Corruption Scandal Rocks NTHC

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They also accused the MD of spending GH¢2.5million on foreign travels for the yet to be sourced US$3 billion Chinese loan and also operated rival company to NTHC.

The petitioners said during the acquisition of new Head Office Building Opposite the British Embassy (Gamel Abdul Nasser Avenue, 6th Ringway), a friend to Mr. Nyaogbe was granted a Commercial Paper loan by NTHC to acquire the building and after receiving the funds the client resold the building to NTHC.

They said in December 2013, the company took GH¢27 million loan from National Investment

Bank (NIB) Limited to purchase NIB’s stake in TOTAL Company Limited and the share transaction carried out on the Ghana Stock Exchange (GSE) amounted to GH¢20 million.

They called for investigation to unravel the mystery behind the usage of the extra GH¢7 million.

‘The management of the company can be said to be in the hands of three people namely Mr. Kodwo Edisi Ampofo, Dr. A. W. Q. Barnor and Mr. Francis Kwabla Nyoagbe.’

NTHC has four main subsidiaries in properties, securities, commodities and registrars and the shareholding currently stands at Social Security & National Insurance Trust (SSNIT) 43%, National Investment Bank Ltd (NIB) 20%, SIC Company of Ghana 20%, AcreCon Limited, represented by Mr. Ampofo 12% and NTHC Staff Provident Fund with 5%.

By William Yaw Owusu
 
 
 
 
 
 

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