Larry Kwesi Jiagge, a former shareholder of the State Insurance Company (SIC), has revealed that he was a vocal opponent of Hollistar Duah-Yentumi’s appointment as the company’s Managing Director from the outset.
Speaking on Joy FM’s Super Morning Show, Jiagge, a lawyer and chartered insurer, detailed his objections, citing concerns over her qualifications and adherence to regulatory requirements.
“As a person, I have always contested her appointment—first as a Ghanaian, secondly as someone informed about the provisions of her job, and thirdly as a shareholder,” Jiagge stated. His opposition was rooted in Section 55 of the relevant regulations, which he argued Duah-Yentumi did not meet. “We cannot keep violating laws that we create for political expediency. That was my position,” he emphasized.
Frustrated by the lack of action from regulators, Jiagge disclosed that he sold his SIC shares, valued at approximately GHS 200,000, after his petition challenging Duah-Yentumi’s eligibility was ignored. “I must specifically say that I sold my shares because the regulator refused to act on the petition I submitted to them,” he said.
Duah-Yentumi, who was recently dismissed from her role, had initially filed a lawsuit contesting her removal and the appointment of James Agyenim-Boateng as the new Acting Managing Director. However, she has since withdrawn the case, leaving questions about the circumstances surrounding her exit unanswered.
Jiagge has now called for a forensic audit of SIC, particularly focusing on the allocation of business to a specific company. He stressed the need for greater transparency and accountability in the company’s financial dealings, arguing that such an audit would help restore confidence in SIC’s operations.
The controversy surrounding Duah-Yentumi’s appointment and dismissal highlights broader concerns about governance and regulatory oversight within state-owned enterprises. Jiagge’s decision to divest his shares underscores the frustration felt by some stakeholders over what they perceive as a lack of accountability and adherence to legal standards.
As calls for a forensic audit gain traction, the spotlight remains on SIC’s leadership and its commitment to upholding the principles of transparency and good governance. For Jiagge, the issue is not just about one individual’s qualifications but about ensuring that institutions operate within the bounds of the law and in the best interest of all stakeholders.
The unfolding saga at SIC serves as a reminder of the challenges facing state-owned enterprises in balancing political, regulatory, and operational demands. Whether Jiagge’s call for a forensic audit will lead to meaningful change remains to be seen, but it has undoubtedly reignited a critical conversation about accountability in Ghana’s corporate landscape.
