The Accra High Court, Commercial Division 6, has ordered First Atlantic Bank to pay over GH¢10 million in damages to a customer after unlawfully tendering the customer’s bonds into the Government’s Domestic Debt Exchange Programme (DDEP) without consent.
In a judgment delivered on December 12, 2025, presided over by Justice Sedina Agbamava, the court found that the bank acted negligently and breached its fiduciary duty to its customer, Vihama Energy Company Limited and Sebastian Asem, in the case VIHAMA ENERGY COMPANY LTD & ANOR v. FIRST ATLANTIC BANK [TLP-HC-2025-06].
According to a report published by thelawplatform.com, the court awarded approximately GH¢8.43 million for losses suffered during the period the bonds were wrongfully tendered, while an additional GH¢2 million was awarded as exemplary damages to punish the bank’s conduct. The bank was also ordered to pay GH¢100,000 as litigation cost to the plaintiffs.
Justice Agbamava rejected the bank’s claim that it was coerced by regulators to tender the bonds, holding that the action was taken unilaterally and without any contractual authority. The court ruled that no provision in the facility agreement granted the bank discretion to tender the bonds without the owner’s consent.
“The Defendant’s unilateral decision to tender the bonds without the consent of the owner was a fundamental breach of its mandate and fiduciary trust,” the court stated.
