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

His resignation was announced after an emergency board meeting yesterday, where Daasebre decided to step down in the best interest of the bank.

The controversy stems from a petition filed by Collins Darkwa, a businessman and customer of ADB, who accused the Board Chairman—who also serves as Kwahumanhene—of demanding bribes in exchange for approving a 12 million Ghana cedis loan.

In the petition addressed to the Office of the President, Mr. Darkwa alleged that Daasebre Agyapong requested an upfront payment of 50,000 Ghana cedis, followed by further sums as a precondition for approving the loan. He further claimed that he had to comply under pressure from his suppliers and, despite making the payments, Daasebre allegedly continued to demand additional funds, threatening to use his position to sabotage Mr. Darkwa's business if he did not comply.

Mr. Darkwa is now seeking to recover a total amount of 2,408,000 Ghana cedis from the former chairman.

Daasebre’s resignation has been seen as a positive step for ADB Bank, which is considered one of the country's top-performing financial institutions.