….From Manhyia South MP’s Law Firm
The former Managing Director of SIC Life Savings and Loans Company Limited, Amma Frimpomaa Dwumah, has begun cooperating with the Economic and Organized Crime Office (EOCO) regarding an investigation into alleged financial irregularities at the state-owned institution.
The Herald’s sources at EOCO, said Ms Dwumah reported herself to the Office on Monday, October 5, 2026, following an invitation to assist with investigations into transactions allegedly undertaken during her tenure.
The development comes as EOCO investigates the Member of Parliament for Manhyia South, Nana Agyei Baffour Awuah, over an alleged GH¢9.85 million financial loss to the state arising from transactions involving SIC Life Savings and Loans.
Sources familiar with the investigation have alleged that about GH¢1 million was paid to Ms Dwumah by the law firm of Nana Baffour Awuah, while the firm was providing legal services to SIC Life.
The alleged payment is said to have followed a series of transactions involving the recovery of a debt owed to SIC Life by the now-defunct Equity Savings and Loans.
According to the allegations, SIC Life advanced about GH¢6 million to Equity Savings and Loans, with the liability subsequently increasing to approximately GH¢14 million after interest and other charges.
SIC Life, under Ms Dwumah’s management, engaged Nana Baffour Awuah and his law firm, Sarkodie Baffour Awuah & Partners, to recover the debt.
The matter eventually resulted in a court judgment in favour of SIC Life for about GH¢14 million.
However, during efforts to enforce the judgment, lands belonging to Equity Savings and Loans, reportedly valued at about GH¢25 million, were placed under an order for sale.
The Herald understands that an auctioneer had secured a prospective buyer when another company, Eco Swiss, emerged and claimed ownership of the properties.
Eco Swiss reportedly argued that Equity Savings and Loans had previously sold the land to it.
According to allegations contained in the broader investigation, the ownership claim led to negotiations for an out-of-court settlement.
The settlement allegedly resulted in Eco Swiss paying GH¢5 million to SIC Life, instead of the approximately GH¢14 million judgment debt.
The transaction has been cited as the basis for the alleged GH¢9.85 million loss forming part of EOCO’s case against Nana Baffour Awuah.
Akwatia MP Baidoo Bediako Bernard has previously questioned the circumstances surrounding the settlement, including why SIC Life accepted GH¢5 million when the original principal loan was reportedly about GH¢6 million before interest and other charges.
He has also alleged that there was no evidence that the SIC Life board authorized the lawyer to negotiate the settlement.
The Herald understands that investigators are examining several payments allegedly connected to the transaction.
These are said to include GH¢280,000 in legal fees paid by SIC Life to Nana Baffour Awuah and his law firm, GH¢600,000 allegedly received from Equity Savings and Loans, and approximately GH¢2.2 million allegedly paid by Eco Swiss.
The payments attributed to the lawyer and his firm are therefore alleged to exceed GH¢3 million.
It is further alleged that about GH¢1 million was subsequently paid by the law firm to Ms Dwumah.
The allegations have not been established by a court and remain the subject of investigations and ongoing legal proceedings.
Sources said investigators are examining the circumstances surrounding the alleged payment to Ms Dwumah, as well as decisions taken by the former Managing Director in relation to the engagement of the law firm and the recovery of the debt.
Ms Dwumah, a lawyer and member of the Ghana Bar Association, was appointed Managing Director of SIC Life Savings and Loans by former President Nana Akufo-Addo in 2017.
Sources have also alleged that she was subject to a financial approval threshold of GH¢150,000, with transactions above that amount requiring approval from the company’s board.
The sources are questioning the circumstances under which Sarkodie Baffour Awuah & Partners was allegedly engaged for about GH¢900,000 to recover the debt.
They further allege that during part of Ms Dwumah’s tenure, there was no functioning management board, resulting in significant decisions being taken by management without the level of board oversight expected by the investigators.
EOCO case against MP
Nana Agyei Baffour Awuah was granted GH¢10 million bail by the High Court in Accra on Saturday, October 3, 2026.
The court directed him to provide two sureties, who are the Members of Parliament for Bosome Freho and Effia, and ordered him to deposit his passport with the Court Registry.
The MP pleaded not guilty to charges of conspiracy to commit crime, causing financial loss of GH¢9.85 million to the state and money laundering arising from alleged financial transactions involving SIC Life Savings and Loans.
The court, presided over by Justice Charity Akosua Asem, a Court of Appeal Judge sitting with additional responsibility as a High Court Judge, also directed the MP to make himself available to EOCO whenever required for investigations.
The prosecution, led by Deputy Attorney-General Dr Justice Srem-Sai, did not oppose bail but urged the court to impose conditions that would ensure the accused remained available to investigators and the court.
Dr Srem-Sai told the court that EOCO had made several attempts to secure Nana Baffour Awuah’s attendance during the investigation.
Counsel for the MP, Samuel Atta Akyea, argued that his client was not a flight risk and was unlikely to interfere with investigations.
The court directed the prosecution to file its disclosures by October 22, 2026, to enable a Case Management Conference to be held on November 2, 2026.
EOCO’s investigation into Nana Baffour Awuah dates back to February 2026.
The first invitation, dated February 10, asked him to appear before the Office on February 17 to assist with investigations into alleged financial irregularities at SIC Life.
The MP has maintained that the invitation was addressed to him in his capacity as Senior Partner of Sarkodie Baffour Awuah & Partners rather than as an MP.
He has said that, by the time the invitation reached him, he had become a Member of Parliament and therefore referred the matter to the Clerk to Parliament for advice.
According to his account, a representative of his law firm subsequently engaged EOCO on March 4, March 18 and April 30, 2026, and submitted a formal written statement on April 30.
He has therefore argued that he was not personally the subject of the investigation and that there was no further invitation before an attempted arrest at the Accra High Court Complex on September 23.
EOCO disputes that account, maintaining that the invitations were directed personally at the MP and were intended to secure his attendance to assist with the criminal investigation.
The dispute escalated on September 23 when an EOCO officer attempted to arrest Nana Baffour Awuah at the Accra High Court Complex, where he was appearing as counsel for a client in a separate case.
The attempted arrest attracted criticism from sections of the legal profession, with the Ghana Bar Association raising concerns about the manner in which it was carried out and stressing the need for law enforcement agencies to respect due process and the professional independence of lawyers appearing in court.
Nana Baffour Awuah subsequently reported himself to EOCO on October 1, accompanied by his lawyers, and was detained and questioned as part of the investigation.
His lawyers have maintained that the transactions under investigation arose from legal work undertaken by his former law firm.
The Herald understands that the investigation into SIC Life Savings and Loans extends beyond the transaction involving Nana Baffour Awuah and includes other alleged financial dealings during Ms Dwumah’s tenure.
The latest questioning of Ms Dwumah is therefore expected to form part of EOCO’s broader effort to establish how the transactions were authorized, how the proceeds were distributed, and whether any public funds were improperly lost or transferred.
All allegations against Ms Dwumah, Nana Baffour Awuah, and other persons mentioned in connection with the investigation remain allegations unless and until established by a court.
