Valco Trust Fund CEO in hot waters as he faces National Investigations Bureau, OSP over alleged financial offences

The hottest person in Ghana now is the Acting Chief Executive Officer of the Valco Trust Fund, one Kelvin Yeboah who is in the grips of the National Investigations Bureau while at the same time under probe by office of the Special Prosecutor over alleged financial offenses.

While the NIB formerly BNI has granted him bail over another matter involving alleged corruption and abuse of office including disregarding the rules on procurement thresholds imposed by law, the OSP is also on his case.

Some of the alleged financial dealings for which he was arrested and released on bail by NIB include spending Ghc190,000 for photoshoot, Ghc17,000 for a website to track schools under trees, a Ghc250,000 expenditure on publicity for Schools under trees and Ghc175,000 for a breakfast meeting with 20 people.

There is also an investigation about whether the Acting CEO on 15th November 2021 attempted to change signatories to the VALCO Trust Fund Bank Account (bank name withheld) by making himself the sole signatory and for which he sacked staff who resisted the move.

The SP on the other hand is probing the actual construction of the schools under trees dotted across 15 regions in Ghana.

The SP has been prompted to launch an investigation into the activities of Kelvin Yeboah after the state company official awarded more than 18 contracts to one company on sole sourcing and without the approval of a board.

The Valco Trust Fund is the charity wing of aluminium smelting company, Volta Aluminium Company Limited (Valco) and has been without a board for a couple of years.

The VALCO Trust Fund in 2020 launched an ambitious project to remove schools under trees in the country with a projected budget of Ghc3.5 billion.

The project sought to construct, within a period of five years, some 5,403 schools which currently operate under trees and which are in dilapidated or makeshift structures.

Mr. Kelvin Yeboah cut the sod for the start of the project at Karaga in Northern Region which witnessed the initial construction of some eighteen schools.

The project include classroom blocks for KGs, primary and junior high schools with ancillary facilities like head-teacher’s offices, staff common rooms, toilet facilities, libraries, ICT laboratories and boreholes and pieces of furniture to be supplied.

While much of the first 15 of the project have been executed, it is now embroiled in controversy and investigations.

More to follow….

Source: otixpress.com