Dominic Ayine, Kwabena Adu-Boahene
Chilling details have emerged about how the immediate past Director-General of the National Signals Bureau (NSB), Kwabena Adu-Boahene diverted GH¢49 million of state funds through his private company under the guise of purchasing a Cyber Defence System for the country.
The nature of the allegations against him and his wife, Angela Adjei-Boateng points to a scheme where the couple set up a company called BNC Communications Bureau Limited that mirrored the name of Ghana’s signal infrastructure, which until 2020 was referred to as Bureau of National Communication (BNC).
By doing so, Mr. Adu-Boahene, who was a co-signatory to the national BNC’s Director’s Account at Fidelity Bank, was able to transfer a total of GH¢49 million meant for the purchase of Cyber Defence System Software to their private company, which they later withdrew.
What is mind-boggling about the alleged fraudulent act is that, out of the contract sum for the software which was $7 million, the cedi equivalent of GH¢49 million at the time, only GH¢9,537,520 ($1.75 million) was paid to ISC Holdings Limited, an Israeli company contracted to supply the software.
The remaining GH¢39,462,480 went to Mr. Adu-Boahene and his wife, Angela Adjei-Boateng for no work done.
The two are facing up to 25 years in jail if the Office of the Attorney General is able to prove the allegations against them and eventually secures a conviction.
The Attorney General and Minister for Justice, Dr. Dominic Ayine, who disclosed this yesterday, indicated that out of the GH¢49 million which was transferred from BNC state agency to the couple’s private BNC company, about 99 percent of the funds were withdrawn by Adu-Boahene personally in large sums.
It is based on these allegations that he was arrested at the Kotoka International Airport on February 20, 2025, while his wife was arrested a day later somewhere in Accra by officers from the Economic and Organised Crime Office (EOCO).
The two are currently in the custody of EOCO as they have not been able to meet the GH¢260 million enquiry bail granted them by the anti-graft agency.
Funds Transfers
The Attorney General indicated that on February 6, 2020, Mr. Adu-Boahene transferred an initial amount GH¢27.1 million from the National BNC’s Operations Account at Fidelity Bank to his Private BNC’s Account at UMB Bank for payment for the software.
Once the money landed in the private company’s account, he caused GH¢9,537,520 to be transferred to ISC Holdings Ltd.
“To justify or facilitate the transfer of the GH¢9,537,000 (US$ 1,750,000), Mr. Adu-Boahene fraudulently attached a copy of the GoG-ISC Contract as well as an invoice which he held out as invoice issued by ISC Holding Limited on the GoG-ISC Contract.”
Then on March 18, 2020, and March 30, 2020, respectively, Mr. Adu-Boahene again transferred GH¢1,000,000 and GH¢21 million from National BNC Directors’ Account at Fidelity Bank to the same Private BNC Account at UMB, bringing the total to GH¢49 million.
The transfers were done in such a way that the funds transferred to their private company amounted to $7 million, which was the amount he quoted for the Cyber Defence System Software.
But only $1.75 million was paid to the Israeli company with no further payments made.
“A review of the transactions on the Private BNC’s bank account reveals that after the payment of the $1,750,000, Mr. Adu-Boahene and his wife began applying the rest of the funds for their personal use, making transfers to local third parties, making personal investments as well as transfers to unknown persons,” Dr. Ayine revealed.
Properties
The Attorney General went ahead to give details of some of the landed properties the couple have purchased either individually or jointly in their names.
Out of the lot, the couple purchased eight (8) properties at Mayfair Estates, La in Accra, totaling $2,217,815 and another 27 houses through Vertex Properties, with each costing $295,000.
The couple are also said to own two properties in London, with their values yet to be determined, while efforts are underway to identify other properties they may own abroad.
Plea Bargain
Meanwhile, Dr. Ayine has indicated that the state will be open to discussion of plea bargaining if the couple decide to return the looted cash.
“If suspect Adu-Boahene and his wife and other suspects that we are investigating indicate that they want to enter into plea-bargain, return all assets and houses and so on, refund all the monies and even the proceeds from the crime to us… they can make offers through their lawyers immediately I file charges, and I will be willing to look at it,” the Attorney General said.
BY Gibril Abdul Razak