Amma Frimpomaa Dwumah, the former Managing Director of SIC Life Savings and Loans Company Limited, has begun cooperating with the Economic and Organized Crime Office (EOCO). This cooperation follows an invitation to assist with investigations into alleged financial irregularities at the state-owned institution, specifically concerning a suspected GHS 1 million kickback.
Ms. Dwumah reported to EOCO on Monday, October 5, 2026, to address transactions allegedly undertaken during her tenure. Sources familiar with the investigation claim that approximately GHS 1 million was paid to Ms. Dwumah by the law firm of Nana Baffour Awuah, while the firm provided legal services to SIC Life. This alleged payment is central to the ongoing probe.
This development is part of a larger investigation by EOCO into the Member of Parliament for Manhyia South, Nana Agyei Baffour Awuah. He faces charges related to an alleged GHS 9.85 million financial loss to the state. This loss reportedly stems from transactions involving SIC Life Savings and Loans, highlighting significant governance concerns within state-owned financial entities.
The alleged GHS 1 million payment to Ms. Dwumah reportedly followed a series of transactions aimed at recovering a debt owed to SIC Life by the now-defunct Equity Savings and Loans. SIC Life had advanced about GHS 6 million to Equity Savings and Loans, with the liability growing to approximately GHS 14 million after interest and charges. SIC Life, under Ms. Dwumah's management, engaged Nana Baffour Awuah and his law firm, Sarkodie Baffour Awuah & Partners, to recover this debt. A court judgment eventually favored SIC Life for about GHS 14 million.
During efforts to enforce this judgment, lands belonging to Equity Savings and Loans, valued at about GHS 25 million, were ordered for sale. However, another company, Eco Swiss, emerged, claiming ownership of these properties. Eco Swiss argued that Equity Savings and Loans had previously sold the land to it. This ownership claim led to negotiations for an out-of-court settlement. The settlement allegedly resulted in Eco Swiss paying GHS 5 million to SIC Life, significantly less than the GHS 14 million judgment debt. This transaction forms the basis for the alleged GHS 9.85 million loss in EOCO's case against Nana Baffour Awuah.
Akwatia MP Baidoo Bediako Bernard has previously questioned the circumstances surrounding this settlement. He raised concerns about why SIC Life accepted GHS 5 million when the original principal loan was GHS 6 million. He also alleged a lack of evidence that the SIC Life board authorized the lawyer to negotiate such a settlement. Investigators are examining several payments connected to this transaction, including GHS 280,000 in legal fees paid by SIC Life to Nana Baffour Awuah's firm, GHS 600,000 allegedly received from Equity Savings and Loans, and approximately GHS 2.2 million allegedly paid by Eco Swiss. The total payments attributed to the lawyer and his firm are alleged to exceed GHS 3 million, with about GHS 1 million subsequently paid to Ms. Dwumah.
These allegations have not been established by a court and remain subject to ongoing investigations and legal proceedings. Investigators are scrutinizing the circumstances of the alleged payment to Ms. Dwumah. They are also examining decisions made by the former Managing Director regarding the engagement of the law firm and the debt recovery process. Ms. Dwumah, a lawyer and Ghana Bar Association member, was appointed Managing Director of SIC Life Savings and Loans in 2017 by former President Nana Akufo-Addo. Sources allege her financial approval threshold was GHS 150,000, requiring board approval for larger transactions. The engagement of Sarkodie Baffour Awuah & Partners for about GHS 900,000 to recover the debt is therefore under scrutiny. Furthermore, it is alleged that during part of Ms. Dwumah's tenure, there was no functioning management board, leading to significant decisions without proper oversight.
Nana Agyei Baffour Awuah was granted GHS 10 million bail by the High Court in Accra on Saturday, October 3, 2026. He pleaded not guilty to charges of conspiracy to commit crime, causing financial loss of GHS 9.85 million to the state, and money laundering. The court, presided over by Justice Charity Akosua Asem, directed him to provide two sureties who are Members of Parliament and to deposit his passport. He must also make himself available to EOCO for investigations. The Deputy Attorney-General, Dr. Justice Srem-Sai, did not oppose bail but requested conditions to ensure the accused's availability. This case underscores the critical need for robust corporate governance and accountability within Ghana's state-owned enterprises.