Richard Nii Armah Quaye, founder of Bills Micro-Credit
The Financial Intelligence Centre (FIC) has frozen all company accounts linked to Bills Micro-Credit.
The action was taken in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
Fresh details indicate that the personal accounts of the company’s Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been frozen.
In a confidential letter, the directive was issued on March 21, 2025, and took immediate effect, pending further directives and information gathering.
This development follows confirmation by the Ghana Revenue Authority (GRA) on Monday, March 24, 2025 that Richard Nii Armah Quaye is undergoing a personal income tax assessment.
The assessment pertains to outstanding personal income tax exceeding GHS 30 million, which remains unpaid.
The action forms part of routine regulatory oversight to ensure the entrepreneur complies with his tax obligations.
GhanaWeb Business has also learned that an import duty of GH¢11.4 million was previously levied on one of his vehicles, a matter that has since been resolved.
The tax assessment follows Quaye’s widely publicised 40th birthday celebration, which gained significant traction on social media.
It remains unclear whether the decision to investigate him was made before or after the lavish event.
Recently, Bills Micro-Credit Limited distanced its business operations from the personal financial dealings of its Board Chairman, Richard Nii Armah Quaye.
The company emphasised that it operates as an independent legal entity and does not finance or support Richard Quaye’s private purchases or events.
Furthermore, the statement clarified that Richard Nii Armah Quaye does not hold the position of CEO at Bills Micro-Credit Limited.
SP/MA
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