…12M Asset Auction Now Looms
By Stanley Assor
The Supreme Court has dismissed an application by embattled fintech firm Zeepay and its Chief Executive Officer, Andrew Takyi Appiah, seeking to quash a High Court judgment that cleared the way for the seizure and sale of the company’s assets to recover nearly US$12 million in funds allegedly received but not remitted to clients.
The unanimous decision, delivered on Wednesday, October 14, 2026, marks the latest legal setback for Zeepay and its CEO, who have now suffered defeats in multiple attempts to halt the execution of the High Court judgment.
The ruling removes another legal hurdle to the enforcement of a writ of fieri facias (fi. fa.), which authorises the seizure and sale of a judgment debtor’s property to satisfy an outstanding debt. The development could pave the way for auctioneers and other authorised enforcement officers to proceed against Zeepay’s properties to recover the amounts covered by the judgment.
The case was brought by Michael Yusuf, who sued Zeepay over multiple remittances allegedly left uncompleted after he transferred funds to the fintech company for onward transmission to his clients. Court documents indicate the transactions, which occurred in late 2025, involved US12 million in unremitted funds.
Mr. Yusuf asked the High Court to compel Zeepay and its founder, Andrew Takyi Appiah, to refund the principal sums, together with accrued interest and costs. On April 16, 2026, the Accra High Court (Commercial Division) entered summary judgment in the matter and granted the execution process that subsequently became the subject of Zeepay’s new legal nightmare.
Following the High Court’s decision, Zeepay and Mr. Takyi Appiah embarked on a series of legal attempts to prevent enforcement. On July 14, 2026, they invoked the supervisory jurisdiction of the Supreme Court, filing an application for certiorari to quash the April 16 summary judgment. Before turning to the apex court, they had sought stays of execution at both the High Court and the Court of Appeal. Both applications were dismissed.
The certiorari application therefore represented another attempt to halt the enforcement process by overturning the underlying High Court decision. Its dismissal on October 15 leaves Zeepay facing the prospect of execution against its assets, subject to any further orders or legal processes that may affect enforcement.
In his affidavit supporting the certiorari application, Mr. Takyi Appiah argued that the summary judgment was unfair because it prevented what he considered triable issues from being fully examined by the High Court. One of his central arguments concerned Mr. Yusuf’s legal standing to bring the action. According to Mr. Takyi Appiah, although Mr. Yusuf had transferred the funds to Zeepay, the money ultimately belonged to his clients. He therefore questioned whether Mr. Yusuf could sue in his own capacity over funds that were not beneficially his.
He also challenged the decision to hold him personally liable for the failure to remit the funds, arguing that he had acted in his capacity as an officer of Zeepay, a corporate entity, and that Zeepay’s corporate liabilities ought to be separated from his.
Interestingly, the embattled Takyi Appiah made these claims even though court documents showed that he received the monies he failed to remit from Yusuf through his personal bank account and personal MTN Mobile Money wallet.
The Supreme Court’s dismissal of the certiorari application means the attempt to quash the High Court’s decision has failed. The precise implications of the ruling for the parties’ respective liability and any further proceedings will depend on the terms of the court’s orders.
Meanwhile, Mr. Takyi Appiah is pursuing another legal challenge, with a judicial review application reportedly scheduled for Tuesday, October 20, 2026. The application is expected to provide another focal point in the continuing dispute, although its precise scope and the reliefs being sought would need to be established from the court filings.
The litigation comes amid reports that Zeepay has already experienced the closure of some overseas branches, adding to concerns about the potential consequences of the dispute for the company.
More anon.