counts - including stealing, fraudulent breach of trust and money laundering - with accusations that he diverted over GHC 1.2 billion (or even up to GHC 1.3 billion) from depositors between 2015 and 2018.
• Among the alleged moves:
  • Transfers of GH¢448 million in fixed deposits to Beige Capital Asset Management (BCAM), his other company.
  • Transfers of GH¢141 million from another 35 deposits to the Beige Group, a company wholly owned by Nyinaku.
  • Creation of a fictitious First Africa Savings & Loans (FASL) account into which GH¢320 million was diverted.
  • Additional misappropriations via vouchers and memos to companies he controlled.

Court process & progress

• He pleaded not guilty in late 2022, and was granted bail of GH¢200 million with strict surety conditions.
• The prosecution presented several witnesses, and the defence followed with a lengthy witness list (61 witnesses announced by March 2024) .
• Some defence testimony included claims that transactions were legitimate banking operations (such as forex trades), though contested in court.
• The prosecution formally closed its case in October 2023, but no verdict has been rendered yet.

Current status & key points

• Legal timeline: Prosecution case closed around November 2023; defence was expected to submit closing arguments following that conclusion. Bail has remained in effect since late 2022, with no change to custody status.