NIB Officer confirms GIIF Board did not approve $2m Sky Train payment
Francis Aboagye, a Staff Officer of the Bureau of National Intelligence (BNI), told the High Court in Accra that investigations established that "the Governing Board of the Ghana Infrastructure Investment Fund (GIIF) never approved the payment of US$2,000,000 for the proposed Accra Sky Train project." This testimony was given during the ongoing trial of former GIIF Chief Executive Officer, Solomon Asamoah (A1) and former Board Chairman Christopher Ameyaw‑Akumfi (A2), who are standing trial over the investment. The US$2 million payment was intended as part of an investment in the Sky Train project, estimated to cost US$2.6 billion.
Mr. Aboagye stated he was assigned on February 24, 2025 to lead an NIB team to investigate a report of an alleged unlawful payment from GIIF funds to Africa Investor Holdings Limited, incorporated in Seychelles by Herbert Danso. The investigation confirmed the money was transferred from GIIF's account to the foreign company on March 4, 2019, without prior board approval, contrary to the GIIF Act and the Fund's internal investment policy. Minutes of board meetings held between September 2018 and December 2020 were reviewed, but none showed board approval of the share acquisition or the payment. Mr. Aboagye said that under a shareholders' agreement signed by Mr. Asamoah, on behalf of GIIF, the Fund purportedly acquired 10 percent shares in Ai SkyTrain Consortium Holdings, incorporated in Mauritius by Africa Investor Holdings Limited. The agreement was signed without technical, financial, legal or feasibility assessments.
Mr. Aboagye said that Mr. Asamoah insisted the board approved the payment,
Quick Summary
An NIB officer testified in court about a payment made by the Ghana Infrastructure Investment Fund (GIIF) for the Accra Sky Train project. The investigation raises questions about proper procedure and oversight - but what did they find?
Summary - read the full story for complete context.

Image: The Chronicle
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from The Chronicle
Related Stories
More from Politics

Sole sourcing: Roads Ministry has committed no sin - Sammy Gyamfi
The NDC's Sammy Gyamfi defends the Roads Ministry's decision to use sole-sourcing - but at what cost to the taxpayer?
2h ago•3 min read








