Accra, Ghana – Former shareholder and chartered insurer Larry Jiagge has accused the State Insurance Company (SIC) of financial mismanagement and criticized the National Insurance Commission (NIC) for failing to enforce regulatory standards.
Speaking on Joy FM’s Super Morning Show on Friday, February 7, Jiagge revealed that in 2023, SIC allegedly took out loans to pay dividends, misleading shareholders about the company’s financial health.
“They went to borrow money to pay that dividend. I can tell you that for a fact, I was a shareholder then,” Jiagge stated.
He further claimed that the full extent of SIC’s financial troubles only became evident later, raising transparency concerns.
Additionally, Jiagge criticized the NIC, alleging that the regulator ignored repeated warnings about SIC’s financial practices.
“They don’t enforce their own law, and I had pointed this out to them in writing all the time,” he asserted, adding that the NIC took a year to respond to his concerns over SIC’s asset disposals.
His comments come amid recent controversies surrounding the leadership transition at SIC, with former Managing Director Hollistar Duah-Yentumi initially refusing to hand over to her successor before withdrawing a legal challenge to her dismissal.
Jiagge has called on regulators to ensure stricter oversight in the insurance sector to prevent future financial mismanagement.
