Former UT Bank founder and CEO, Captain (Rtd) Prince Kofi Amoabeng, has claimed that the closure of his bank was politically motivated.

Speaking on Joy News’ PM Express Business Edition on Thursday, January 16, he expressed his belief that despite his close ties with key government figures, there were underlying motives behind the bank’s collapse.

"I was a friend in all aspects of the word, as a very good friend to the Minister of Finance [Ken Ofori-Atta]. I was a friend to the President [Akufo-Addo], I was a friend to most of the people who were running finance," he revealed.

"Even though I was a friend, maybe they didn't like me for whatever reason, maybe some jealousy, some envy," he said.

Prince Kofi Amoabeng suggested that personal sentiments may have played a role in the government's decision.

"Therefore, when they had power, it's like, okay, this guy thinks he knows everything, he's achieved so much, so maybe we'll bring him down. I don't know, and I don't care," he stated.

Despite the challenges he faced, Kofi Amoabeng maintained a broader perspective.

"I sailed through it, and I care about the country and the people of this country more than myself." He emphasized that the process of closing down financial institutions was not handled properly.

"Certainly, there was political influence in it, but it makes sense, and the order in which they made build, some banks out, form some new banks, collapse some, put some in court. It was very haphazardly done, to say the least."

Kofi Amoabeng acknowledged the authority of the government in making such decisions but criticized the execution.

"But either way, they have the power, and they have to execute, and therefore, they decide whether they did it that way," he said.