First Fund Customers Threaten Protest Over Locked-Up GH¢170m Investments
Aggrieved customers of First Fund, an investment scheme formerly managed by the now-defunct First Banc Financial Services, have threatened to protest if the Securities and Exchange Commission (SEC) fails to release their locked-up funds within two weeks.
The more than 20,000 investors, whose savings are estimated at over GH¢170 million, say that six years after the revocation of First Banc’s license, they still cannot access their investments.
According to the group, SEC has since appointed three different fund managers to oversee payments, but none has made any progress. The regulator first handed the fund to TTL, which failed to disburse any money. The mandate was then transferred to OctaneDC, but that also yielded no results. The current manager, SEM Capital Advisors, is still reconciling accounts before payments can begin.
Citing OctaneDC’s report, co-convener of the group, Johnny Kwabena Nketiah, said troubling inconsistencies remain unresolved.
“If you take a critical look at the report issued by OctaneDC, it clearly specifies where some of our funds were invested, and yet the board of First Fund cannot account for these funds. What is even worrying per the report is that a commercial paper investment totalling GH¢36 million cannot be accounted for,” he noted.
Mr. Nketiah warned that customers are left with no option but to demonstrate if SEC continues to delay.
“Our customers need the money. Letters we have written to SEC and the Company Board have proven futile. The Board doesn’t care about us. No one knows where the money is although we understand some are in active accounts running. The only language they understand is demonstration. If nothing changes in two weeks, we will protest,” he declared.
The group says it will also petition Finance Minister Dr. Cassiel Ato Forson to intervene. In addition, they are appealing to President John Dramani Mahama and the government to step in and provide a bailout.
“There’s no hope in sight. We believe in the new SEC management and the Board chaired by Dr. Adu Anane-Antwi. We are also calling on the government to bail us out, take over the funds, and help us recover our money,” Mr. Nketiah added.
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