Ex-SIC Life officer risks civil suit over GH¢738,000 unpaid restitution

A former Accounts Officer at SIC Life Savings and Loans Company Ltd, Ernest Sarfo, risks facing a civil lawsuit by the state after failing to comply with a Circuit Court order to refund GH¢738,000.00 he stole from his former employer.

According to the chronicle.com.gh report on September 9,2025, the court, presided over by Her Honour Susana Eduful, had ordered Sarfo to pay back GH¢953,096.05 identified as proceeds of crime directly linked to him.

However, he has refunded only GH¢214,221.00, leaving a balance of GH¢738,000.00, despite the March 31, 2023, deadline.

Background of the case

Sarfo’s criminal activities were uncovered in 2019 after an internal complaint by SIC Life’s Managing Director, Ama Frimpomaa Dwumah, Esq.

Investigations revealed a scheme involving forged documents, fake accounts, and collusion with accomplices, through which Sarfo siphoned nearly GH¢1 million between 2016 and 2018.

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He worked with his elder brother, Owusu Baffour, a commercial driver; Paul Mustapha Nyaba, former Makola Branch Manager of SIC; and James Buabeng, a friend and customer of the company.

Modus Operandi

Sarfo stole cheque leaflets from the company’s banks UMB, Zenith Bank and First Atlantic Bank and forged the signatures of authorised signatories.

These cheques, some valued as high as GH¢476,200.00, were deposited into fraudulent accounts created with forged NHIS ID cards under names such as Isaac Fiifi Bentil, Linus Kumi and Basin Dennis Dery.

The funds were withdrawn and shared among the conspirators.

Sarfo also used part of the stolen money to acquire assets including a 4-bedroom house at Kuntunse, five uncompleted shops at Katapor, near Pokuase, three vehicles: Toyota Corolla (GG-246-19), Toyota RAV4 (GC-65-18), and Hyundai Van (GG-4430-18).

Conviction and sentencing

In 2023, Sarfo pleaded guilty to five counts of conspiracy to steal, stealing (x2), money laundering, and conspiracy to commit fraudulent transactions.

He was convicted on his own plea and fined 400 penalty units (GH¢4,800) for each count, in default, six months imprisonment per count, to run concurrently.

The court also issued a Restitution Order for him to repay GH¢953,096.05 by March 31, 2023.

His accomplices, Paul Nyaba and James Buabeng refunded their shares of GH¢50,000 and GH¢13,329 respectively.

Baffour, who helped launder the stolen funds, was convicted separately in 2021 and 2022 and was fined GH¢24,000 after pleading guilty to multiple charges.

Civil suit imminent

According to legal sources, Sarfo’s failure to honour the restitution order is expected to trigger civil proceedings by the state to recover the outstanding amount.

The suit, if filed, will aim to enforce the restitution order and possibly seize assets acquired with the stolen funds.

Authorities are expected to rely on provisions under the Anti-Money Laundering Act (Act 749) and the Criminal Offences Act (Act 29), which empower courts to recover proceeds of financial crime.

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