Why assets of former Buffer Stock CEO and wife have been frozen
By DL News
Published
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Speaking at the Government Accountability Series on Wednesday, 22nd October, Dr. Ayine disclosed that investigators had frozen a fixed deposit account containing GHS10 million at the Republic Bank, Labone Branch, believed to be linked to Mr...
The Attorney General and Minister for Justice, Dr. Dominic Ayine, has confirmed that the assets of the former Chief Executive Officer of the National Food and Buffer Stock Company (NAFCO), Abdul-Wahab Hanan, and his wife, Faiza Seidu Wuni, have been frozen as part of ongoing investigations into alleged financial malfeasance during his tenure.
Speaking at the Government Accountability Series on Wednesday, 22nd October, Dr. Ayine disclosed that investigators had frozen a fixed deposit account containing GHS10 million at the Republic Bank, Labone Branch, believed to be linked to Mr. Hanan.
In addition, law enforcement authorities have seized:
Multiple vehicles, and over 60 high-end designer handbags allegedly belonging to the couple.
These actions, according to Dr. Ayine, are part of broader state efforts to prevent further dissipation of suspected illicit proceeds and to facilitate the possible recovery of public funds.
“We have frozen all these assets and will take the necessary legal steps to have them confiscated by the state in the course of the criminal proceedings,” he stated.
High-Value Properties Under Investigation
Preliminary findings from the investigations have reportedly revealed a portfolio of substantial real estate assets allegedly linked to the couple, including:
A 17-bedroom boutique hotel at Gumani, Tamale, registered under Fa-Hausa Company Limited, allegedly tied to a $250,000 franchise arrangement with Villa Monticello to obscure its true ownership.
A four-bedroom bungalow at Dzorwulu, Accra, valued at GHS4,142,451.00.
A three-storey commercial building housing Chicken Republic at Estate Junction, Tamale.
A five-bedroom mansion at Kanvili, Dorado Street, Tamale.
A three-bedroom residential property at Kpalsi, Tamale.
A one-storey building at No. 10 Selby Gardens, Achimota, Accra.
A 27-acre land parcel at Estate Junction, Tamale.
A 29-acre land parcel near Workers College, Tamale.
The Attorney General affirmed that the State will pursue confiscation orders through the courts should criminal charges be affirmed and proven, in accordance with Ghana’s asset recovery and proceeds of crime legislation.
