The controversy surrounding the leadership transition at SIC Insurance Company Limited has not only highlighted the lucrative compensation package tied to the position of Managing Director (MD) but also brought to light a contentious standoff between the outgoing MD, Ms. Hollistar Duah-Yentumi, and the newly appointed Acting MD, Mr. James Agyenim-Boateng.
Court filings by Ms. Duah-Yentumi reveal an annual salary of GH₵840,000, translating to a monthly income of approximately GH₵70,000. Beyond this substantial salary, the role is accompanied by a range of significant benefits:
- Accommodation: Fully furnished residence.
- Transportation: Company vehicle with a driver.
- Medical Coverage: Comprehensive healthcare for the MD and family.
- Annual Leave: 30 days of paid vacation.
- Travel Allowance: An annual familiarization tour worth US$3,000.
However, the leadership change has been anything but smooth. Ms. Duah-Yentumi, who was replaced by Mr. Agyenim-Boateng on 24th January 2025 by President John Mahama’s directive, has reportedly refused to facilitate the transition. Allegations suggest that she locked the MD’s office, withheld the keys, and has filed an interlocutory injunction to prevent Mr. Agyenim-Boateng from assuming the role.
In her lawsuit, filed through attorney E.N. Poku Esq., Ms. Duah-Yentumi has named SIC Insurance Company Limited and Mr. Agyenim-Boateng as defendants. The suit seeks to:
- Restrain the second defendant from presenting himself as SIC’s MD.
- Prevent the defendants from portraying the second defendant as the MD.
The situation has significantly impacted the new Acting MD’s ability to perform his duties. In an interview with Citi News, Mr. Agyenim-Boateng shared his frustrations:
“When I arrived, I had a very good introductory meeting, but it was obvious I could not access the office where I needed to work. As a result, I have mostly worked offsite, handling critical SIC matters remotely. It has become apparent that the real reason I have not been able to access the office is that my predecessor has locked up the office and taken the keys. It is strange.” He disclosed.
A lot of people of have concluded that she doesn’t want to leave the position as a result of the benefits she was enjoying.