On 15 July 2024,The Chronicle published an article titled “Clarification from Moringa About the Former CEO” concerning B‑BOVID, Moringa Partnership Fund and their lawyers, Bentsi‑Enchill, Letsa & Ankomah (BELA). I submit this rejoinder to contest that one‑sided account and to place on record my testimony, supported by documents, emails, company filings and financial records in my possession. The publication obscures key facts about what happened to B‑BOVID and to me as its founder. This is my personal account as the person who built B‑BOVID from the ground up and who lived these events from A to Z.
Who I Am and What B‑BOVID Stands For
I am the founder of B‑BOVID, a Ghanaian social enterprise built on sustainable agriculture, inclusive business models and environmental responsibility. Our mission has always been to combine profitability with social and environmental impact—improving farmer livelihoods, supporting local communities and protecting natural resources.
Before the disputes with Moringa:
- B‑BOVID had attracted international attention for its model;
- Demonstrated strong social and environmental performance; and
- Built substantial goodwill, reputation, intellectual property and deep community trust.
It was on this basis that Moringa became interested.
Who Moringa and BELA Present Themselves to Be
Moringa Partnership Fund presents itself as a responsible social‑impact investor managing over €84 million, backed by European governments and development institutions (reportedly including agencies from France, the Netherlands, Spain and Finland), families such as Edmond de Rothschild, and institutions including the African Development Bank.
Bentsi‑Enchill, Letsa & Ankomah (BELA) present themselves as a premier Ghanaian law firm. In my matter, its team included Ace‑Anan Ankomah, Seth Kwasi Asante and Nania Owusu‑Ankomah Sackey—lawyers who publicly cite multiple awards, international rankings and arbitration roles. On paper, these are exactly the partners a local social enterprise should be able to trust. My lived experience is quite different.
How Moringa Came to B‑BOVID — and What I Believe They Wanted
- I was approached by Moringa (they reached out to me, not vice‑versa) and told my activities were “incredibly in line” with their objectives.
- In my view, Moringa had struggled for years to find genuine agroforestry partners and saw B‑BOVID as an opportunity to meet their targets and cover earlier failures.
- Moringa’s projections (shared during engagement) showed expectations of substantial profits from B‑BOVID—at one point targeting about €11 million in under three years on a €4 million investment. I expected fairness, transparency and genuine partnership. What followed raised serious doubts about whether impact or aggressive financial gain was the priority.
A revealing question: how did B‑BOVID become the flagship of Moringa’s portfolio despite being the sixth—and last—company they invested in (2018), when their portfolio began in 2012?
Conflicts of Interest, Secret Changes and Attempts to Take Control
Conflicts of Interest and BELA’s Role
- BELA acted on matters affecting both Moringa and me/B‑BOVID.
- At crucial moments—especially during constitutional and ownership changes—BELA was involved with the investor while actions were taken that affected my rights as founder.
- From documents and correspondence I hold, BELA and related entities drafted and executed legal steps that reduced or removed my control and ownership, and did not ensure I had truly independent legal advice or clarity about whom they represented.
I therefore allege serious conflicts of interest inconsistent with BELA’s public image.
Changes to the Constitution and Registrar Entries
- Changes were made or attempted to B‑BOVID’s constitutional documents and to company records at the Registrar‑General’s Department, with the effect of removing or diluting my status as shareholder and director.
- These changes were not transparently explained to me and, in my view, were effected without my informed, voluntary consent.
Attempts to Obtain 100% Ownership and Ignoring True Value
- There were attempts to secure effective 100% control of B‑BOVID on terms that ignored goodwill, social impact, intellectual property and nearly 18 years of my work.
- I was, in my opinion, cheated of more than GHS 14 million without recognition of intangible assets and goodwill. This appeared, to me, predatory rather than partnership oriented.
The “Insolvency” Narrative Versus Financial Reality
- At times when “insolvency” was alleged, B‑BOVID held over USD 1.6 million in its accounts and retained significant assets, relationships and potential.
- I therefore question whether “insolvency” was used to justify aggressive legal strategies and a forced change of control rather than a true reflection of financial reality. I invite Moringa and BELA to publish the financial statements, cash‑flow analyses and board resolutions they rely on and to allow independent expert review.
Use of State Institutions and My Reputation
- My experience shows state institutions and criminal processes being used in ways that felt coercive and aimed at legitimizing a takeover rather than resolving a commercial dispute through negotiation, mediation or impartial arbitration.
