Corrupt Deals At WAMI

…Tender procedures thrown to the dogs

A joint report by Capitaline & Ghana Daily

The incessant pillage, maladministration and corruption at the West African Monetary
Institute (WAMI) has reached its peak and if care is not taken, the introduction of
the West African currency ECO, would be a mirage.

The management of WAMI has thrown due diligence to the dogs and is awarding
consultancy jobs left, right and centre without tender.

This is being spearheaded by the Director General of the WAMI, Dr. Temitope W.
Oshikoya.
He has awarded a number of consultancy jobs from the institute to his friends and
cronies without adhering to normal procedure for bidding.
Some of the contracts Dr. Temitope Oshikoya awarded to his cronies without due
process include the following:
1. Comprehensive Strategy for Sensitization on the WAMZ programme (April 2010
Review). This project was awarded to Dr. UzoEmenike, a Nigerian friend for
US$5,000.00.
2. Financial Sector Programme for Development of an appropriate Architecture for
Financial Integration in the WAMZ by OsitaOgbu (Nigerian friend) – April 13, 2010
for US$100,000.00.
3. Trade Policy for Liberia by Dr. Chris Itsedi, (Nigerian friend) – May, 2010 for
US$50,000.00.
4. Staff Salary Policy awarded to Dr. A. Osiyemi (Nigerian friend) – March 22, 2011
for US$15,000.00.
5. Formulation of National Trade Policy for Guinea by Dr. Michael Mahmoud (Ghanaian
friend) – April 2011 for US$50,000.00.
6. Assessment of the E-FASS for Nigeria by C. Odiaka (Nigerian friend) – April, 2011
for US$8,000.00.
7. Producing and Transmission of special reports on WAMI’s mandate by Chudi Nwafo
(Nigerian friend) – May 2011 for US$10,000.00.
8. Assessment of the need for E-FASS as a mechanism for standardization and
uniformity in Banking Supervision process among the WAMZ central banks by Otimi
Olugbohumgbe, CounterHouse Consultants Ltd. (Nigerian friend) – May 2011 for
US$40,000.00.
9. A Strategic framework for the ECO unit of account, exchange rate mechanism and
policy of reserves in WAMZ by Dr. Oladunjoye Fajana (Nigerian friend) for
US$80,000.00.
Capitaline and Ghana Daily were unable to ascertain from the WAMI offices the
existence of any proof whether those contracts passed through procurement.
The bad governance at the Institute is washing away the efforts by member states of
the West African Monetary Zone (WAMZ) to bring to birth the currency ECO.
Most of the contracts awarded were not advertised, where interested person(s) or
bodies are to apply for, and committee formed to go through the bidding process.

When Capitaline and Ghana Daily requested for a formal interview more than a month
ago, the WAMI directors have been playing hide and seek. They have eventually
refused to respond to the charges.
According to two past directors from The Gambia and Nigeria and a director at post
at WAMI, Dr. TemitopeOshikoya employs intimidation and harassment to bulldoze his
way making it very difficult for even directors to question his judgement on all
matters.
The sacking of Mr. Samuel Narh (now with Bank of Ghana) from WAMI by Temitope
Oshikoya is said to have been under extreme intimidation.
Sources said one of the undercurrents underpinning the absurd sacking of Mr. Samuel
Narh from WAMI reveal that Dr, Oshikoya believed that Narh (then head of ICT
department of WAMI (2008)) did not follow his instructions in respect of the
selection of service providers for the Payment Systems project.

“He was given a letter one early morning stating that his contract will not be
renewed at the end of the month. However, the next morning, when Narh got to the
office, the security officer on duty prevented him from entering his office. When he
inquired why he was prevented from entering his office, the officer showed him
(Narh) a letter which was written WAMI to the WESTEC Security office and copied to
the security officer on duty not to allow Narh access to his office”, a director of
WAMI disclosed.

Several pleas in a petition by Narh in 2009 to leaders of member states of WAMZ
concerning the illegal and disgraceful dismissal of Narh received no attention.

This action by Dr. Oshikoya has injected fear into the entire staff of WAMI, thereby
making it very difficult to either suggest or challenge his indiscriminate
decisions.

Since unveiling the rot at WAMI, Dr. Oshikoya has summoned the entire staff and
sternly warned them amidst threats and casting of insinuations against the Ghanaian
staff never to give any information to journalist.

Dr. Oshikoya is said to be working with cohoots, Adeniyi Karunwi, director of
Finance and Administration and Hussein Thomasi, director – legal Department of WAMI
who have succeeded in branding Ghanaian workers at the Institute anti-foreigners.
A former director of WAMI said “before the coming of Adeniyi, the director of
finance was a lady called Madam Keita from Gambia and the director of Internal Audit
was a Nigerian by name Mr.Abass Alhansah. Temitope then reshuffled these two
directors”.

“Out of frustration from Dr. Oshikoya, by the end of 2008, the two directors in
question left, leaving the swapping of the position in relation to the
countries untouched before he recruited Adeniyi as director finance”, the director
revealed
Stay tuned for more pillage, maladministration and corruption at WAMI.