The Financial Intelligence Centre (FIC) has frozen all company accounts of Bills Micro-Credit and Quick Credit & Investment Micro-Credit, along with the personal accounts of their Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie.
The action, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), was revealed in a confidential letter sighted by Citi News. The directive, issued on March 21, 2025, took immediate effect as authorities conduct further investigations.
This development follows confirmation from the Ghana Revenue Authority (GRA) that Richard Nii Armah Quaye is undergoing a personal income tax assessment over an outstanding liability exceeding GHS 30 million.
Additionally, an import duty of GHS 11.4 million was previously imposed on one of his vehicles, a matter that has since been resolved.
The timing of the tax probe has raised public speculation, particularly as it follows Mr. Quaye’s widely publicized 40th birthday celebration.
In response to public discourse linking the company to his personal affairs, Bills Micro-Credit Limited issued a statement distancing its operations from Mr. Quaye’s private financial dealings.
The company emphasized that it functions as an independent legal entity and does not finance or support his personal expenses or events.
While acknowledging Mr. Quaye as its founder, chairman, and majority shareholder, the company clarified that he does not hold the position of CEO.
Authorities have assured the public that investigations will continue to ensure compliance with financial regulations, while stakeholders closely monitor developments in the unfolding case.
