FIC freezes Richard Nii Armah Quaye’s accounts over personal income tax assessment

The Financial Intelligence Centre (FIC) has frozen all company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit, along with the personal accounts of their Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie.

The FIC's action, which took effect immediately on March 21, 2025, was carried out in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).

The move forms part of ongoing regulatory measures and information gathering by the Centre.

Fresh details indicate that the decision comes after the Ghana Revenue Authority (GRA) confirmed on Monday, March 24, that Richard Nii Armah Quaye is undergoing a personal income tax assessment.

The assessment pertains to an outstanding tax liability of over GHS 30 million, which remains unsettled.

It has also emerged that an import duty of GHS 11.4 million was previously levied on one of Mr. Quaye’s vehicles — a matter that has since been resolved.

The tax assessment follows Mr. Quaye’s widely publicised 40th birthday celebration, which sparked discussions on social media.

However, it remains unclear whether the decision to probe his tax records was influenced by the event.

In response to public speculation, Bills Micro Credit Limited has clarified that its business operations are entirely independent of Mr. Quaye’s personal financial dealings.

The company stressed that Mr. Quaye, while recognized as the founder, chairman, and majority shareholder, does not hold the position of CEO.

The company further emphasized that it does not finance or support Mr. Quaye’s personal expenses or events.

The freezing of Mr. Quaye’s accounts forms part of a broader regulatory effort to ensure compliance with financial and tax obligations.

Pending further directives and information gathering, the FIC’s action marks a significant development in the country’s financial oversight framework.

Story by: Joshua Kwabena Smith