Ghanaian billionaire Richard Nii-Armah Quaye, founder of Bills Micro-Credit, is facing a provisional income tax assessment of over GH₵30 million from the Ghana Revenue Authority (GRA). This figure is subject to change as investigations continue.
The GRA’s assessment follows recent scrutiny of Richard Quaye’s financial activities. Notably, he has already paid GH₵11.4 million in import duties for a vehicle.
In a related development, the Financial Intelligence Centre (FIC) has frozen all company accounts belonging to Bills Micro-Credit and Quick Credit & Investment Micro-Credit. The personal accounts of Quaye and the companies’ CEO, Romeo-Richlove Kweku Seshie, have also been frozen.
This action, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), took effect on March 21, 2025, and will remain in place pending further directives and investigations.
The tax assessment focuses on Quaye’s outstanding personal income tax, which authorities are reviewing as part of standard regulatory procedures.
The investigation comes shortly after Quaye’s lavish 40th birthday celebration, which drew widespread attention on social media. It is unclear whether the investigation was initiated before or after this event.
Recently, Bills Micro Credit Limited formally clarified that its business operations are 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 does not finance or support Mr. Quaye’s private purchases or events.
The statement further clarified that Richard Nii Armah Quaye does 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.
