Universal Merchant Bank (UMB) has issued an unreserved apology to Engineers & Planners Company Limited (E&P) for publishing inaccurate information regarding the company’s financial dealings with the bank.
UMB confirmed that E&P had fully settled its credit obligations as of February 28, 2014, and holds no outstanding debts with the institution.
In a statement, the bank announced that it had corrected the error with Credit Reporting Agencies and expressed regret for any inconvenience caused. UMB reaffirmed its commitment to professionalism, accuracy, and fairness in its operations.
The apology comes amidst a legal dispute involving businessman Ibrahim Mahama and investigative journalist Manasseh Azure Awuni over claims made in the latter’s book, The President Ghana Never Got.
Ibrahim Mahama, through his lawyers, has demanded a retraction and apology for content on pages 98 and 99 of the book, which he claims contains false allegations about his indebtedness to the then Merchant Bank.
The excerpt in question alleges that Ibrahim Mahama was one of the major debtors whose loans contributed to Merchant Bank’s struggles, leading to its controversial sale in 2013. The bank was eventually sold to private equity firm Fortiz, amid competing offers from First Rand Bank of South Africa.
Ibrahim Mahama’s Position
In a letter dated August 22, 2024, signed by the Robert Smith Law Group and Bobby Banson Esq., Ibrahim Mahama clarified that neither he nor Engineers & Planners owed the bank at the time of its financial troubles. The letter explained that all debts had been cleared before the bank’s challenges and subsequent sale.
The letter further criticized the book for failing to provide credible sources for the claims, stating, “The emphatic representations in the said pages of the book by the author have no basis.”
It also pointed out that UMB itself, in a 2023 court filing, acknowledged that all debts had been paid and had instructed credit agencies to update their records.
Legal Action Threatened
Ibrahim Mahama’s lawyers demanded a retraction of the claims and an apology within seven days, warning of legal action if the journalist fails to comply.
The letter emphasized that the publication had tarnished Mahama’s reputation as an honest businessman and caused unnecessary inquiries from associates, family, and friends.
“It is therefore not true that either Mr. Ibrahim Mahama or Engineers and Planners Company Ltd was indebted to Merchant Bank, which resulted in the struggles of the bank,” the letter stated.
The legal team also noted the reputational damage caused by the publication, urging the journalist to issue an immediate apology and retract the claims to avoid further legal consequences.
