The former Managing Director of SIC Life Savings and Loans Company Limited, Amma Frimpomaa Dwumah, has reportedly appeared before the Economic and Organised Crime Office (EOCO) to assist investigations into alleged financial irregularities at the state-owned financial institution.
Sources at EOCO told The New Republic that Ms Dwumah reported herself to the Office on Monday, October 5, 2026, following an invitation to answer questions about transactions allegedly undertaken during her tenure at the company.
Her appearance comes amid an ongoing investigation into the alleged GH¢9.85 million financial loss to the state involving the Member of Parliament for Manhyia South, Nana Agyei Baffour Awuah, and transactions arising from the recovery of a debt owed to SIC Life by the now-defunct Equity Savings and Loans.
The investigation is focusing, among other things, on a controversial out-of-court settlement that allegedly resulted in SIC Life accepting GH¢5 million instead of a judgment debt of approximately GH¢14 million, as well as payments allegedly made to the MP’s law firm and a subsequent payment of about GH¢1 million allegedly made to Ms Dwumah.
Sources familiar with the investigation say EOCO is examining the circumstances surrounding the settlement, the authorization of the legal engagement, the distribution of funds and the role played by the former Managing Director in the transactions.
GH¢14m Judgment, GH¢5m Settlement
The controversy centres on a debt reportedly arising from a loan of about GH¢6 million advanced by SIC Life to Equity Savings and Loans.
The liability subsequently increased to approximately GH¢14 million after interest and other charges, prompting SIC Life, under Ms Dwumah’s management, to engage Nana Baffour Awuah and his law firm, Sarkodie Baffour Awuah & Partners, to recover the money.
The recovery efforts culminated in a court judgment in favour of SIC Life for approximately GH¢14 million.
However, the enforcement of the judgment took a controversial turn when lands belonging to Equity Savings and Loans, reportedly valued at about GH¢25 million, were placed under an order for sale.
An auctioneer had reportedly secured a prospective buyer when Eco Swiss emerged to challenge the ownership of the properties, claiming that Equity Savings and Loans had previously sold the land to the company.
The ownership dispute subsequently led to negotiations for an out-of-court settlement, under which Eco Swiss allegedly paid GH¢5 million to SIC Life.
The settlement has raised questions about why the state-owned institution accepted GH¢5 million against a judgment debt of approximately GH¢14 million.
The transaction is at the centre of the alleged GH¢9.85 million financial loss being investigated by EOCO in connection with Nana Baffour Awuah.
Akwatia MP Bernard Baidoo Bediako has previously questioned the circumstances surrounding the settlement, particularly why SIC Life accepted an amount lower than the original principal loan, reportedly GH¢6 million, before interest and other charges.
He has also alleged that there was no evidence that the SIC Life board had authorised the lawyer to negotiate the settlement.
Over GH¢3m in Payments Under Scrutiny
Investigators are also understood to be examining a series of payments allegedly connected to the debt recovery transaction.
These reportedly 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 MP and his law firm are therefore alleged to exceed GH¢3 million.
Sources further allege that about GH¢1 million was subsequently paid by the law firm to Ms Dwumah.
The circumstances surrounding that alleged payment are now understood to be among the issues investigators are examining, alongside the former Managing Director’s role in appointing the law firm and overseeing the recovery of the debt.
The allegations raise questions about the relationship between the legal engagement, the settlement negotiations and the eventual distribution of the proceeds. However, the allegations have yet to be established in court.
Questions Over Board Approval
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 familiar with the investigation allege that her financial approval threshold was GH¢150,000, with transactions exceeding that amount requiring approval from the company’s board.
Against that background, questions are being raised about the circumstances under which Sarkodie Baffour Awuah & Partners was allegedly engaged for about GH¢900,000 to recover the debt.
Investigators are also said to be examining claims that, during part of Ms Dwumah’s tenure, the company operated without a functioning management board, potentially leaving major decisions in the hands of management without the level of oversight expected in a state-owned financial institution.
The extent to which the board approved the legal engagement, the settlement and the associated payments is among the issues expected to feature in the investigation.
Ms Dwumah’s appearance before EOCO could therefore prove significant in establishing how the transaction was handled, who authorised the key decisions and whether the institution suffered an avoidable financial loss.
Baffour Awuah on GH¢10m Bail
Meanwhile, Nana Agyei Baffour Awuah was granted GH¢10 million bail by the High Court in Accra on Saturday, October 3, 2026, following his arrest and interrogation by EOCO.
The court ordered him to provide two sureties, who are the Members of Parliament for Bosome Freho and Effia, and directed him to deposit his passport with the Court Registry.
The Manhyia South 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 the alleged transactions involving SIC Life Savings and Loans.
The proceedings were presided over by Justice Charity Akosua Asem, a Court of Appeal judge sitting with additional responsibility as a High Court judge.
The court further directed the MP to make himself available to EOCO whenever required to assist with 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 the MP’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, ahead of a Case Management Conference scheduled for November 2, 2026.
Dispute Over EOCO Invitations
EOCO’s investigation into Nana Baffour Awuah dates back to February 2026, when the Office issued an invitation dated February 10, asking him to appear 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 in his capacity as a Member of Parliament.
He has explained that, by the time the invitation reached him, he had become an MP and 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, with a formal written statement submitted on April 30.
The MP has argued that he was not personally the subject of the investigation and that he received no further invitation before an attempted arrest at the Accra High Court Complex on September 23.
EOCO, however, disputes that account, maintaining that its invitations were directed personally at the MP and were intended to secure his attendance to assist with the criminal investigation.
The disagreement 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 incident attracted criticism from sections of the legal profession, with the Ghana Bar Association raising concerns about the manner in which the attempted arrest was conducted 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.
Wider SIC Life Investigation
The questioning of Ms Dwumah is understood to form part of a broader investigation into alleged financial dealings at SIC Life Savings and Loans during her tenure, extending beyond the transaction involving Nana Baffour Awuah.
Investigators are expected to establish how the disputed transactions were authorised, how the proceeds were distributed and whether any public funds were improperly lost or transferred.
Her appearance before EOCO adds another dimension to a case that has already drawn scrutiny over the handling of a substantial debt owed to a state-owned institution, the settlement of the resulting judgment and payments allegedly linked to the recovery process.