The Herald, has landed some details on the 38-year-old Kojo Oppong Nkrumah, as the reasons for his rejection by the Appointment Committee.
It is a case of a young ambitious man, who according to those familiar with him, plays smart by deploying greed and treachery in his quest to get ahead of everyone.
His modus operandi is known to many within the New Patriotic Party (NPP), the Akufo-Addo government, as well as the Multimedia group, where he gained his recognition, but which he went on to fix by personally dragging his former employers, as well as colleague journalists before the National Media Commission (NMC) in his capacity as Minister for Information to have them punished over a story they did; party militia training in the Osu Castle.
Within the NPP, Kojo Oppong Nkrumah is not seen as a team player, but a young man who is consumed by an inordinate desire to be President of Ghana, hence had aligned himself with senior party members, including President Akufo-Addo, Yaw Osafo-Marfo, Ken Ofori-Atta, Akosua Frema Osei-Opare and Gabby Asare Otchere-Darko, towards realizing his Presidential ambition someday.
But while executing his plots to lead the country, he had sought to build businesses to provide a financial base for his ambition; however, some of these businesses have not met the regulatory requirements. Interestingly, the same man had been in the forefront of condemning others over similar infractions, including calling criminal prosecution upon them.
For instance, as Minister-designate for Information, he was found to have lied to the Appointment Committee on the multiple infractions of the law, leading to the Bank of Ghana’s revocation of the license of Oval Microfinance – a company in which he owns 83% majority shareholder.
Mr Oppong-Nkrumah, failed to admit ethical liability for the related party lending between Oval Microfinance and West Brownstone, which also belongs to him.
He also denied outstanding obligations to Oval Microfinance, despite the BoG’s examination report establishing the contrary.
The BoG reports captured his company, as having been involved in many infractions, including taking some money from the company kitty, but he denied any involvement and feigned innocence, when confronted with reports from the BoG on the company in which he was the majority shareholder and his father; Kwame Oppong Nkrumah, board chairman.
Despite his personal liabilities, he had led the Akufo-Addo government’s case against the Mahama government, as well as the management of the BoG, including Dr. Henry Kofi Wampah, Dr. Abdul-Nashiru Issahaku, Dr. Johnson Asiamah, saying they had been negligent on regulatory measures leading to the collapse of the banking sector.
He and others, including Ken Ofori-Atta and several government spokespersons, said the lack of effective monitory of the sector, allowed owners of these financial institutions to siphon clients’ money and also committed other criminal activities which require prosecution.
Dr. Kwabena Duffuor, his son Dr. Kwabena Dufuor Junior, William Ato Essien, Fitzgerald Odonkor, Tettey Nettey and Kate Quartey-Papafio, are on criminal trial over the roles they played in the collapse of Unibank and Capital Bank respectively.
Interestingly, Kojo Oppong Nkrumah, is on record to have collected a loan from one of Duffuor’s financial institutions, but refused to pay and attempt to get him to settle the debts failed, as he kept evading the company; Unisecurities.
BoG documents obtained on Kojo Oppong Nkrumah’s company by The Herald revealed that “the company valued a two storey building at Pokuase (Owned by Vincent Kojo Oppong Nkrumah, shareholder) and has capitalized it without approval from Bank of Ghana. The market value was GH¢1, 671, 370.00”.
BoG also mentioned that “Majority shareholder Vincent Kojo Oppong Nkrumah transferred all shares (82%) to West Brownstone Capital Limited, an affiliate of Oval Microfinance Limited without approval from Bank of Ghana”.
It said that “the company’s registered and approved paid-up capital by Bank of Ghana was GH¢100, 000.00 as at 30th September, 2017 was below the statutory requirement of GH¢2.00 million for all tier 2 microfinance companies”.
BoG added that “the company’s paid up capital was impaired due to persistent losses arising from poor loan recovery and high operational cost contrary to Section 28(1) of the Banks and Specialized Deposit-Taking Institution Act, 2016 (Act 930). The Net Own Funds was negative GH¢5, 161, 407.69” adding “the company’s Capital Adequacy Ratio was negative 487.46%”.
Additionally, BOG revealed that “Non-Performing Loans (NPLs) of GH¢1,411,410.98 constituted 73.37% of the company’s gross credit” and said that “the company failed to honour its statutory payments such as staff income tax and Social Security & National Insurance Trust (SSNIT) contribution January 2017”.
