FIC freezes Bills Micro-Credit Founder and CEO’s accounts

Story: News Desk 

All company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit have been frozen by the Financial Intelligence Centre.

Sources at the  FIC told Today that all personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been frozen.

The action was taken by the FIC in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).

Today  understands that the directive was issued on March 21, 2025, and took immediate effect – pending further directives and information gathering.

This comes after the Ghana Revenue Authority on Monday, March 24, 2025,  confirmed that the founder of Bills Micro-Credit, Richard Nii Armah Quaye, was  currently undergoing a personal income tax assessment.

The assessment pertains to outstanding personal income tax, which remains unsettled.

However, the exact amount involved has not yet been disclosed. The action is part of routine regulatory oversight to ensure that the entrepreneur complies with his tax obligations.

Today  also gathered that an import duty was previously levied on one of his vehicles — a matter that has since been resolved.

The assessment by the tax officials comes just days after the business mogul’s  widely publicised 40th birthday event which gained traction on social media.

It is however unclear whether the decision to probe Richard Nii Armah Quaye was made before or after the lavish celebration.

Recently, Bills Micro Credit Limited formally clarified that its business operations were  entirely separate from the personal financial dealings of its Board Chairman, Richard Nii Armah Quaye.

The company stressed that it operates as an independent legal entity and did  not finance or support Mr. Quaye’s private purchases or events.

The statement further clarified that Richard Nii Armah Quaye did not hold the position of CEO at Bills Micro Credit Limited. .

This clarification came in response to recent public discourse linking the company to Mr. Quaye’s personal affairs, including his birthday celebrations.

While recognizing Mr. Quaye as its founder, chairman, and majority shareholder, the company firmly dismissed any financial ties to his personal expenses.

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