Private legal practitioner, Samson Lardy Anyenini has explained how the criminal case against former Microfinance and Small Loans Centre (MASLOC) Chief Executive Officer, Sedina Christine Tamakloe Attionu, was built around a series of alleged financial irregularities that investigators said occurred during her tenure between 2013 and 2017.

The allegations, which eventually led to a trial involving 78 charges, followed audits and investigations by state agencies, including the Economic and Organised Crime Office (EOCO), into transactions carried out under her leadership.

According to the prosecution’s case, the investigations did not stem from a single transaction but from a pattern of activities across four major areas of MASLOC’s operations: investments in microfinance companies, a financial literacy programme, support for Kantamanto fire victims, and the procurement of vehicles and other items.

Obaatanpa Microfinance transaction

Mr Anyenini said one of the earliest issues that reportedly drew investigators’ attention was a transaction involving Obaatanpa Microfinance in 2014.

MASLOC had initially invested GH¢150,000 in the company before approving an additional GH¢500,000 facility.

The prosecution alleged that after MASLOC issued an Agricultural Development Bank (ADB) cheque for the investment, disagreements arose over the interest rate the company was expected to pay.

He added that the state claimed Sedina Tamakloe demanded a 24 per cent return for MASLOC, but Obaatanpa rejected the arrangement, leading to a request for the return of the funds.

Investigators alleged that when Obaatanpa attempted to refund the money by cheque, the former MASLOC CEO insisted on receiving cash instead.

The prosecution further claimed that the GH¢500,000 was delivered to her in a Ghana Must Go bag at a filling station in Accra.

According to him, investigators considered the refusal of a cheque payment suspicious, arguing that it raised concerns about the handling of public funds.

Financial literacy programme allegations

Another area investigated was a financial literacy programme for MASLOC beneficiaries.

The lawyer noted that MASLOC had secured approval of about GH¢1.7 million for sensitisation programmes targeted at about 85,000 beneficiaries.

The prosecution alleged that only about GH¢1,300 was actually spent on the activity, while the remaining funds were misappropriated.

The state argued that the money meant for educating loan beneficiaries was diverted, resulting in financial loss to the state.

Kantamanto fire relief funds

The investigation also examined funds allocated to support traders affected by a fire disaster at Kantamanto Market, he said.

According to Mr Anyenini, the government had allocated about GH¢1.5 million for the intervention, which was expected to be channelled through a microfinance company for distribution to affected traders.

However, prosecutors alleged that the funds were not used for their intended purpose and that more than GH¢500,000 was lost in the process.

Vehicle procurement controversy

A major component of the case involved the purchase of 350 vehicles for MASLOC.

The prosecution alleged that the vehicles were purchased at inflated prices, creating significant financial losses for the state.

Among the vehicles cited were Chevrolet Isuzu vehicles allegedly purchased at nearly GH¢75,000 each, despite an estimated market value of about GH¢47,000.

The state also questioned the purchase price of 37-seater Isuzu buses, which were allegedly acquired at more than GH¢440,000 each, compared to an estimated market price of about GH¢150,000.

Investigators also raised concerns about the procurement of dual-SIM mobile phones, alleging that MASLOC paid nearly GH¢93,000 for devices that had a market value of about GH¢24,000.

The prosecution estimated that the alleged inflated contracts created a direct loss of more than GH¢22 million.

End-of-tenure payments

The former CEO and her deputy, Wamizana Boubakar, were also accused of receiving unauthorised end-of-tenure benefits after a change in government.

The prosecution alleged that Sedina Tamakloe received more than GH¢270,000 in payments described as unapproved ex-gratia and leave-related benefits.

The state argued that the payments were not properly authorised.

From investigations to prosecution

The allegations, according to prosecutors, amounted to an estimated direct loss of more than GH¢25 million to the state, alongside commitments of over GH¢61 million through what they described as unapproved supply obligations.

These findings formed the basis of the criminal charges filed against Sedina Tamakloe and her operations manager.

However, after years of legal proceedings, the Court of Appeal later acquitted and discharged the former MASLOC CEO, bringing an end to a case that had centred on questions of public financial management, procurement, and accountability.