Sacked CEO of PPA explains the millions in his bank accounts

The dismissed CEO of the Public Procurement Authority (PPA), Adjenim Boateng Adjei, has broken his silence on the millions of money deposited in his bank accounts during the two and a half years of his tenure.

According to his lawyers, “the figures circulating are only a total turnover of entries with the corresponding exits”.

AB Adjei was arrested in the “Contracts for Sale” investigation by The fourth power‘s editor, Manasseh Azure Awuni, in August 2019. A company he owned with his brother-in-law, Talent Discovery Limited, was revealed as winning government restricted tender contracts and selling to d other companies and individuals without the approval of the contracting state entities.

President Nana Addo Dankwa Akufo-Addo suspended him and referred the matter to the Commission on Human Rights and Administrative Justice (CHRAJ) and the Office of the Special Prosecutor (OSP) for further investigation.

In 2020, the president fired AB Adjei after CHRAJ investigations found him guilty of conflict of interest, unexplained wealth and public procurement law violations.

The CHRAJ recommended Mr. Adjei’s dismissal and banned him from holding public office for 10 years. He appealed the ban to the High Court and lost.

In 2022, the special prosecutor charged Mr. Adjei and his brother-in-law, Francis Kwaku Arhin, with 18 counts of procurement-related corruption.

The CHRAJ also revealed that the total amount deposited in Mr. Adjei’s accounts since taking office in 2017 was GHc14.8 million.

“We find that the Respondent [Mr. Adjei’s] completely unsatisfactory explanation and that he could not explain the source of the large volumes of excess wealth that flowed through his bank accounts between March 2017 and August 2019 (unexplained wealth),” the CHRAJ report states.

The then special prosecutor, Martin ABK Amidu, issued a press release in which he commended the CHRAJ for its report.

“The only problem with the CHRAJ report is that for some reason it understates the amounts disclosed by the bank statements of Mr. Adjei’s three bank accounts thoroughly reviewed by the Auditor General and this office,” said Mr. Amidu.

The Special Prosecutor revealed that from 2017 to August 19, 2019, Mr. Adjei had 15,691,559.30 Cedis, 4,467,655 USD and 54,500 Euros deposited in his three bank accounts.

The CHRAJ and the then special prosecutor said before taking office that the amounts deposited in Mr. Adjei’s accounts were insignificant compared to what was paid into his account during his tenure.

In fact, the CHRAJ report states that “the defendant [Mr. Adjei] opened USD account number 9040002473180 at Stanbic Bank on April 3, 2017, after his appointment as CEO of PPA.

In a reply sent to The fourth powerwho uncovered the story, AB Adjei’s lawyers, Oriental Law Consult, explained how the millions of cedis entered his account.

“We are further informed that the post was intended to create the false impression that our client had millions of cedis in his personal accounts when the facts clearly show that the figures circulating are only a total turnover of entries with the corresponding outputs. For example, an initial deposit of ¢100,000 can be turned into millions over a period of time simply by withdrawals and re-depositing,” the lawyers said.

OSP got the courts to freeze AB Adjei’s accounts early in its investigations, but then got the courts to unfreeze the accounts and withdrew the money.

reacting to The fourth powerMr. Adjei’s story about withdrawing funds from his accounts, Mr. Adjei’s lawyers said: “The said publication which attempted to suggest that our client had millions of cedis in his account and went to withdraw them in a doubtful is manifestly false. and amounts to making our client vulnerable to attacks that could endanger his life.

“Our client has always conducted his affairs within the framework of the laws of Ghana and has always been guided by law and principle in the performance of his duties during his tenure,” the rejoinder reads.