The Board Chairman of ADB Bank, Daasebre Akuamoah Agyapong II has resigned with immediate effect following allegations of extortion against him by one of the customers of the bank.

According to the bank, his resignation follows an emergency board meeting on Thursday, at which meeting he decided to step down in the best interest of the Bank.

It will be recalled that a Customer of the Bank, Collins Darkwa petitioned the Office of the President alleging that the Board Chairman who doubles as the Kwahumanhene extorted a significant amount of money from him in exchange for a GH₵12 million loan.

• Read also: BoG orders Kwahumanhene to resign as ADB Board chair over alleged GH₵2m extortion

The businessman detailed in his petition how the Board Chairman demanded GH₵50,000.00 up front and further loan from him for the approval of the 12 million Ghana cedis and appealed to the Presidency to help him recover a total amount of GH₵2,408,000.00 from the Board Chairman.

“Under pressure from my suppliers to procure logistics for the cashew to be supplied, I had no other choice than to agree to the conditions”, Mr. Darkwa said.

Despite fulfilling these demands, Mr. Darkwa claims that Daasebre continued to pressure him for additional funds, threatening to use his position to frustrate the business if he did not comply.

Meanwhile, the resignation of the Board Chairman has brought a sigh of relief to the Bank which many consider as one of the best-performing local banks.

The swift decision is also reassuring to customers and the general public of the Bank's commitment to good corporate governance and best practice.

ADB won the Ghana Banking Award’s Most Socially Responsible Bank twice and Best Corporate Social Responsible Bank at the Ghana Business Awards and continues to separate itself from the competition in the minds of customers.