The leadership transition at SIC Insurance PLC has taken a dramatic turn, with accusations of improper takeover procedures and governance breaches.
A concerned SIC staff member has addressed the controversy surrounding Managing Director Hollistar Duah-Yentumi’s alleged refusal to hand over office, shedding light on the ongoing turmoil.
In a letter dated 5th February, the anonymous staff member expressed disappointment with lawyer James Agyenim-Boateng, stating, “The current situation is despicable and shameful, and I did not expect Mr. Agyenim-Boateng, a lawyer, to conduct himself in such a manner.”
According to the letter, SIC’s longstanding protocol requires the President’s nomination for a new Managing Director to be officially communicated through the Ministry of Finance, which then notifies the Board.
The Board then convenes to formalise the transition before introducing the new MD to the entire staff. However, the letter claims that James Agyenim-Boateng, the newly appointed MD, has bypassed this established process.
“The practice is that when the President nominates or appoints someone as the Managing Director, the instruction is communicated to the Ministry of Finance… It is only after this process that the company formally introduces the new MD to the entire staff,” the letter stated.
However, the letter alleges that James Agyenim-Boateng, the newly appointed MD, has chosen to circumvent this process, opting for what the staff member describes as a “hostile takeover” rather than a formal handover.
Duah-Yentumi, who had been serving under a four-year contract from January 2024 to December 2027, reportedly received advice to stay away from the office after her termination letter, dated 24 January 2025, was issued.
“Fearing for her safety, she remained away from the office,” the letter stated, citing prior allegations and social media attacks against her.
The situation escalated on 30 January 2025, when Agyenim-Boateng reportedly entered SIC’s offices accompanied by a delegation of around twenty people, including media personnel.
At that meeting, he controversially declared that the Board had been dissolved—a claim that has stirred significant controversy.
“Can the Government of Ghana dissolve the Board of a publicly listed company where it holds only 40% of the total shares?” the letter questioned, emphasising that SIC is not a state-owned enterprise, but a publicly traded entity governed by corporate law.
Duah-Yentumi has since initiated legal proceedings, filing a writ to demand compensation in line with the termination clause of her contract.
“The writ was issued on 4 February 2025, and served on the company a day later, along with an application for an injunction,” as stated in the letter.
This unfolding crisis raises concerns over corporate governance and regulatory compliance at SIC, with industry watchers keenly observing how the government and company stakeholders will respond to the deepening impasse.
Read the letter below:
Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nandom FM 101.9, Nyatefe Radio 94.5 (Dzodze), Sissala Radio 96.3 (Tumu), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5
Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseRadioXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand
