Assets Adu-Boahene allegedly acquired with GH₵39m state funds

Kwabena Adu-Boahene, the former Director General of the National Signals Bureau (NSB), and his wife, Angela Adjei-Boateng, have been arrested and detained for allegedly diverting state funds in connection with a multi-million-dollar contract signed by the Government of Ghana.
The couple’s arrest follows revelations that they allegedly misappropriated GH₵39,462,480 under the guise of a contract for a “Cyber Defense System Software.”
The Attorney General and Minister of Justice, Dr. Dominic Ayine, disclosed at a press conference in Accra that the duo had been granted bail in the sum of GH₵260 million as investigations continue.

Dubious transactions in the cyber defense deal
According to the Attorney General, the contract, termed the “GOG-ISC Contract,” was signed on January 30, 2020, between the Government of Ghana and ISC Holdings Limited, an Israeli company.
However, records show that on February 6, 2020, Mr. Adu-Boahene transferred an initial sum of GH₵27.1 million from the National NSB Operations Account at Fidelity Bank to his private company’s account at UMB Bank.
“Official documentation on the transfer revealed that the amount was for the payment of a ‘Cyber Defense System Software’ which the National NSB was purportedly acquiring from ISC Holdings in Israel. However, Mr. Adu-Boahene transferred the funds from the National NSB to his private company – Private BNC,” Dr. Ayine explained.
A subsequent review of bank records showed that after receiving the funds, Adu-Boahene’s private company transferred only GH₵9,537,520 to ISC Holdings Limited.
This amount, equivalent to $1,750,000 at the time, was far less than the $7 million allocated for the software purchase.
The AG noted that Mr. Adu-Boahene attached fraudulent documentation, including a copy of the GOG-ISC Contract and an invoice, to justify the transfer.

More transfers and personal use of funds
Further investigations revealed that on March 18 and March 30, 2020, Mr. Adu-Boahene transferred an additional GH₵21 million from the National NSB Directors Account at Fidelity Bank to his private company’s account at UMB.
These transfers brought the total amount he moved to his private BNC account to GH₵49 million.
The Attorney General emphasized that aside from the initial $1,750,000 transferred to ISC Holdings, no other payments were made to the Israeli company.
Instead, Mr. Adu-Boahene and his wife allegedly began using the funds for personal expenses, transferring money to undisclosed third parties, making personal investments, and moving funds across multiple accounts.

Tracking companies and assets

Dr. Ayine stated that investigations had uncovered multiple companies linked to Adu-Boahene and his wife, which are being closely monitored.
Authorities have also detected suspicious financial movements across multiple bank accounts in Ghana and abroad.
Banks such as Universal Merchant Bank, Fidelity Bank, and Stanbic Bank have been directed to block any unauthorized transactions linked to the suspects.
The Attorney General warned that any bank managers who ignored these directives would face legal action.

Assets seized as prosecution looms
As investigations progress, the state has identified and seized over 10 properties belonging to Adu-Boahene and his wife.

1. No. 2 Stream Part Drive, Mayfair Estates, LA, Accra: A deposit of $1,000,000 (valued at GHS15,000,000) was made for this estate. Relevant deposit slips and receipts have been traced.
2. No. 6 Edith Avenue, Mayfair Estates, LA, Accra: A deposit of $500,000 was recorded for this property.
3. No. 7 Edith Avenue, Mayfair Estates, LA: $200,000 was deposited for this asset.
4. No. 8 Edith Avenue, Mayfair Estates, LA: An initial deposit of $97,815 was made, with authorities suspecting additional cash payments were used to complete the purchase.
5. No. 9 Edith Avenue, Mayfair Estates, LA, Accra: A deposit of $270,000 was recorded.
6. No. 10 Edith Avenue, Mayfair Estates, LA, Accra: The deposit amount for this property stands at $150,000.

The investigation also uncovered Mr Adu-Boahene’s ownership of Vertex Properties, a company linked to the alleged misappropriation of funds. Vertex Properties is reported to own 27 houses located in Oyarifa, with each house valued at $295,000.

Beyond Ghana, investigators have tracked two additional properties in London, though specific details regarding these assets are yet to be disclosed.Dr. Ayine stated that authorities were still tracking additional assets and expected to conclude their findings in the coming days.
“We are open to plea bargaining, and we will be using some of the suspects as prosecution witnesses,” the Attorney General revealed.
He reaffirmed the government’s commitment to cracking down on corruption, emphasizing that all those implicated in criminal activities would face justice.
“The state will come after all those who engage in acts of criminality. I have the full backing of the President,” he declared.
The alleged diversion of public funds by Adu-Boahene and his wife is yet another high-profile corruption case that has gripped the nation.
As authorities finalize investigations and prepare to file charges, Ghanaians eagerly await justice in what could be one of the biggest financial scandals in recent history.
The Attorney General has assured the public that no stone will be left unturned in ensuring accountability and the recovery of state resources.