Lawyer Joseph Ackah Blay, has analyzed EOCO’s warrant to arrest Manhyia South MP and lawyer Nana Agyei Baffour Awuah over a 2024 settlement in the SIC Life Savings vs Equity Savings case, where SIC recovered GH¢5m plus fees on an original GH¢3.945m placement that grew to GH¢14.85m with interest.
According to Joseph Ackah Blay he has read EOCO’s affidavit alongside court documents from the original SIC Life case however they don’t add up.
In Joseph Ackah Blay post, he highlights document discrepancies: EOCO misstates the MP’s role as “witness” instead of lawyer, the settlement references future court filings, Equity didn’t sign, and fees were paid separately by Eco Swiss without deducting from SIC’s recovery.
He noted the potential state loss concerns and unapproved terms but stresses EOCO asserts no guilt, while questioning payments including GH¢1m to ex-SIC MD Amma Frimpomaa Dwumah and the land’s GH¢25m reserve price vs GH¢21.76m sale.
In a post on X, Joseph Ackah Blay detailed, “The Baffour Awuah story ..
EOCO has secured a warrant to arrest Manhyia South MP Nana Agyei Baffour Awuah. I’ve read EOCO’s affidavit alongside court documents from the original SIC Life case. Here is what they show, and where they don’t add up.
In 2018, SIC Life Savings and Loans placed GH¢3.945m with Equity Savings and Loans at 29% to 30% interest. Equity defaulted.
SIC hired Baffour Awuah’s firm in May 2020 and sued in June 2020, with the MP signing the writ himself.
The claim was GH¢6.5m.
In July 2022, the court gave SIC judgment, which was enforced at GH¢10.86m. In December 2023, a 31.93-acre Equity land at Adamorobe/Oyibi was attached, and the court set an auction reserve price of GH¢25m.
EOCO says Equity then sold the same land to Eco Swiss Investment for GH¢21.76m while it was under attachment. Eco Swiss filed a claim on 17 July 2024, which EOCO says stalled the auction.
The terms of settlement are dated 18 July 2024. Eco Swiss would pay SIC GH¢5m “in full and final settlement” of a debt that had grown to GH¢14.85m. It would also pay 15% of the full GH¢14.85m as SIC’s lawyer’s fee, about GH¢2.2m.
EOCO’s concerns:
• The potential loss to the State is GH¢9.85m
• The firm was engaged to recover GH¢6.3m at 15%, yet its fee was calculated on the full GH¢14.85m even though SIC accepted only GH¢5m
• Equity, the opposing party, paid the firm GH¢611,720
• The firm sent GH¢1m to SIC’s former MD, Amma Frimpomaa Dwumah, four months after she left, and EOCO says no adequate explanation has been given
• There is no evidence the board or the Finance Ministry approved the deal
But the documents complicate parts of EOCO’s story.
EOCO repeatedly says the MP signed the settlement “as a witness”. He did not. He signed as “Lawyer for the Judgment Creditor”, which is the normal role of counsel.
EOCO says Equity “entered into” the settlement. Equity did not sign it. John Darko, the Equity lawyer EOCO names as a suspect, does not appear on the document at all.
The GH¢2.2m fee was not deducted from SIC’s GH¢5m. Eco Swiss paid it on top.
The GH¢1m auctioneer’s fee EOCO cites is not in the terms.
Then there are the dates. The terms are dated 18 July 2024. Yet they refer to a revised entry of judgment filed on 24 July 2024 and a notice filed on 2 August 2024. A document cannot refer to events that had not yet happened. It was filed on 5 November 2024.
EOCO says Ms. Dwumah resigned on 31 July 2024. If the terms were finalised after 2 August, someone who had already left SIC may have signed for it. There may be an innocent explanation, but it needs one.
To be fair to the MP, SIC invested GH¢3.945m and got GH¢5m back. The “loss” is measured against a debt swollen by 29% to 30% interest. On the other hand, the land’s GH¢25m reserve price would have cleared the full debt.
None of this establishes guilt. EOCO itself says it “makes no assertion of guilt.” But there are serious questions here, for the MP, for EOCO, and for everyone who signed that settlement”.
See the post below:
The Baffour Awuah story ..
— Joseph Ackah-Blay (@BlayAckah) October 1, 2026
EOCO has secured a warrant to arrest Manhyia South MP Nana Agyei Baffour Awuah. I've read EOCO's affidavit alongside court documents from the original SIC Life case. Here is what they show, and where they don't add up.
In 2018, SIC Life Savings and…
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