The Circuit Court in Accra, presided over by Her Honour Susana Eduful, is currently adjudicating a high-profile case involving Lemuel Addo, a 36-year-old cashier accused of embezzling GH¢388,615.00 from SIC Life Insurance Limited. The case has drawn significant attention due to the substantial amount of money involved and the alleged misuse of the funds.
Allegations and Initial Findings
Lemuel Addo, who is employed by Sika Plan (Okum-Ka), a subsidiary of SIC Life, allegedly misappropriated the funds following premium payments from customers totaling GH¢703,775.00 on May 16, 2025. According to the prosecution, the accused deposited only GH¢315,160.00 into the company’s account at Republic Bank on May 19, 2025, leaving a balance of GH¢388,615.00 unaccounted for.
When confronted by the complainant, Addo initially claimed to have made a double deposit into the account on the same day. However, subsequent investigations revealed this assertion to be false. Evidence presented by the prosecution indicates that the accused diverted the missing funds for personal use.
Denial and Further Investigations
During police interrogation, Lemuel Addo denied any wrongdoing, attributing the shortage to errors allegedly made in March 2025. However, investigations uncovered that part of the missing funds had been used by Addo to process a visa in an apparent attempt to travel abroad. This revelation has deepened suspicions surrounding his actions.
The accused has been charged with stealing under Section 124(1) of the Criminal Offences Act, 1960 (Act 29). During his initial court appearance on July 8, 2025, Addo pleaded not guilty to the charges.
Bail Conditions and Legal Developments
Following his plea, Addo was granted bail in the sum of GH¢400,000 with four sureties, two of whom must provide justified title deeds. Additionally, he is required to deposit his passport with the court registry or allow the prosecution to verify whether he possesses one.
Chief Inspector Ebenezer Teye-Okuffo, the lead prosecutor in the case, was instructed by the court to file witness statements by August 11, 2025. However, on the scheduled date, the prosecution requested additional time to complete an audit of the accused’s bank account. The court granted this request and adjourned proceedings to September 15, 2025.
In a separate development, an application by Addo’s lawyer seeking a variation of the bail conditions was denied by the court. This decision underscores the seriousness with which the judiciary is approaching this case.
Implications and Next Steps
As investigations continue and witness statements are prepared, this case serves as a stark reminder of the importance of financial accountability within corporate institutions. The allegations against Lemuel Addo not only highlight potential lapses in internal controls but also raise broader concerns about employee misconduct in sensitive financial roles.
The adjournment until September 15, 2025 provides both parties additional time to gather evidence and prepare their arguments. It remains to be seen how the court will rule on this matter as proceedings unfold.
This case is a pivotal moment for SIC Life Insurance Limited and its subsidiary Sika Plan (Okum-Ka), as it seeks to address alleged financial improprieties and restore public confidence in its operations. The outcome will undoubtedly have significant implications for corporate governance and accountability standards within Ghana’s insurance industry.
Stay tuned for updates as this case progresses in court.
-thechronicleonline
Curated by Tetteh Belinda | GhanaCrimes
