JoyNews uncovers suspected fraud at Regency Alliance Insurance

Mr. Oseni (left) and Ofori-Koree are MD and CFO respectively of Regency Alliance Insurance
Mr. Oseni (left) and Ofori-Koree are MD and CFO respectively of Regency Alliance Insurance

Joy News investigations have revealed what appears to be a systematic fraud at the Regency Alliance Insurance Limited by two top managers of the company.

Cheques signed by the Managing Director of the Company, Bode Oseni and the Chief Finance Officer, Michael Ofori-Koree, were cashed by the two men themselves.

Joy News has been investigating operations of the company’s management and found that companies and individuals in whose names the cheques were written did not receive any payment from Regency Alliance.

The Finance Manager of Dangote Cement Ghana Limited, Tunde Idris, told Joy News his company has neither made any claim nor received any money from the company.

“Regency Alliance Insurance is our new insurer and we have not made any claim. We have only paid them this year for the insurance of our plants and other things they did for us taken over from IEI, ever since we’ve not got anything from them and there’s no reason why we should because there is no claim”.

The investigations discovered that Regency Alliance Insurance Limited issued two cheques in April this year in the name of Dangote Cement Limited.

The first cheque of GHc50,000 was issued on April 8, 2015. In the same month, another cheque was issued to Dangote Cement with an amount of GHc 53,186.33.

But Tunde Idris says his company has never received any payment from Regency Alliance.

“Just now I’ve spoken to my treasurer and of course if there was any cheque, he would have seen them, it would have passed through our account for them to do reconciliation and I’ve spoken to the HR Manager who says no cheques are here. I am saying with all assurance that there’s no cheque ever coming to us”, he said.

In the presence of Joy News’ Manasseh Azure Awuni, he called the Managing Director of Regency Alliance Insurance Limited, Bode Oseni, to ask why cheques were written in the name of the company when no claim had been made and no money had been received. Mr. Bode Oseni did not give any explanation but promised to meet him (Tunde Idris) later.

Joy News also discovered similar cheques written in the name of some individuals and companies.

For instance, on April 2, this year, a cheque for GHc63,731.56 was written in the name of Visal Insurance Brokers Limited. The Chief Executive Officer of the company, Vincent Sali-Dokpor, has said his company has not received such an amount from Regency Alliance.

The Managing Director of Regency Alliance, Bode Oseni, the man who approved all the payments explained that the monies were commissions.

Checks at the banks reveal that the cheques were cashed by the Managing Director himself and the Chief Finance officer Michael Ofori Koree.

Our investigation has revealed that after the cheques were processed, the names of the intended beneficiaries were cancelled and cash was written in their place.

Joy News has established that the supposed recipients of the cheques from Regency Alliance did not get the money.

We have also established that the cheques were withdrawn by the Chief Finance Officer and the Managing Director. The Managing Director has admitted this.

What remains a mystery is who they gave the cash to since the MD insists he and the Chief Finance Officer did not spend it.

SOURCE: myjoyonline