Former Microfinance and Small Loans Centre (MASLOC) Chief Executive Officer, Sedina Christine Tamakloe-Attionu, has been released from jail, according to sources.

Her release follows the Attorney-General’s (AG) withdrawal of an application seeking to stay the execution of the Court of Appeal’s judgment acquitting and discharging her.

Consequently, on Wednesday, August 12, the Court of Appeal struck out the application, paving the way for the former MASLOC boss to be released from jail.

The Court of Appeal on Thursday, July 30, acquitted and discharged Madam Tamakloe-Attionu of all 78 counts, including stealing, conspiracy to steal, causing financial loss to the state, money laundering and procurement breaches.

The decision was delivered by a three-member panel of the Court of Appeal in Accra, comprising Justices Emmanuel Ankamah, Emmanuel Senyo Amedahe and Samuel Obeng-Diawuo.

The court held that the prosecution had failed to prove its case beyond a reasonable doubt, ruling that the evidence presented was insufficient to establish the alleged offences.

Madam Tamakloe-Attionu was facing multiple charges, including causing financial loss to the state, theft, unauthorised commitments resulting in financial obligations for the government, and money laundering.

She was tried alongside former MASLOC Board Chairman Daniel Axim, who also faced charges related to the institution’s operations.

The prosecution alleged that between 2013 and 2016, during Madam Tamakloe-Attionu’s tenure as CEO, MASLOC funds were misapplied through various transactions, resulting in financial loss to the state.

Background

In 2017, the Economic and Organised Crime Office (EOCO) launched an investigation into MASLOC’s operations under Madam Tamakloe-Attionu’s leadership.

The investigation uncovered alleged financial irregularities and embezzlement involving officials of the institution.

Findings

EOCO alleged that its investigations uncovered fraudulent disbursements of MASLOC funds, inflated procurement of vehicles and mobile phones without approval from the Public Procurement Authority, misappropriation of funds intended for victims of the 2013 Kantamanto Market fire, and questionable ex gratia payments made to Madam Tamakloe-Attionu and her deputy.

Consequently, in January 2019, she was arraigned before the High Court on 78 counts, including stealing, conspiracy to steal, causing financial loss to the state, money laundering and procurement breaches.

After about two years of legal proceedings, she sought and obtained permission to travel to the United States for medical treatment. However, she failed to return to Ghana to continue participating in the trial and was subsequently tried in absentia.

In 2024, the Accra High Court sentenced Madam Tamakloe-Attionu to 10 years’ imprisonment in absentia after finding her guilty of multiple offences, including causing financial loss to the state and theft.

The court held that her actions as MASLOC Chief Executive between 2013 and 2016 resulted in a financial loss of nearly GH¢90 million to the state.

Following her conviction, Ghanaian authorities intensified efforts to secure her return, with the government formally requesting her extradition from the United States in 2025.

A United States District Court in Nevada subsequently considered the extradition request and, after reviewing the application and supporting legal documentation submitted by Ghanaian authorities, certified the request, paving the way for her return to Ghana.