The Economic and Organised Crime Office’s attempt to arrest Manhyia South MP Nana Agyei Baffour Awuah has reopened a long-running dispute involving a GH¢14 million debt owed by Equity Savings and Loans Limited to SIC Life Savings and Loans Company. Behind the courtroom drama on September 23, 2026, lies a financial battle that reaches back years, exposing the struggles to recover large sums from a troubled institution.
Baffour Awuah, a private legal practitioner and former senior partner at Sarkodie Baffour Awuah & Partners, explained that EOCO’s investigation relates to legal work his firm did to recover money for SIC Life Savings and Loans. The debt originated when SIC invested about GH¢3.5 million with Equity Savings and Loans during President Mahama’s first term. Equity defaulted on repayment, and with accumulated interest, the amount grew to roughly GH¢14 million.
“My office was instructed as lawyers for SIC savings and loans in respect of a debt. The MD had invested money in a company called Equity Savings and Loans during the first term of President Mahama. The total investment at the time was about ¢3.5 million. They defaulted in payment. Over time, the interest had grown to about ¢14 million,” Baffour Awuah told Evans Mensah on JoyNews’ PM Express.
Sarkodie Baffour Awuah & Partners sued Equity and won summary judgment. But winning the case did not lead to immediate recovery. For about two years, the lawyers struggled to enforce the judgment because they could not locate assets belonging to Equity that could be used to repay the debt. Equity made payments exceeding GH¢1 million during this time, but full recovery remained elusive.
“It was so difficult to enforce the judgment because we couldn’t put a finger on an asset of theirs… it was hell for 2 years. All lawyers will tell you that when you do debt recovery unless you recover as a lawyer you don’t make any money and so a lot of the fees are frontloaded you don’t make any money at all unless you recover for 2 years we’re doing this case without recovering anything,” Baffour Awuah said.
The case took a turn when the lawyers learned Equity owned land in Oyibi that could be attached to the debt. But a separate company claimed to have bought the land and appeared in court. Instead of litigating, that company sought a negotiated settlement to avoid delays in their development project.
According to Baffour Awuah, SIC initially rejected some proposals but eventually accepted a deal that, combined with legal fees and payments already made, meant they recovered about GH¢8 million. The board at the time agreed that this was acceptable.
Equity Savings and Loans had already been under scrutiny months before EOCO’s recent actions. In June 2026, JoyNews reported customers were unable to access their funds, with some branches closed and communication channels unresponsive. Some customers reported losses of tens of thousands of cedis and difficulties withdrawing money for business needs.
Equity remains licensed by the Bank of Ghana despite these complaints and apparent inactivity at branches in East Legon, Dome, and New Town. Corporate records show the company was incorporated in November 2011 and had branches in several locations including Kasoa and Kaneshie. Isaac Arthur is listed as Managing Director, with Kofi Duffour, Ankrah Kusi Bandoh, Christopher Kwasi Agyemang, and Buadi Badoe identified as beneficial owners as of February 2023.
The revelations from Baffour Awuah’s legal work add a new layer to the ongoing concerns. If an institutional creditor like SIC had to spend years pursuing assets and negotiating settlements after winning a court judgment, questions remain about what resources Equity Savings and Loans has left to meet the demands of ordinary depositors.
For customers who say they cannot access their savings, the story raises a pressing question: what assets remain to cover their funds? The answer remains unclear as the legal and financial struggles around Equity Savings and Loans continue to unfold.
According to Joy Online.
