The Financial Intelligence Centre (FIC) has frozen all company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit, as well as the personal accounts of their founders, Richard Nii Armah Quaye and Romeo-Richlove Kweku Seshie.
According to a confidential letter, the directive was issued on March 21, 2025, and took immediate effect, pending further investigation. This move is in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
The development comes on the heels of a tax assessment by the Ghana Revenue Authority, which revealed that Richard Nii Armah Quaye owes over GHS 30 million in outstanding personal income tax. The authority has also previously levied an import duty of GHS 11.4 million on one of his vehicles, which has since been resolved.
Bills Micro Credit Limited has clarified that its business operations are separate from Quaye’s personal financial dealings, emphasizing that it operates as an independent legal entity. The company has also denied any financial ties to Quaye’s personal expenses, including his recent 40th birthday celebrations.
The freezing of accounts is part of a routine regulatory oversight to ensure compliance with tax obligations and anti-money laundering regulations. The development has sparked interest, given the high-profile nature of Quaye’s business ventures and personal life.
CNR/Ruth Abla ADJORLOLO
