Beige Bank Founder Michael Nyinaku Acquitted of All Charges
Accra, Ghana – 24 July, 2025 – Founder and former CEO of Beige Bank Michael Nyinaku has been acquitted and discharged by the Court of Appeal of all criminal charges brought against him by the state. The court, presided over by Justice Emmanuel Ankamah, ruled that the prosecution failed to establish the necessary burden of proof to sustain a conviction for charges of stealing, fraudulent breach of trust, and money laundering.
Background of the Case
Nyinaku was accused of diverting over GH¢1.2 billion from depositors between 2015 and 2018, allegedly using various means to transfer huge sums of money to companies related to him and for his personal benefit. The specific allegations included:
- Transfers to Beige Capital Asset Management: GH¢448 million in fixed deposits was allegedly transferred to BCAM, a company owned by Nyinaku.
- Transfers to Beige Group: GH¢141 million was allegedly transferred from 35 deposits to the Beige Group, a company wholly owned by Nyinaku.
- Fictitious Account: A fictitious First Africa Savings & Loans account was allegedly created, into which GH¢320 million was diverted.
Court Proceedings
Nyinaku pleaded not guilty to the charges and was granted bail of GH¢200 million with strict surety conditions. The prosecution presented several witnesses, while the defense had a lengthy witness list of 61 witnesses. The prosecution formally closed its case in October 2023, and the defense was expected to submit closing arguments.
Implications of the Ruling
The acquittal of Michael Nyinaku is expected to spark fresh debates around the fairness and outcomes of the banking sector clean-up and the prosecutions that followed. The court's full judgment is yet to be released, which may provide further insight into the reasoning behind the acquittal.
Source: Lead News Online/Leticia Okpoti
