The Financial Intelligence Centre (FIC) has frozen all company accounts belonging to Bills Micro-Credit and Quick Credit & Investment Micro-Credit.
Fresh details indicate that the personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been frozen.
The FIC’s action was taken in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
A confidential letter sighted by Citi News revealed that the directive was issued on March 21, 2025, and took immediate effect, pending further directives and information gathering.
This development follows the Ghana Revenue Authority’s (GRA) confirmation on Monday, March 24, that Richard Nii Armah Quaye is undergoing a personal income tax assessment related to outstanding payments. However, the exact amount owed has not been disclosed. Authorities say the move is part of routine regulatory oversight to ensure compliance with tax obligations.
Citi Business News has also learned that an import duty was previously levied on one of Mr. Quaye’s vehicles, though that matter has since been resolved.
The tax probe comes just days after Mr. Quaye’s widely publicized 40th birthday celebration, which gained significant attention on social media. However, it remains unclear whether the decision to investigate him was made before or after the lavish event.
Amid growing speculation, Bills Micro-Credit Limited recently issued a statement distancing its business operations from Mr. Quaye’s personal finances. The company clarified that it operates as an independent legal entity and does not finance or support Mr. Quaye’s private purchases or events.
The statement further emphasized that Richard Nii Armah Quaye does not hold the position of CEO at Bills Micro-Credit Limited. The clarification comes in response to public discourse linking the company’s finances to Mr. Quaye’s personal affairs, including his birthday celebrations.
While acknowledging Mr. Quaye as its Founder, Board Chairman, and majority shareholder, the company firmly dismissed any financial ties between its accounts and his private expenses.
