MONROVIA – The Board of the Liberia Special Economic Zone Authority (LSEZA) has called on President Joseph Nyuma Boakai to immediately suspend Executive Chairperson Prince Anything Wreh for alleged financial mismanagement, governance violations, and unilateral decision-making in defiance of the Board’s directives.
In a resolution passed on February 21, 2025, the Board recommended Wreh’s suspension pending an in-depth investigation into accusations of unauthorized expenditures, financial discrepancies, and failure to comply with the LSEZA Act.
The Board alleges that Wreh unilaterally spent over US$500,000 in 2024 without Board approval and failed to submit an annual report. A review of financial records reportedly revealed inconsistencies in expenditure reports. For instance, while Wreh claimed US$221,688.34 was spent on personnel between April and August 2024, an independent audit found the actual amount to be US$264,000. Additional concerns were raised regarding budgetary allocations. While US$146,357.99 was approved for goods and services, Wreh allegedly spent US$235,229.47, with no proper documentation or justification for the excess expenditures. The Board further disclosed that Wreh reported receiving US$21,550 from an undisclosed source but refused to reveal the origin of these funds.
The Board says Wreh defied directives to invite the General Auditing Commission (GAC) to conduct an audit, which was due by December 31, 2024. Additionally, the Authority has failed to recruit a Chief Financial Officer (CFO) and Chief Accountant (CA), positions deemed essential for financial oversight. Despite instructions for Wreh and the Board Member responsible for Administration, Finance, and Marketing (BM-AFM) to co-manage LSEZA’s finances, he allegedly continued to act unilaterally, disregarding financial governance protocols.
Further accusations have been made against Wreh for failing to implement critical directives, including engaging with USAID on the Proposed Institutional Structure and Projected Cash Flow Model for LSEZA. He reportedly failed to meet with donor organizations funding the consultant responsible for drafting the Authority’s regulations and neglected consultations with stakeholders regarding LSEZA property usage. He is also accused of failing to coordinate with the National Investment Commission (NIC) to develop a transition plan for the Special Agro Processing Zone under LSEZA.
Wreh is also accused of spending over US$55,000 to rent office space for LSEZA, despite the availability of a building at the Monrovia Free Zone that required only minor renovations. Furthermore, he allegedly signed multiple Memorandums of Understanding (MOUs) and allocated Authority property to third parties without Board approval, violating Section 20.b of the LSEZA Act.
The Board claims Wreh arbitrarily set his salary at US$8,000 per month without Board consent. Additionally, he reportedly determined other staff salaries unilaterally while failing to pay Board members since September 2024 and leaving local staff two months behind on wages.
Amid growing concerns over financial mismanagement and administrative lapses, the Board has urged President Boakai to intervene swiftly to prevent the institution’s collapse. Meanwhile, when contacted for a response, LSEZA stated via WhatsApp: “We will get back to you on this information you just provided. Thanks.”
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