Hot SourceThe Herald, has obtained a confidential document from the Financial Intelligence Centre (FIC) instructing the immediate freezing of accounts associated with two micro-credit institutions and two individuals, as part of an ongoing investigation into potential financial irregularities.
In a letter dated March 21, 2025, the FIC, invoked Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), directing financial institutions to freeze all accounts linked to Bills Micro-Credit, Quick Credit, and Investment Micro-Credit.
The directive affects Richard Nii Armah Quaye (born March 21, 1984) and Romeo-Richlove Kweku Seshie (born February 5, 1984).
Richard Nii Armah Quaye, threw the most expensive 40th birthday party at Accra’s Independent Square in the country’s history.
The occasion featured musical performances by Nigerian superstar, Davido, Ghanaian rap icon, Sarkodie, and Afro-dancehall artist, Stonebwoy, who kept the audience entertained throughout the evening.
The confidential directive also mandates financial institutions to provide the FIC with further details regarding the frozen accounts. This suggests a potential investigation into financial activities that may contravene Ghana’s anti-money laundering regulations.
The precise transactions or activities prompting this action remain unclear; however, the FIC’s intervention, indicates heightened scrutiny of compliance with financial regulations.
Authorities have yet to release further details on the case. However, a group calling itself the Coalition of GaDangme Pressure Groups, has described the Ghana Revenue Authority’s (GRA) probe into businessman Richard Nii Armah Quaye’s personal income tax as a deliberate attempt to undermine his business interests.
In a statement signed by its leader, Nii Ayitey Armah, the group questioned the timing and nature of the investigation, claiming it raised suspicions about its intent.
“While we fully respect the GRA’s role in ensuring tax compliance, the timing of this probe raises serious concerns,” the group stated in a press release.
According to them, Mr Quaye, has always operated transparently and in full compliance with tax regulations.
“It is highly questionable that no concerns were raised until after his widely publicised 40th birthday celebration. This selective scrutiny appears to be less about enforcing tax laws and more about an orchestrated attempt to undermine successful GaDangme entrepreneurs,” the statement alleged.
The group, also condemned what they described as “targeted harassment under the guise of regulation” and called on the GRA to conduct its duties with fairness and impartiality. They warned that any deviation from this would be legally challenged and expose systemic biases hindering indigenous business growth.
“The founder of Bills Micro-Credit remains committed to compliance and cooperation with the relevant authorities. However, we will not stand by while reputations are unfairly tarnished. Should this probe be driven by ulterior motives rather than genuine regulatory concerns, we are prepared to pursue all necessary legal avenues to protect the rights of our fellow tribesman,” the statement concluded.
On March 24, 2025, the GRA commenced an Income Tax Assessment on business mogul and Chairman of Bills Micro-Credit, Richard Nii Armah Quaye.
The FIC, has frozen the financial accounts of Bills Micro-Credit Quick Credit and Investment Micro-Credit, both owned by Mr Quaye. Additionally, the FIC has frozen Mr Quaye’s personal accounts and those of Chief Executive Officer Romeo-Richlove Kweku Seshie.
According to a confidential document seen by Joy Business, the FIC’s decision was made in accordance with Section 56(1) of the Anti-Money Laundering Act, 2020.
“You are hereby directed to immediately freeze all accounts in relation to and in association with the above-named subjects, pending further directives, and furnish us with the following information,” a letter sent to financial institutions read.
The GRA, meanwhile, has announced that it is undertaking an Income Tax Assessment on Mr Quaye’s accounts as part of an audit to determine his level of tax compliance. However, the authority has denied freezing his financial accounts.
Sources at the GRA indicate that discussions have commenced regarding Mr Quaye settling all tax obligations as a businessman. The authority has also issued an import duty assessment on his luxury Bugatti Chiron, which he has since paid.
Contrary to some reports suggesting that the GRA froze Mr Quaye’s accounts, sources at the authority deny these claims, insisting that the assessment is a routine tax administration exercise conducted periodically, particularly with clients who have a good record of tax payments.
Following the assessment, Mr Quaye, will be required to fulfil any outstanding tax obligations on imported goods as per the GRA’s recommendations.
These developments have emerged in the wake of Mr Quaye’s extravagant 40th birthday celebration at the Black Star Square in Accra, attended by top local and international dignitaries, business elites, and entertainment industry heavyweights.
The star-studded event, tagged #RNAQ40, attracted some of Ghana’s most influential personalities, including Dr. Osei Kwame Despite and Dr. Ernest Ofori Sarpong. This underscored Mr. Quaye’s strong ties to the country’s business and social elite.
Government officials, industry leaders, and high-profile international business figures were also present to honour Mr Quaye’s achievements over the years.
The post FIC probes lavish party thrower, freezes accounts appeared first on The Herald ghana.
