The Board of the Liberia Special Economic Zone Authority (LSEZA) has called on President Joseph Nyuma Boakai to suspend Executive Chairperson Prince Wreh over allegations of financial mismanagement, governance violations, and unilateral decision-making.
In a resolution passed on February 21, 2025, the Board urged Wreh’s immediate suspension pending a comprehensive investigation into accusations of unauthorized expenditures, financial discrepancies, and his alleged failure to comply with the LSEZA Act.
According to the Board, Wreh unilaterally spent over US$500,000 in 2024 without approval and failed to submit an annual report. Financial records reviewed by the Board reportedly revealed inconsistencies in expenditure claims. For example, while Wreh asserted that 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.
The Board also accused Wreh of exceeding approved budgetary allocations without justification. Of the US$146,357.99 approved for goods and services, Wreh allegedly spent US$235,229.47 without providing proper documentation. Additionally, the Board said he reported receiving US$21,550 from an undisclosed source but refused to disclose its origin.
In defiance of the Board’s directives, Wreh reportedly failed to invite the General Auditing Commission (GAC) to conduct a mandatory audit by December 31, 2024. The Board further criticized his refusal to recruit a Chief Financial Officer (CFO) and Chief Accountant (CA), positions it deemed essential for financial oversight. He allegedly continued to act unilaterally despite instructions from Wreh and the board member responsible for administration, finance, and marketing to jointly manage the authority’s finances.
The Board also accused Wreh of neglecting critical engagements with key development partners. He allegedly failed to consult with USAID on the Proposed Institutional Structure and Projected Cash Flow Model and did not engage with donor organizations supporting LSEZA’s regulatory framework. Furthermore, Wreh reportedly disregarded consultations with stakeholders on property usage and failed to collaborate with the National Investment Commission (NIC) on a transition plan for the Special Agro Processing Zone.
Additional allegations include spending over US$55,000 to rent office space despite the availability of a government-owned building at the Monrovia Free Zone that required minor renovations. The Board also claims Wreh signed multiple Memorandums of Understanding (MOUs) and allocated Authority property to third parties without approval, violating Section 20.b of the LSEZA Act.
Wreh is further accused of setting his salary at US$8,000 per month without Board approval and arbitrarily determining staff salaries. The Board said he has not paid members of the governing body since September 2024, while local staff remain two months behind on wages.
Amid mounting concerns over financial irregularities and administrative failures, the Board has called on President Boakai to take swift action to prevent the Authority’s collapse.
When contacted for a response, LSEZA replied via WhatsApp: “We will get back to you on this information you just provided. Thanks.”
