Manhyia South Member of Parliament Nana Agyei Baffour Awuah is facing criminal charges over alleged financial misconduct involving SIC Life Savings and Loans, including an alleged GH¢9.85 million financial loss and a GH¢1 million payment linked to money laundering allegations.

The case has attracted significant attention after the MP appeared before the High Court in Accra following an investigation by the Economic and Organised Crime Office (EOCO).

According to the charge sheet reported by local media, the State has accused Baffour Awuah of participating in transactions that allegedly resulted in the dissipation of funds belonging to SIC Life.

He has pleaded not guilty to the charges. The allegations have not been proven in court, and he remains presumed innocent unless and until a court determines otherwise.

Alleged GH¢9.85 million financial loss

The case centres on a settlement involving SIC Life and Equity Savings and Loans.

Prosecutors allege that in 2024, Baffour Awuah, who was acting as legal counsel for SIC Life, conspired with the company’s then Managing Director in a transaction that allegedly caused the company a financial loss of about GH¢9.85 million.

The State’s case relates to a debt that had increased substantially over time through interest.

Reports indicate that SIC Life had initially placed about GH¢3.945 million with Equity Savings and Loans. After Equity defaulted, SIC Life engaged Baffour Awuah’s law firm to pursue recovery of the funds.

A court judgment later increased the amount owed, with the debt eventually reaching about GH¢14.85 million.

The prosecution alleges that a subsequent settlement resulted in SIC Life accepting GH¢5 million in full settlement, despite the larger amount reflected in the judgment.

GH¢1 million money laundering allegation

The third allegation concerns GH¢1 million.

According to prosecutors, a GH¢1 million cheque was transferred to the then Managing Director of SIC Life after Baffour Awuah’s law firm received legal fees connected to the settlement.

The State alleges that Baffour Awuah knew the money was proceeds of crime.

The reported charge sheet states that the cheque was dated November 11, 2024.

Baffour Awuah has denied wrongdoing and pleaded not guilty to the charges. His defence has maintained that the transactions were connected to legitimate legal services provided by his law firm.

What happened to the SIC Life debt?

The dispute goes back several years.

SIC Life had engaged Baffour Awuah’s firm to recover money owed by Equity Savings and Loans. Court proceedings eventually resulted in a judgment in favour of SIC Life.

A parcel of land belonging to Equity at Adamorobe/Oyibi was subsequently attached in connection with the debt.

According to reports on the case, the land had an auction reserve price of about GH¢25 million.

The prosecution says the land was later involved in a transaction with Eco Swiss Investment Limited, leading to a settlement under which SIC Life accepted GH¢5 million.

The settlement also provided for legal fees of approximately GH¢2.2 million for Baffour Awuah and his firm.

Defence disputes allegations

Baffour Awuah’s lawyer, Samuel Atta Akyea, has maintained that the transactions arose from legal work performed by the law firm.

The defence has rejected suggestions that the MP engaged in criminal conduct.

There have also been public discussions over aspects of the prosecution’s account of the transaction, including the role played by the various parties and the documentation surrounding the settlement.

One legal analysis cited discrepancies between EOCO’s description of Baffour Awuah’s role in the settlement and the wording appearing on the documents.

However, these disputes will ultimately have to be addressed through the judicial process.

MP granted bail

Following his appearance before the High Court, reports indicated that Baffour Awuah was granted GH¢10 million bail with two sureties, both of whom are fellow Members of Parliament.

The court also ordered him to deposit his passport and remain available to investigators.

Further court dates have been set for October 26 and November 2, 2026.

The case remains ongoing, and the allegations against the Manhyia South MP are yet to be determined by the court.

As proceedings continue, attention is expected to focus on the SIC Life settlement, the alleged GH¢9.85 million financial loss and the circumstances surrounding the GH¢1 million payment that forms part of the money laundering allegation.

All persons accused of crimes are presumed innocent until proven guilty by a competent court.

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