Former Managing Director of FASL, Gifty Afenyi Dadzie
In a recent media report serious allegations have come to light regarding Gifty Afenyi Dadzie, former Managing Director of First Africa Savings and Loans (FASL). The report suggests her involvement in deceit, misrepresentation, and deliberate concealment of facts regarding her dealings with The Beige Group.
These allegations have raised concerns about her reputation and necessitate a thorough investigation to uncover the truth.
Gifty Afenyi Dadzie, founder and leader of AGLOW Ghana, an intercessory prayer group, and former President of the Ghana Journalists Association (GJA), is now facing allegations that challenge her integrity and credibility. Her positions as a member of the Council of State under the Nana Addo/Bawumia government and a council member of ECOWAS add significance to these accusations and the need for clarification.
Allegedly, First Africa Group (FAG), parent company of First Africa Savings and Loans (FASL) who's managing director is Mr. Kwesi Tetteh Dadzie, husband of Gifty Afenyi Dadzie entered into a share purchase agreement with The Beige Group Ltd (TBG), owned by Mike Nyinaku, managing director of the erstwhile Beige Bank.
The agreement involved the sale of 90% of the shares of FASL which were then held by FAG to TBG, for an amount of $2.5 million with TBG reportedly paying GHS7m (approximaty $1.6 million at the time), to FAG as part-payment of the purchase consideration agreed upon between the two parties.
Subsequently, TBG invested another amount of GHS 9m into their new subsidiary, FASL, this time as working capital to revamp the operations of FASL.
The transparency and authenticity of this transaction have come under scrutiny.
During the banking sector clean-up exercise, Gifty Afenyi Dadzie (GAD) initially misrepresented to the Receiver of the Beige bank as well as Police investigators the exact status of the sale of the shares to TBG.
Knowing very well that the sale had been legally sealed following the execution of the agreement, the payment of consideration by TBG and the subsequent acknowledgement of same by FAG, the appointment of TBG officials into key management positions at FASL since October 2017, the introduction of TBG officials as signatories to FASL bank accounts, key milestones in the share purchase agreement which dictate when TBG was to assume full control of FASL amongst others, GAD however told the receiver and the police investigators that "beige had only expressed the intention to acquire shares in FASL, and for which reason BEIGE made a deposit for shares of GHS9m and that the process was not yet completed".
However, when faced with compelling evidence, she modified her stance, claiming to be unaware that her husband, acting on behalf of FAG had already received $1.6 million from TBG as part payment of the purchase consideration.
These conflicting statements made by GAD and the obvious suppression of information during her engagement with the public officials have raised doubts about her credibility and thus prompt the need for a comprehensive investigation into her conduct particular in relation to the banking crisis.
Importantly, these allegations are not without supporting evidence. Gifty Afenyi Dadzie later admitted, under further scrutiny, that she had indeed verified the information with her husband, confirming that Beige Group had paid $1.6 million for the 90% shares in FASL. This highlights the seriousness of the situation and underscores the need for a meticulous examination of the facts.
In light of these intricate circumstances, questions have arisen regarding the role of one Ms. Vanessa Atsu, an official of TBG at FASL, at a time
during which GAD was then the Managing Director of FASL. Additionally, concerns have been raised about Beige Group's appointment of Branch Managers for various FASL branches, such as Kasoa, Awoshie, Kwame Nkrumah Circle, and Makola. Investigating the actions and responsibilities of other individuals involved is crucial in understanding the full scope of this alleged deceit.
The allegations surrounding Gifty Afenyi Dadzie's alleged deceit and misrepresentation are deeply concerning and warrant a fair and thorough investigation especially with some one like Mrs. Afenyi Dadzi who is a member of council of State. It is essential to carefully weigh the presented evidence and examine the roles of all parties involved. Only through a comprehensive and impartial inquiry can the truth be uncovered, ensuring that appropriate actions are taken to restore trust, fairness in contractual obligation among partners
