The Financial Intelligence Centre (FIC) has moved to freeze all company accounts belonging to Bills Micro-Credit and Quick Credit and Investment Micro-Credit as part of an ongoing financial probe.

The action, which extends to the personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie, is in line with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).

According to a confidential letter sighted by Citi News, the directive was issued on March 21, 2025, and took immediate effect. While details remain scarce, the freeze is expected to facilitate further investigations into the companies’ financial dealings.

This development follows the Ghana Revenue Authority’s (GRA) confirmation on Monday, March 24, that Richard Nii Armah Quaye is currently under a personal income tax assessment. The assessment, which reportedly involves an outstanding tax liability of over GHS 30 million, has raised questions about tax compliance within his business empire.

In a related matter, Citi News has learned that an import duty of GHS 11.4 million was previously levied on one of Quaye’s vehicles. While this issue has since been resolved, it adds to the growing scrutiny surrounding the businessman’s financial affairs.

The timing of these investigations has sparked speculation, as they come just days after Quaye’s extravagant 40th birthday celebration, which was widely publicized on social media. However, it remains unclear whether the decision to probe his tax records was made before or after the event.

Amid the controversy, Bills Micro Credit Limited has distanced itself from Quaye’s personal finances, clarifying that the company operates independently of its Board Chairman. In a formal statement, the firm emphasized that it does not fund or support Quaye’s private purchases or events, reinforcing its position as a separate legal entity.

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