The Attorney General on Wednesday accused the former chief executive of the National Food and Buffer Stock Company (NAFCO) of using misappropriated public funds to acquire a portfolio of high-value real estate, in what authorities say is one of the most significant corruption scandals in recent years.
At a press briefing in Accra, Attorney General and Minister for Justice Dominic Ayine said investigators from the Economic and Organised Crime Office (EOCO) have traced a number of properties allegedly purchased by Hanan Abdul-Wahab during his tenure at NAFCO. The assets, believed to have been acquired through illicit financial activities, include upscale residences in Accra and Tamale, as well as multiple land parcels in prime locations.
Mr. Abdul-Wahab was arrested on June 25 alongside his wife and detained for two weeks before being released on bail set at GHS 60 million (approximately $4.9 million), with two sureties. His wife was granted bail earlier at GHS 30 million. The arrest stems from allegations of large-scale financial misconduct at the state-owned food security agency.
Among the assets EOCO alleges were acquired with stolen funds are:
A five-bedroom luxury home in Chain Homes, East Legon, valued at $1.625 million
A three-bedroom residence in the upscale Cantonments area, purchased for $600,000
Multiple plots of land in the Airport Development Area, worth an estimated $750,000
A 17-bedroom boutique hotel in Gumani, a suburb of Tamale, acquired for $250,000
A four-bedroom bungalow in Dworwulu, Accra, appraised at over GHS 4.14 million
A 0.32-acre parcel of government land, reportedly sold for GHS 307,200
The opposition New Patriotic Party (NPP) has criticized the terms of Abdul-Wahab’s bail, calling them “excessively punitive” and suggesting the case may be politically motivated. The Attorney General dismissed those claims, insisting that the investigation is being conducted with full transparency and due process.
“All assets determined to have been acquired with proceeds of crime will be subject to confiscation under Ghanaian law,” Dr. Ayine said.
The case is ongoing, and no formal charges have yet been filed. Abdul-Wahab has not publicly commented on the allegations.
NAFCO, established to stabilize prices and manage food security reserves in Ghana, has faced increasing scrutiny in recent years over allegations of procurement irregularities and financial mismanagement. The company has yet to issue a statement on the matter.