The Central bank, had noted that “the company defaulted in the maintenance of primary and secondary reserves ratios of 10% and 20% respectively” and further revealed that “the company’s accumulated income statement of the nine (9) month ended 30th September, 2017 showed a loss of GH¢2, 115, 096.94.
Vincent Kojo Oppong Nkrumah’s “company was rated ‘Critical’. The company was insolvent”. Yet he has been the man leading the onslaught against the owners of other financial institutions and justifying their criminal prosecutions at various High Courts in the country.
In certain instances, judges have to be transferred in the middle of the case, because they were about taking some decisions against the government.
Other things noted by the Appointment Committee during his vetting was that Oppong Nkrumah, peddled untruths under oath about the circumstances leading to investigative journalist Manasseh Azure relocating to South Africa with the assistance of the Media Foundation for West Africa (MFWA) when the journalist faced threats to his life.
Manasseh Azure, has since taken on Oppong-Nkrumah, disputing many of the things he said about him when he appeared at the vetting.
He was also discovered to have been evasive on his association with MX24 TV which is owned and managed by his wife with other family members such as Kwabena Oppong Nkrumah, serving as shareholder/Trustee for the parent company of MX24 TV known as Black Volta Publications Limited incorporated on the 4th of April, 2017 when the nominee was serving as Deputy Minister for Information.
At the vetting, he was also exposed as a media owner, policymaker, who had sometimes sought to even regulate the conduct of journalists in Ghana.
It is common knowledge in the both media and political circles that Kojo Oppong Nkrumah, owns MX24 TV channel which is based in Accra, but he flatly denied any connection to the channel, however, instigations have revealed that he indeed, owns the TV station and has been involved in its management, including the recruitment of some of its staff.
One Samuel Kwadade Yirenkyi alias “SKY” is mentioned to have been poached by Kojo Oppong Nkrumah from the Multimedia Group Limited (MGL) to work with MX24 TV channel.
But the bizarre development is that Kojo Oppong Nkrumah’s wife works for MX24 TV channel who is manager at the station is said to have not reported to work for some days now.
He only admitted his ownership of the ABC news, a newspaper based in Accra.
But he is not the only nominee who has issues with his vetting.
For Hawa Koomson, the Minister-designate for Fisheries and Aquaculture Development, could not provide convincing grounds for the shooting incident during the Voter Registration Exercise in Kasoa on July 20, 2020, even though the minority acknowledged her belated apology for her recklessly dangerous conduct.
Furthermore, claims of an ongoing investigation by the Police, did not come across as credible considering that there has been no update from the police more than eight months after the unfortunate incident.
Our checks also point to the fact that she has not provided any statement to the police as at yet.
The nominee confirmed the identity of close associates, who have unleashed a reign of terror on helpless political opponents in the pursuit of their narrow political ends.
The Minister-designate displayed an alarmingly abysmal lack of knowledge on the sector she was nominated for, making her unfit for the portfolio and therefore untenable to secure the approval of members of the NDC caucus.
Additionally, Dr. Owusu Afriyie Akoto, the Minister-designate for Food and Agriculture, was untruthful under oath to the Committee on the circumstances leading to the abrogation of the Fruit and Export Terminal Contract of 2015 by GPHA on his express instructions as contained in a letter dated January 11, 2021.
He was untruthful under oath about his directive, ordering GPHA to issue a license to Fruit Terminal Company Ltd and how his actions could lead to a US$50 million judgement debt.
The nominee was grossly insincere with the Appointments Committee on his special relationship with the Director of AMG Company Limited, Mr Ernest Appiah and the latter’s control of fertilizer contracts awarded by the Ministry.
Ernest is said to be the supplier of Cocoa Nti fertilizer to Ghana Cocoa Board. He is mentioned to be a friend of the Minister and regularly seen in his company, including birthday parties.
There are rumours within NPP circles of some properties, including cars and houses transfers between the two . It came as a shock for many, particularly people from Kumasi to hear the minister nominee deny knowing Ernest until he was pushed by the MP for Asawase, Alhaji Muntaka Mubarak.
The Minister-designate for Agriculture was also accused of being particularly discourteous, downright condescending and offensively arrogant in his appearance at the committee which is not the kind of attitude expected of public servants.
Source: Mynewsghana