Home » MASLOC Officials Jailed for Naked Thievery of Allocated Funds

MASLOC Officials Jailed for Naked Thievery of Allocated Funds

by Ikeoluwa Juliana Ogungbangbe
MASLOC corruption case

The recent sentencing of former Microfinance and Small Loans Centre (MASLOC) officials has stirred significant public and legal interest in Ghana. Sedina Tamakloe Attionu, the former Chief Executive Officer of MASLOC, and Daniel Axim, the former Chief Operating Officer, were handed substantial prison sentences by an Accra High Court for their roles in a case described by a former Deputy Attorney-General as not just theft but “naked thievery.”

Joseph Dindiok Kpemka Esq., who once served as Deputy Attorney-General and Minister for Justice, expressed his shock and dismay at the depth of fraud uncovered during his review of the case documents. The court’s findings revealed a series of misappropriations and mismanagements that resulted in significant financial losses to the state.

The details of the case, as discussed by Mr. Kpemka on JoyNews’ Newsfile, paint a picture of blatant disregard for procedural and financial integrity at MASLOC. One notable instance involved a supposed loan to a rural bank without any formal agreement—money was transferred, and only after the transfer did the rural bank inquire about the interest rate. The subsequent interactions led to an even more startling revelation that the money, once returned, was physically transported in cash to Accra, a clear breach of financial management norms.

The misuse of funds extended beyond irregular loans. Mr. Kpemka highlighted that of the GH₵2 million allocated for nationwide sensitization workshops, less than five percent was used for the intended purpose, with the rest being embezzled. Other instances of corruption included overpricing of phones and vehicles, some priced at three times their market value, and misallocation of funds intended for disaster relief.

Sedina Attionu and Daniel Axim were found guilty on 78 counts including causing financial loss to the state, stealing, conspiracy to steal, money laundering, and violating public procurement laws. Their trial, which began in 2019, culminated in Attionu receiving a 10-year sentence, and Axim a five-year sentence with hard labor. Attionu was tried in absentia after she left the country under the pretext of seeking medical treatment and did not return.

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