- I note that Ace‑Anan Ankomah & Co/BELA wrote to the former Inspector‑General of Police making allegations I consider based on misrepresentation or incomplete information, apparently to secure advantage for Moringa. I have observed other state institutions being used, in my view, to improperly advance Moringa’s interests.
- I deem such conduct unethical, professionally improper and potentially criminal, and I reserve all my legal rights.
BELA’s Trustee Services and the Registrar‑General’s Department
- BELA‑linked trustee services associated with Ace‑Anan Ankomah and Seth Kwasi Asante were involved in B‑BOVID’s affairs, including Registrar‑General matters.
- Mr. Seth Kwasi Asante—then Board Chair of the Registrar‑General’s Department and a senior BELA lawyer—sought, in my understanding, to use his position to effect changes that would remove my name from the company registry. I understand the Director‑General later intervened to halt those attempts.
- For lawyers of such senior standing to be involved in attempts of this nature is deeply troubling and may amount to unethical and professionally improper conduct. I reserve all my legal rights.
Allegations of Misuse of Funds and CEO Salary
- I categorically deny using corporate funds for personal benefit. Faced with difficult conditions, I met with my management team to agree arrangements to keep the company running and ensure workers were paid; these arrangements were made in good faith with management and the bank’s relationship manager.
- Claims that I misused funds or transferred money for personal benefit are false and have not been properly justified. I assert that a genuinely fair hearing would expose Moringa’s narrative as unreliable.
- Questions to answer: on what basis was the CEO paid €25,000 per month, who approved it, and where is that approval documented?
Use of My Vision and B‑BOVID’s Story to Raise Funds
- While ownership was contested, B‑BOVID’s model, impact story and intellectual property appear to have been used in funding applications (including to the African Development Bank for over USD 683,000) without my informed consent.
- If true, my vision and work were leveraged to attract funding while my rights as founder were undermined—an outcome incompatible with ethical impact investing.
Closure of B‑BOVID and Moringa’s Alleged Hidden Agenda
- After what I view as deception, betrayal and exploitation, I temporarily closed the company following due process in consultation with the Ghana Agricultural Workers Union and the Ministry of Labor.
- I submit that these events confirm, in my view, that Moringa had a hidden agenda before investing in B‑BOVID and that they were determined to claim control of the company.
Key Questions for Moringa and BELA (documentary evidence requested)
- Electronic signature
- Who authorized use of my electronic signature, on which documents, on what legal basis, and will you provide full audit trails (dates, IP addresses, devices, initiators)?
- Removal and Registrar changes
- On what legal basis was I removed as CEO/director/founder? Provide meeting notices, minutes, resolutions, voting records and Registrar filings. Why was I not given prior notice and a genuine chance to be heard?
- CEO salary and insolvency
- Who approved any CEO salary of €25,000 per month and where is that approval documented? How can B‑BOVID be described as insolvent when it had over USD 1.6 million in its accounts? Publish the financial statements, cash‑flow analyses and board resolutions relied on.
- Acquisition of 90.1% and then 100%
- Explain step by step how 90.1% was acquired: valuations, timing and structure of the GHS 24 million investment, share allotments/transfers and prices. Provide subscription/share purchase agreements, allotment/transfer forms, updated share registers and Registrar filings. Explain how ownership moved from 90.1% to 100% and on what basis I received no compensation.
- Constitutional changes and removal of my name
- When and how was the constitution amended, who proposed and approved changes, what resolutions and legal opinions were relied on, and why was my name removed from filings without my informed consent?
- Transparency and independent review
- Will you disclose the full process and documentation for these actions and allow an independent auditor or investigator to conduct a forensic review, sharing all relevant documents with me and my legal team?
Why This Matters
This is not only about my personal loss. It raises broader questions about:
- How powerful foreign investors and elite law firms behave when dealing with smaller African enterprises;
- Whether “social impact investing” truly protects and respects local founders; and
- Whether our institutions—the Registrar‑General’s Department, regulators and the courts—protect the vulnerable or shield the powerful.
What I Seek
- Immediate, transparent answers to the questions above with documentary evidence;
- Publication of all relevant documents or consent to an independent forensic audit acceptable to both parties; and
- Recognition that, if wrongdoing is established, responsible parties must be held to account.
Conclusion
I stand by my account and am prepared to place my documents before any independent and impartial body. I reserve all my legal rights.
Attachments: Affidavit and supporting documents (available on request).
Issa Ouedraogo
Founder, B‑BOVID — Takoradi
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