top of page
  • Think News Online

CEO of Defunct Beige Bank Granted ¢200m Bail

Founder and CEO of defunct Beige Capital Bank, Michael Nyinaku has been granted a bail of ¢200m by the Financial and Economic Court 2 of the Accra High Court, TV3’s Laud Adu Asare has reported.

Appearing before the Accra High Court, Tuesday November 8, Mr Nyinaku pleaded not guilty to all counts.

His counsel, Lawyer Addo Tuah told the court that the developments occurred from about 2015 to date and the accused has religiously appeared before various Investigative bodies including Economic and Organized Crime Office (EOCO).

He noted that they have never defaulted as and when they were needed and hence prayed the court to grant bail.

Deputy Attorney-General, Alfred Tuah Yeboah did not oppose to the bail.

Presiding Judge, Afia Serwaa Asare Botwe granted a bail application with 3 sureties, two to be justified by either a landed property valued by government valuation body or a land valuation division of the lands commission.

The case has been adjourned to December 22 for case management conference.

He is to deposit his passport at the court registry and report to the Police every Monday and Friday.


He has been slapped with new charges of theft, money laundering after he was earlier accused of stealing over GH¢340 million at a circuit court.

The facts of the new case at the High Court,  indicated that when Beige Bank’s license was revoked in August 2018, a review of the financial and other records of the Bank revealed some suspicious and unusual transactions which were subsequently reported.

Investigations revealed that between 2015 and 2018, Mr. Nyinaku used various means to transfer huge sums of money to companies related to him and for his personal benefit.

The funds transferred were depositors’ funds lodged with Beige Bank.

Between 2017 and 2018, Mr. Nyinaku caused the transfer of 10,071 fixed deposit accounts held with Beige Bank in which various customers placed a total of GH¢448,636,210.21 to Beige Capital Asset Management Limited (BCAM), without the knowledge and consent of these customers.

Investigations also revealed that Mr. Nyinaku, between the years 2017 and 2018, caused the transfer of 35 fixed deposit investments of 23 customers of Beige Bank totalling GH¢141,042,348.92 to the Beige Group.

Investigations further revealed that, sometime in March 2018, Mr. Nyinaku caused a fictitious second account to be opened in the name of First Africa Savings and Loans (FASL), an existing account holder with Beige Bank, without the knowledge of the Board and management of FASL. 




bottom of page