James Agyenim-Boateng’s Action “despicable and shameful”- Senior Staff Member of SIC Insurance Speaks Amidst Controversial Leadership Transition

A senior staff member of SIC Insurance PLC has come forward with a scathing critique of the company’s ongoing leadership transition, calling the actions of newly appointed Managing Director (MD) James Agyenim-Boateng “despicable and shameful.”

With over 30 years of experience at SIC, the staff member expressed profound disappointment over the handling of the handover process, describing Agyenim-Boateng’s behaviour as unprofessional and in violation of established protocols.

In a letter that was shared with the public, the anonymous staff member explained the typical procedure for appointing a new MD at SIC. According to company norms, when the President nominates a new MD, the Ministry of Finance officially communicates the appointment to the Board of Directors. The board then convenes to formally approve the appointment and retire the outgoing MD, after which the new MD is introduced to staff. This process ensures transparency and a smooth transition.

However, the staff member contends that James Agyenim-Boateng has bypassed these standard protocols. Instead of adhering to the formal handover procedure, Agyenim-Boateng allegedly initiated a “hostile takeover” of the MD’s office, disregarding the Board’s authority and failing to engage in any communication with the outgoing MD, Hollistar Duah-Yentumi, or the Board. This behaviour has raised serious concerns regarding corporate governance at SIC, a publicly listed company, and questions about the legality of such an approach.

The Situation with Ms. Duah-Yentumi

Ms. Hollistar Duah-Yentumi, who was appointed as MD for a four-year term beginning January 2024, found herself caught in a complex situation when she received a termination letter from the Board on January 24, 2025. The letter instructed her to stay away from the office until the official board meeting to discuss the handover. According to the staff member, Duah-Yentumi was advised to avoid the office due to safety concerns arising from false rumours spread about her on social media by Agyenim-Boateng and his associate, Francis Kojo Kwarteng. The staff member referenced multiple posts from Kwarteng on Facebook that allegedly incited the public against Duah-Yentumi, contributing to an environment of hostility.

Although Duah-Yentumi stayed away from the office as advised, her secretariat, including her personal assistant, continued to fulfil their duties in anticipation of the formal handover. Despite this, Agyenim-Boateng did not make any effort to contact Duah-Yentumi or the Board to discuss the transition. The staff member emphasised that, under normal circumstances, the outgoing and incoming MDs are expected to meet for an official swearing-in and handover ceremony, but Agyenim-Boateng’s actions undermined this tradition.

January 30 Meeting and Claims of Board Dissolution

The situation escalated dramatically on January 30, 2025, when Agyenim-Boateng arrived at the SIC office with a large delegation of about 20 people, including cameramen.

At this meeting, he allegedly declared that the Board of Directors had been dissolved and dismissed their authority.

The staff member questioned whether the government, holding only 40% of SIC’s shares, had the right to unilaterally dissolve the board of a publicly listed company, emphasising that such decisions are governed by company law and corporate governance, not by government influence.

Agyenim-Boateng’s statement further compounded the controversy, leading to speculation about his disregard for the proper corporate procedures that have been followed by all previous MDs.

In light of Agyenim-Boateng’s refusal to engage in a formal handover, Duah-Yentumi’s legal team wrote a letter to the Secretary to the President on January 27, 2025, seeking intervention in the matter.

However, after receiving no response, Duah-Yentumi was left with no choice but to file a writ in court, demanding compensation in accordance with the termination clause of her employment contract. The writ was issued on February 4, 2025, and served on the company the following day, along with an application for an injunction.

The staff member further criticised Agyenim-Boateng for resorting to social media after the writ was filed, accusing him of spreading misleading information about the situation to the public.

The staff member clarified that Duah-Yentumi’s absence from the office was not due to unwillingness to cooperate but was a direct result of safety concerns and the lack of communication from Agyenim-Boateng.

The ongoing turmoil surrounding the leadership transition at SIC Insurance has led to growing concerns about the disruption of company operations.

The staff member expressed frustration over the unnecessary complications caused by Agyenim-Boateng’s actions, which have created confusion and undermined trust in the company’s leadership.

The failure to adhere to established procedures and engage in proper dialogue has resulted in legal disputes, social media warfare, and heightened tension within the organisation.

Moreover, the staff member suggested that SIC’s Estates department could have easily provided Duah-Yentumi with the necessary access to the office, including spare keys and the ability to disable biometric access, without resorting to dramatic and disruptive measures.

The situation at SIC Insurance PLC serves as a stark example of what happens when corporate governance practices are disregarded and leadership transitions are mishandled. The public fallout from Agyenim-Boateng’s refusal to follow the proper handover procedure raises serious questions about the company’s future direction and the state of its leadership.

As the legal battle continues and the dust settles, stakeholders at SIC—ranging from employees to shareholders—will be watching closely to see how this matter is resolved and whether the company can restore its reputation and operational stability.

The situation highlights the importance of transparent communication, adherence to corporate governance principles, and the need for professional conduct in handling leadership transitions.

Read full details of the matter here: SIC AND RELATED MATTERS. THE TRUTH

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