Prosecutors allege that a GH¢14.85 million judgment won by the state-owned SIC Life Savings & Loans Company Limited was settled for GH¢5 million, in a deal that now underpins three criminal charges against Manhyia South MP Nana Agyei Baffour Awuah.
The Attorney-General's charge sheet, filed at the High Court in Accra on 3 October 2026, accuses the MP of conspiracy to commit a crime through the intentional dissipation of public funds, intentionally causing financial loss to a public body, and money laundering. The first two counts involve GH¢9.85 million. The third concerns a GH¢1 million transfer to the then Managing Director of SIC Life.
The prosecution's case
According to the brief facts, SIC Life hired Mr Baffour Awuah's law firm in May 2020 to recover a GH¢6.3 million debt from Equity Savings and Loans. The High Court gave judgment for SIC Life in July 2022, and a 31.93-acre property at Adamorobe was attached in December 2023 with a reserve price of GH¢25 million. By May 2024, the judgment debt had risen to GH¢14.85 million.
Prosecutors say Equity then purported to sell the land to Eco Swiss Investment Limited, which allegedly was not incorporated until after the purported purchase. They allege Mr Baffour Awuah helped arrange the deal and encouraged a settlement.
Under terms signed in July 2024, SIC Life accepted as little as GH¢5 million, while Eco Swiss was to pay the MP's firm legal fees of GH¢2.2 million and GH¢1 million in auctioneer's fees. The prosecution says SIC Life was left with barely three-fifths of the GH¢8.2 million Eco Swiss agreed to pay, and that investigators found no record of approval from SIC Life's board, shareholders, or the Ministry of Finance.
It also alleges that on 11 November 2024, Mr Baffour Awuah wrote a GH¢1 million cheque to the then Managing Director and has not told investigators why. The prosecution says the investigation is ongoing.
Mr Baffour Awuah pleaded not guilty at his arraignment on Saturday, October 3, and the High Court granted him GH¢10 million bail with two sureties and ordered him to deposit his passport. He is due back in court on October 26.
His lawyer, Samuel Atta Akyea, says the MP's role was strictly tied to legitimate legal services for SIC Life. The MP had surrendered himself to the Economic and Organised Crime Office (EOCO) on October 1.
After his release, the MP said no dirt could stick on him and urged prosecutors to prove their case in court.
The allegations have not been proved in court.
Read the full charge sheet below:
Source: 3News
