In a scathing critique, Alfred Ogbamey, a senior member of the National Democratic Congress (NDC) and an experienced media practitioner, has accused former SIC Managing Director (MD), Hollister Duah-Yentumi, of hypocrisy and bad judgment in the handling of her removal from office.
The controversy, which has sparked widespread debate, centres on Duah-Yentumi’s refusal to step down following President John Mahama’s directive to replace her with James Agyenim-Boateng as the new acting MD of SIC.
On January 1, 2024, the then-NPP government, led by President Nana Akufo-Addo, appointed Duah-Yentumi, a journalist and lawyer, as the Managing Director of the once-leading Ghanaian insurance firm, SIC.
According to Alfred Ogbamey, the decision was cemented through a presidential directive, even though SIC was a publicly listed company, asserting that despite the listing status, Duah-Yentumi took up her role without questioning the appointment process.
“Four months after her appointment, the same President Akufo-Addo, through his Secretary, Nana Bediatuo Asante, informed SIC that Hollistar was only to act as an Interim MD, not the substantive officer.
“Less than a year on, President John Mahama, as the new representative of the lead or majority shareholder, with the same rights as his predecessor NPP leader, directed that another journalist and lawyer, Mr. James Agyenim-Boateng, be handed over the reins of management of SIC as Acting MD pending the same process Ms. Hollistar went through”.
Alfred Ogbamey, a senior Member of the NDC
Alfred Ogbamey argued that Duah-Yentumi’s reaction to her removal is riddled with hypocrisy, asserting that when she was appointed by President Akufo-Addo, she did not question whether the proper corporate governance procedures were followed.
He wondered why when a new government exercised the same prerogative to replace her, she suddenly found legal grounds to challenge the decision.
Her allies have argued that SIC, as a listed company, should have followed due process in replacing her, however, Alfred Ogbamey pointed out that this same argument was conveniently overlooked during her appointment.
He contended that the principle remains unchanged: “If it took the President to appoint, it takes the President to disappoint.”
“They apparently forgot that her appointment letters were available. And from it, the most apt question is, shouldn’t the Company, through its AGM have been properly allowed to do the needful or go through the processes and appoint her then in 2024 as a publicly listed company as they say without the green letter?
“Particularly when it was an Akufo-Addo NPP to the same NPP administration that was appointing her after seven years in office and within an eight-year second term?”
Alfred Ogbamey, a senior Member of the NDC
Legal Maneuvering and Possible Motivations
Duah-Yentumi took legal action against SIC rather than directly challenging the authority of the President, a move Alfred Ogbamey described as tactical.
By suing SIC instead of the government, Alfred Ogbamey argued that Duah-Yentumi might have been angling for a substantial settlement, leveraging the legal gray areas surrounding her removal.
Her refusal to hand over was also reportedly linked to claims that her exit package had not been finalized, however, Ogbamey dismissed this as an excuse, stating that she could have negotiated her package during the handing-over process rather than resorting to legal means.
“Unless her thoughts were that going to court would guarantee her some juicier package given her short rein as the acting head of the now-floundering SIC, she had no reason to refuse to step down”.
Alfred Ogbamey, a senior Member of the NDC
Political Ramifications and Internal Party Backlash
Additionally, Alfred Ogbamey disclosed that Duah-Yentumi’s actions have also drawn sharp criticism from within both the NDC and NPP, asserting that in the NDC, many view her resistance as a deliberate attempt to undermine the newly elected government’s efforts to restructure state institutions.
On the other hand, Alfred Ogbamey opined that Duah-Yentumi’s appointment was controversial within the NPP from the outset, alleging that Dr Nana Ayew Afriyie, the NPP’s MP for Effiduase-Asokore, publicly stated that her appointment was a mistake, questioning her political loyalty.
“Claiming to personally know her, he has described her as an NDC member married conveniently to an NPP sympathizer from Kennedy Agyapong’s constituency (Assin Central),” Ogbamey recounted.
Following intense pressure and the realization of the untenability of her legal position, Alfred Ogbamey noted that Duah-Yentumi has withdrawn her lawsuit against SIC.
While this move may prevent further legal entanglements, Alfred Ogbamey posited that the damage to her reputation within political and corporate circles has already been done.
For him, SIC, with the government holding a 40% majority shareholding, has the capacity to call for an Extraordinary General Meeting (EGM) to reconstitute the Board and officially address any legal challenges.
Given the current circumstances, Alfred Ogbamey indicated that it appears unlikely that Duah-Yentumi would have prevailed in her legal battle even if she had pursued it further.
Alfred Ogbamey’s critique paints a picture of a leader who miscalculated both legally and politically. By attempting to hold onto power through legal and procedural arguments she previously ignored, Duah-Yentumi has, in Ogbamey’s view, demonstrated clear hypocrisy and bad judgment.
