A high-profile legal scandal has emerged once again involving Samuel M. Codjoe, of Law Trust, the lawyer for former COCOBOD CEO Dr. Stephen Opuni.
In this case, Samuel Codjoe and his longtime associate and accomplice, a 75-year-old Tom Kwarteng Amaning stand accused of defrauding a young entrepreneur, Yvonne Nti, of $750,000 in a bogus cocoa farm transaction.
The alleged scam unfolded earlier in this year 2024 when Ms. Nti, an ambitious businesswoman, sought to purchase a cocoa farm in Anyinasu, Ashanti Region.
Following multiple negotiations with Law Trust, represented by Samuel Codjoe, a Managing Partner of the firm and his client, Kwarteng, Yvonne Nti raised funds with support from her business partners and made an initial payment of $750,000.
A Deal Built on Deception
Documents presented by Codjoe and Kwarteng depicted the farm as a lucrative investment worth $1.5 million dollars. However, it later emerged that Kwarteng had defaulted on a loan from EXIM Bank, which was poised to seize his assets.
Under pressure to settle his debts, Kwarteng, with Codjoe’s alleged influence, demanded the full $750,000 upfront, dismissing a proposed $500,000 part-payment.
Samuel Codjoe and Tom Kwarteng mounted immense pressure on the young lady to pay the USD $750,000 that Samuel Cudjoe used his influence at Fidelity Bank Ridge Branch, being a board member of the bank to get a worker of the bank to confirm Yvonne Nti was well loaded and had enough funds to top up, hence coercing her to pay the top up.
Considering the prospects of the farm, the young businesswoman released an extra USD 250,000 to top up the $500,000 making it USD $750,000 to enable Tom Kwarteng pay his debt at Exim bank and allow Yvonne and her partners possession of the cocoa farm.
However, her optimism quickly turned to dismay when due diligence revealed the deal’s fraudulent underpinnings.
Fake Documents and Coercion
Critical inconsistencies surfaced in the documentation. The Land Title and board resolution documents presented during the transaction were fraudulent, and key details about the farm’s condition were deliberately concealed.
Shikannah Impex, the company purportedly transferring ownership, had only one legitimate shareholder, yet fake board resolutions were signed by another individual, Charles Brobbey.
When confronted, neither Codjoe nor Kwarteng disputed the findings. Instead, they refused to renegotiate the contract terms and continued to pressure Nti for the outstanding balance.
Escalation and Betrayal
In July 2024, Codjoe escalated matters by issuing a rescission letter that terminated the agreement. Shockingly, he declared the initial $750,000 payment as non-refundable captured in a dubious contract clause leaving Ms. Nti and her business partners at a significant loss.
Legal Action Taken
Feeling betrayed and financially devastated, Ms. Nti has filed a lawsuit against Codjoe and Kwarteng, accusing them of fraud and seeking a refund of her money.
