Business

EOCO uncovers GH¢78m criminal enterprise at Buffer Stock under fmr CEO

The Economic and Organised Crime Office (EOCO) has uncovered a large-scale corruption and money-laundering network that operated within the National Food and Buffer Stock Company (NAFCO) between 2017 and 2024.

The investigation, described by the Attorney-General as “Rumble in the Jungle,” has exposed how a ring of top officials allegedly diverted over GH¢78 million in public funds meant for food suppliers and the School Feeding Programme.

According to findings announced by Attorney-General Dr. Dominic Ayine at a press briefing in Accra on Wednesday, October 22, 2025, the criminal operation was led by former CEO Abdul-Wahab, with the help of his wife, Faiza Seidu Wuni, and several senior officers of the company. The funds were reportedly moved from official accounts into private companies owned by the couple and their associates.

Dr. Ayine explained that under the pretext of paying suppliers, the suspects used seven entities—including Sawtina Enterprise, Fa-Hausa Ventures, and Alqarni Enterprise—to channel money into private accounts and then retransfer the proceeds to personal businesses and real estate ventures. “Almost 98 percent of the payments made to Sawtina Enterprise were instantly re-routed to entities owned by Hanan and his wife,” he said.

Bank records showed that the suspects were among the largest private depositors at Republic Bank during the period under review. EOCO traced the illicit transactions to a sprawling portfolio of assets, including luxury homes at Airport Hills and Cantonments, a 17-bedroom hotel in Tamale, and several acres of prime land in Accra and the Northern Region.

The Attorney-General said EOCO had frozen all assets linked to the criminal network, including a GH¢10 million fixed deposit high-end vehicles, and 61 luxury handbags, pending court proceedings.

“This criminal enterprise thrived while legitimate food suppliers were unpaid and children were deprived of meals,” Dr. Ayine said. “It was an act of greed that betrayed public trust and undermined national food security.”

The suspects are expected to face multiple charges, including stealing, conspiracy to steal, causing financial loss to the state, and money laundering, to be filed formally on Friday, October 24, 2025.