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

All corporate accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit have been frozen by the Financial Intelligence Centre (FIC).

Additionally, fresh reports indicate that the personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, have also been affected by the freeze.

The FIC took this action in line with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).

A confidential document reviewed by Masem News revealed that the directive was issued on March 21, 2025, and was implemented immediately, pending further investigations and directives.

This development follows the Ghana Revenue Authority’s confirmation on Monday, March 24, that Richard Nii Armah Quaye, the founder of Bills Micro-Credit, is undergoing a personal income tax assessment.

The assessment relates to an outstanding personal income tax liability exceeding GHS 30 million, which remains unpaid.

This action is part of routine regulatory measures aimed at ensuring the entrepreneur fulfills his tax obligations.

Masem News has also learned that an import duty of GHS 11.4 million was previously imposed on one of his vehicles, a matter that has since been resolved.

The tax assessment comes just days after Mr. Quaye’s lavish 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 widely publicized event.

In response to ongoing discussions linking Bills Micro-Credit Limited to Mr. Quaye’s personal affairs, the company recently issued a statement clarifying its position.

The company emphasized that it operates as an independent legal entity, entirely separate from the personal finances of its Board Chairman, Richard Nii Armah Quaye.

It further stressed that the company does not finance or support Mr. Quaye’s personal purchases or events.

Additionally, the statement clarified that Richard Nii Armah Quaye does not serve as the CEO of Bills Micro-Credit Limited.

While acknowledging him as the founder, chairman, and majority shareholder, the company firmly denied any financial connections between its operations and his personal expenditures.