THE ECONOMIC and Organised Crime Office (EOCO) has launched a full-scale investigation into a staggering financial scandal involving Kwabena Adu-Boahene, the former Director-General of the National Signals Bureau (NSB), Ghana’s top electronic intelligence agency.
Adu-Boahene, who led the NSB (formerly Bureau of National Communication) from 2017 until early 2025, is accused of orchestrating a complex fraud and money laundering scheme involving a $7 million cybersecurity contract meant for national defense.
The Cybersecurity Scam Disguised as a State Deal
In January 2020, Adu-Boahene signed a $7 million contract with Israeli firm ISC Holdings Ltd. to procure cybersecurity defense software for the Government of Ghana. But what followed was a deliberate and deceptive misappropriation of state funds.
Instead of channeling payments directly to the supplier, Adu-Boahene transferred GH₵ 49 million (approx. $7 million) from the National BNC’s Operations Account at Fidelity Bank into a private account held by a shell company he co-founded with his wife, Ange-La Adjei-Boateng—BNC Communication Bureau Limited, a name that closely resembled the official state agency.
Out of the total sum, only GH₵ 9.5 million (about $1.75 million) was actually paid to ISC Holdings. The remaining GH₵ 39.46 million ($5.25 million) was diverted for personal use and investments, investigators say.
To justify the shady transfer, Adu-Boahene reportedly forged an invoice from ISC Holdings.
Follow the Money: Luxury Properties and Shell Companies
EOCO’s investigations reveal that the stolen funds were funneled through a web of at least 10 companies, believed to have been set up to launder the money. Advantage Solutions Limited has been identified as a key beneficiary.
The looted money was used to acquire prime real estate across Accra and beyond:
No. 2 Stream Part Drive, Mayfair Estates, Accra – $1 million
Nos. 6–10 Edith Avenue, Mayfair Estates – Over $1.2 million combined
Vertex Properties, Oyarifa Gated Estate – 27 houses valued at GH₵ 127 million
Two properties in London – Value undisclosed; currently under offshore probe
Records show that some of the properties were purchased directly from cash withdrawals made from the diverted funds, including:
Feb 11, 2020 – GH₵ 16 million deposited as fixed deposit
Apr 3, 2020 – GH₵ 7.25 million withdrawn in cash
Apr 24, 2020 – GH₵ 1.5 million withdrawn; same day, GH₵ 1.56 million paid for real estate.
Wife Implicated in Fraud Scheme
Ange-La Adjei-Boateng played a central role, co-owning the fraudulent company, signing off real estate deals and managing transactions. EOCO sources say bank records show her direct involvement in the laundering and property acquisitions.
Airport Arrest & Red Flags
On March 21, 2025, Adu-Boahene was arrested at Kotoka International Airport after changing travel plans multiple times, attempting to evade authorities. He was found in possession of several service passports, prompting suspicions of escape plans and possible dual citizenship.
What’s Next?
EOCO continues to probe Adu-Boahene’s financial dealings and the vast network of companies connected to the scandal. Authorities say more arrests may follow as they untangle what could be one of Ghana’s biggest national security-linked corruption cases in recent years.
Source: Nationaltyme.com
