Oyibi Bank Manager Accused of GH¢1 Million Theft Through Dormant Account Scheme

A significant financial crime allegation has emerged from the banking sector in Ghana, with a 28-year-old branch manager facing serious theft charges. Adjetey Isaac Noi, who managed operations at Oyibi Area Community Bank PLC, appeared before Adenta Circuit Court accused of orchestrating an elaborate scheme to misappropriate GH¢1 million from the institution.

According to court proceedings presided over by Mrs Angela Attachie, Noi allegedly reactivated a dormant customer account without authorisation and used it as an intermediary to funnel funds into various bank accounts across different financial institutions between March and September 2025. The accused has been granted bail of GH¢1 million with two sureties required to provide proof of landed property ownership, though he maintains his innocence and pleaded not guilty to the charges.

How the Fraud Was Uncovered

The fraudulent activity came to light through routine regulatory oversight. Auditors from ARB Apex Bank PLC discovered irregularities during an inspection of the Oyibi branch on September 28, 2026, acting on intelligence regarding suspected fraudulent transactions. Their investigation revealed that GH¢1 million had been transferred from an internal bank account into an account belonging to an individual named Nii Adjei Sowatey.

According to Chief Inspector Maxwell Lanyo, Noi was subsequently arrested after the matter was escalated to law enforcement. During police investigations, prosecutors alleged that the accused could not provide satisfactory explanations for the transfers. Evidence suggests he systematically reactivated the dormant account specifically to channel stolen funds through multiple banking channels, making the money trail difficult to trace.

Why It Matters for Ghana's Banking Sector

This case highlights critical vulnerabilities in Ghana's banking infrastructure and internal control systems. The incident raises serious questions about account management protocols, access controls, and the oversight mechanisms that should prevent branch managers from unilaterally reactivating dormant accounts. Several concerns emerge from this situation:

• The ease with which authorised personnel allegedly bypassed customer consent requirements for account reactivation
• Insufficient real-time monitoring systems to flag unusual fund transfers within banking networks
• Reliance on external audits rather than continuous internal surveillance to detect irregularities
• The vulnerability of smaller community banks to insider threats from high-ranking staff members

The Banking Sector Regulation and Supervision Act requires financial institutions to maintain robust internal controls and governance structures. Cases such as this underscore the importance of implementing automated alerts for dormant account access, requiring multi-level authorization for unusual transactions, and establishing independent verification protocols for account reactivations.

For depositors and customers of Ghanaian banks, particularly community banks, this case serves as a reminder of the importance of monitoring account statements regularly and reporting any unauthorized activity promptly. The discovery mechanism in this instance—through external auditing rather than customer notification—suggests that personal vigilance remains essential.

The matter has been adjourned to February 17, 2026, allowing time for further investigations and case preparation. The outcome will likely influence how Ghana's banking regulatory bodies, particularly the Bank of Ghana, enforce compliance requirements across financial institutions going forward.