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    Ghana begins to locally manufacture its own bullion vans to combat robbery

    MTN’s aYo insurance covers over 8 million Ghanaians in 5 years

    AGI urges Govt. to effect favorable business policies

    Gold-for-oil: Govt spent $40m on first consignment – NPA

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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

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    MTN to fight $773m tax bill from government

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    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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SIC life dissociates itself from SIC fraud scandal

bycitibusinessnews
December 24, 2014
in Banking And Finance, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

SIC Life Company Limited has assured its clients that the integrity of their policies and investments are intact.

This follows panic withdrawals and termination of policies after reports that two directors of the State Insurance Company have stolen huge sums of money from the state insurer.

The two the Deputy Managing Director in charge of Finance and Administration Musa Abdulai and the Head of Finance and Accounting Ken Acolatse have since been arrested by the Police.

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According to reports the two are alleged to have stolen 1.1 million dollars and 700,000 cedis.

In a statement signed by the Board and Management of SIC life Company Limited, the company affirmed that it has existed as a totally separate legal entity since 2007.

SIC Life Company Limited (SIC Life) was formed in February 2007 with a distinct Board of Directors and Management to undertake life insurance business in accordance with the provisions of the Insurance Act, 2006 (Act 724).

In 2010, SIC Life incorporated SIC Life Trust Finance Limited, a wholly owned subsidiary to offer loans to the general public.

According to the insurance industry performance statistics for the third quarter of 2014, SIC Life had achieved a premium income of GH¢25, 960,873 and a market share of 28%, making SIC Life the leader in the life insurance sector.

The statement also guaranteed policy holders of the company’s commitment to deliver superior returns to investors.
By: Rabiu Alhassan/citifmonine.com/Ghana

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