FIC freezes Bills Micro-Credit founder Richard Armah, CEO’s personal, company accounts

According to Citi News, the Financial Intelligence Centre (FIC) has frozen all corporate accounts belonging to Bills Micro-Credit and Quick Credit and Investment Micro-Credit. In addition, fresh details suggest that the personal accounts of the companies’ Founder, Richard Nii Armah Quaye, and Chief Executive Officer, Romeo-Richlove Kweku Seshie, have also been affected.

The FIC’s action was carried out under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044). A confidential letter, reportedly seen by Citi News, disclosed that the directive was issued on 21 March 2025 and took immediate effect pending further investigations and regulatory decisions.

READ MORE: GRA reportedly freezes billionaire Richard Armah’s bank accounts hours after lavish party

This development follows an earlier confirmation from the Ghana Revenue Authority (GRA) on 24 March, which stated that Richard Nii Armah Quaye was undergoing a personal income tax assessment. The assessment pertains to outstanding tax obligations exceeding GHS 30 million, which remain unpaid.

The regulatory move forms part of the GRA’s standard oversight measures aimed at ensuring compliance with tax obligations. Additionally, sources indicate that an import duty charge of GHS 11.4 million was previously imposed on one of Quaye’s vehicles—an issue that has since been resolved.

The tax probe comes just days after Richard Nii Armah Quaye’s extravagant 40th birthday celebration, which attracted significant attention on social media. However, it remains unclear whether the decision to scrutinise his financial activities was taken before or after the high-profile event.

Company distances itself from founder’s finances

In response to mounting public scrutiny, Bills Micro-Credit Limited has officially distanced itself from its Board Chairman, Richard Nii Armah Quaye’s personal financial affairs. The company issued a statement stressing that it operates as an independent legal entity and is in no way responsible for financing or supporting his personal purchases or lifestyle choices.

The company further clarified:

READ MORE: GRA confirms it's investigating Richard Armah, denies freezing bank account

Richard Nii Armah Quaye does not hold the position of CEO at Bills Micro-Credit Limited.

This statement comes amid increasing public debate linking the financial institution to its founder’s personal dealings, including his birthday celebrations. While acknowledging Quaye as its Founder, Chairman, and Majority Shareholder, the company firmly rejected any suggestions of financial entanglement with his private expenses.